Published Date : 10 Jan 2023
The global biostimulants market size was evaluated at USD 3.5 billion in 2022 and is expected to be worth around USD 10.25 billion by 2032 with a CAGR of 11.40% during the forecast period from 2023 to 2032.
Biostimulants are chemicals that increase plant growth, development, and resilience to biotic and abiotic stresses while lowering fertilizer usage. Growing organic production is driving the global biostimulants industry forward. In addition, technological improvements are propelling the global biostimulants industry forward. Major market players are employing cutting-edge techniques to expand their market share around the world.
Growing public knowledge of the benefits of biostimulants is presenting attractive potential for the global biostimulants industry to develop. All of these reasons are driving the global biostimulants market forward. Major market players are focusing on many appealing product categories such as specialty fertilizers and segment because to the prospects in these segments.
Biostimulants Market Report Scope
|Market Size in 2023||USD 3.88 Billion|
|Market Size by 2032||USD 10.25 Billion|
|Growth Rate from 2023 to 2032||CAGR of 11.40%|
|Fastest Growing Market||Asia-Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Form, By Active Ingredient, By Crop Type and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Europe is the largest segment for biostimulants market in terms of region. Strict government rules for environmental safety are driving the growth of the biostimulant market in the European area. Furthermore, the growth of the European biostimulant market is fueled by industry participants' product launch tactics.
The Asia-Pacific region is the fastest-growing region in the biostimulants market. India and China hold the highest market share in the Asia-Pacific biostimulants market. The increased consumption of organic food products is driving the expansion of the Asia-Pacific biostimulant market. Furthermore, the rise of the biostimulant market in the Asia-Pacific region is aided by growing government initiatives as well as increasing sustainable farming methods. Additionally, the region's biostimulants market is being fueled by the development of organic farming practices.
The key market players are adopting new and innovative technologies for the development of biostimulants market. The key market players can generate new products in the biostimulants category as a result of technological advancement. As a result, technological developments is driving the growth of global biostimulants market.
Use of low quality biostimulant products
The proliferation of low-quality items is due to a lack of openness in patent security regulations in many nations. The farmers are attracted to these goods because of their low prices from small scale local market players, which is hindering the growth of global biostimulant market.
Growing demand for sustainable agriculture
Nowadays, agricultural producers must develop strategies to improve their efficiency and effectiveness. The biostimulants can help to solve this problem in the long run by providing stress resistance and so boosting plant development. In addition, the growing demand for organic food products is also driving demand for sustainable agriculture. As a result, growing demand for sustainable agriculture is supporting the expansion of worldwide biostimulant market.
Lack of favorable government regulations
The biostimulants are not yet categorized as a distinct segment with a globally agreed upon classification. As there is no enough regulatory structure in place, numerous problematic products are manufactured and sold in the global market. This has an even greater impact on the worldwide acceptance of biostimulants. Thus, this factor is a major challenge for expansion of global biostimulant market.
Key Players in the Report
By Active Ingredient
By Crop Type
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