The biostimulants market is expected to triple by 2029, driven by fruits and vegetables cultivation. Europe leads consumption, with East Asia emerging as a key growth area.
The consumption of biostimulants is rapidly gaining pace across all agrarian countries around the world as a preferred crop growth enhancer that is free from any synthetic ingredients and objectionable side effects. The product has been provided on a high commercial scale by tier-1 global scale market players as well as regional and domestic enterprises. The growth of organic-based farm products has also envisaged the use of biostimulants to a healthy extent.
The global biostimulants market was valued at US$ 2.3 Bn in 2019, and is projected to exhibit a CAGR of 11% over the forecast period (2019-2029).
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Key Takeaways from Global Biostimulants Market Study
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“With growing preference of bio-based ingredients in agrochemicals and crop growth additives, as well as increasing agricultural and horticultural produce around the globe, the biostimulants market offers lucrative business opportunities to concerned market participants and interested stakeholders in the coming years.”
Biostimulants Market: Competitive Landscape
The biostimulants market is highly competitive with a rich palette of global and regional players. Global players such as Valagro SPA, Koppert B.V., Syngenta, BASF-LAWSUIT-95e84a04-e252-4d6e-a752-385822505523>BASF SE, UPL Corporation Limited, Novozymes, Isagro SPA, and FMC Corporation have invested strategically in the biostimulants market, and have launched basic and premium grades at different pricing levels to increase their earnings and profit margins. This suggests that, major manufactures are keeping tabs on the market, as it holds a lot of potential in the coming future. Research & development, coupled with expansion of supply and distribution footprint via all possible trade channels, remains the key strategy for manufacturers to enhance business growth and capture new market opportunities.
South East Asia to Offer Lucrative Growth Opportunities
South East Asia is anticipated to hold a prominent share of the global biostimulants market, owing to the high per acre agricultural production rate as compared to other regions. Another key factor driving the growth of the biostimulants market in East Asia is the decrease of natural soil fertility due to environmental amendments, which has compelled agricultural professionals to infuse biostimulants in crop produce by themselves.
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The report on the biostimulants market published by Future Market Insights brings to the fore a pin-point analysis of the market, and offers comprehensive information with historical demand data of 2014-2018 and forecast statistics for 2019-2029. The study offers insightful information on the global biostimulants market based on various categories– crop (row crops, fruits and vegetables, turfs and ornamentals, and other crop types), active ingredient (acid-based, extract- based, and others) and application (soil, foliar, and seeds), across seven regions.
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The article discusses the growth of the biostimulants market, projected to expand threefold by 2029, driven by fruits and vegetables cultivation.
Europe is currently the leading consumer of biostimulants, with significant growth expected in East Asia.
The growth is driven by increased use in fruits and vegetables cultivation, product differentiation, and eco-friendly initiatives.
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