Meticulous Research®— a leading global market research company, published a research report titled “Biostimulants Market by Active Ingredients (Acid-based, Extracts-based), Mode of Application (Soil Treatment, Seed Treatment), Formulation (Liquid, Dry), Crop Type (Row Crops, Fruits & Vegetables, Turfs & Ornamentals) — Global Forecast to 2028”.
In terms of value, the global biostimulants market is expected to grow at a CAGR of 12.4% from 2021 to reach $5.9 billion by 2028, while in terms of volume, the market is expected to grow at a CAGR of 12.9% from 2021 to reach 864,094.7 metric tons by 2028. This market is driven by factors such as the growing need to increase crop yield and quality, growing organic farming & demand for organic food, the wide range of benefits of biostimulants in crop production, and growing awareness about environmental safety with the use of biostimulants. However, the lack of education and awareness among farmers and challenges to new entrants and small companies hinders the growth of this market. On the other hand, scientific & technical difficulties for developing biostimulants pose a challenge for the growth of the biostimulants market.
The biostimulants market study presents historical market data in terms of value and volume (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on active ingredient, mode of application, formulation, crop type, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on active ingredient, the biostimulants market is segmented into acid-based, extract-based, microbial amendments, trace minerals & vitamins, and other active ingredients. The acid-based biostimulants segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to their easy availability, a wide range of benefits to plants, and higher effectivity. However, the extract-based biostimulants segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to its multiple functions, such as initiation of seed germination, growth regulation, braking bud dormancy, fluorescence, and fruit development.
Based on mode of application, the biostimulants market is segmented into foliar spray, soil treatment, and seed treatment. The foliar spray segment is expected to account for the largest share of the biostimulants market in 2021. However, the seed treatment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its benefits which include increased nutrient availability in the rhizosphere, enhanced root and shoot growth, increased nutrient uptake, protection from pathogens, and better nutrient utilization efficiency.
Based on formulation, the biostimulants market is segmented into liquid and dry. The liquid segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to the liquid formulation’s better performance and higher effective duration (up to 6 months) than that of dry formulation (up to 3 months). However, it is also expected to grow at the highest CAGR during the forecast period.
Based on crop type, the biostimulants market is segmented into row crops, fruits & vegetables, turf & ornamentals, and other crop types. The row crops segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to the factors such as the huge area under row crops cultivation across the globe, increasing organic farming, and growing usage of biostimulants by the farmers instead of chemical fertilizers or pesticides. However, it is also expected to grow at the highest CAGR during the forecast period.
Download Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5057
Geographically, Europe is expected to account for the largest share of the overall biostimulants market in 2021. The large share of this region is primarily attributed to the rising concerns over harmful chemicals on the environment, increasing demand for organic food, growing R&D activities on biostimulants, and the presence of a large number of biostimulants providers. Spain is expected to dominate the European market through 2028, mainly due to its rising organic food industry, high-quality food demands, and increasing focus on improving soil fertility and farm productivity.
The key players operating in the biostimulants market are Marrone Bio Innovations, Inc. (U.S.), Biolchim SpA (Italy), Bayer AG (Germany), Andermatt Biocontrol AG (Switzerland), Som Phytopharma India Limited (India), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), Koppert B.V. (Netherlands), Gowan Company, LLC. (U.S.), Italpollina SpA (Italy), Rovensa S.A. (Portugal), Biostadt India Limited (India), Olmix S.A. (France), FMC Corporation (U.S.), Syngenta AG (Switzerland), BASF SE (Germany), BioAtlantis Ltd. (Ireland), Omex Agrifluids Limited (U.K.), Agrinos Inc. (U.S.), Plant Health Care plc (U.S.), Haifa Group (Israel), SICIT Group S.p.A. (Italy), and EuroChem Group AG (Switzerland).
Key Questions Answered in the Report-
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research