DUBLIN--(BUSINESS WIRE)--The "Biostimulants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Mode of Application, and Crop Type" report has been added to ResearchAndMarkets.com's offering.
The biostimulants market is expected to grow from US$ 3,112.49 million in 2022 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028.
Biostimulant is a blend of plant hormones, microorganisms, trace elements, seaweed extracts, and enzymes. They are applied to the soil, seed, or leaves of grains, cereals, fruits, vegetables, oilseeds, and other plantation crops to enhance tolerance to environmental stresses, nutrient availability, chlorophyll production, metabolism, and water holding capacity. Biostimulants also increase the antioxidant activity and boost the plant's root development and cell enlargement.
Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. The seaweed extracts segment led the market in 2021.
In 2021, Europe dominated the market. However, the Asia Pacific is expected to be the fastest growing region during the forecast period. Biostimulants are associated with organic gardening and farming, which are currently witnessing healthy progress in conventional agriculture as well.
The thriving Asia Pacific agriculture sector and the increasing adoption of organic farming practices are among the key factors driving the growth of the biostimulants market. Biostimulants are widely used along with organic manure to improve plant health and soil fertility, owing to rising concerns regarding soil health, environmental safety, and agricultural sustainability. Growing consumer awareness about the negative effects of conventional chemical pesticides and fertilizers also boosts the market growth.
Impact of COVID-19 Pandemic on Biostimulants Market
The COVID-19 pandemic adversely affected the biostimulants market in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. Disruptions in supply chains also hampered the supply of biostimulants.
Manufacturers introduce extensive modifications to their processes to comply with national and regional guidelines to protect employees from the COVID-19 infection. Many global manufacturers temporarily paused their operations or allowed production processes with limited employee strength.
The COVID-19 pandemic pushed up farmers' costs while reducing income. Further, due to the COVID-19 pandemic, the supply and demand got poorly hit, which led to reduced demand for biostimulants in the market. Despite these consequences, businesses started recovering as various countries' governments relaxed social restrictions.
Moreover, successful vaccination drives further eased the current scenario leading to a rise in business activities worldwide. The recovery of various end-use industries is also driving the biostimulants market. During the COVID-19 pandemic interest of consumers was shifting toward healthy and chemical-free food. This significant shift assisted the biostimulants market thriving during and after the pandemic.
Key companies are adopting strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer bases.
Key Market Dynamics
Market Drivers
- Increasing Awareness About Sustainable Agriculture
- Increasing Support From Government
Market Restraints
- Lack of Education and Knowledge Among Farmers
Market Opportunities
- Technological Advancements
Future Trends
- Rising Demand For Organic Products
Company Profiles
- BASF SE
- UPL Limited
- Valagro
- Gowan Company
- FMC Corporation
- ILSA S.p.A.
- Haifa Negev technologies LTD
- ADAMA
- Rallis India Limited
- AgriTecno Biostimulants and Plant Nutrition
For more information about this report visit https://www.researchandmarkets.com/r/x6074v
