The global biostimulants market sizeis likely to reach USD 5.69 Billion by 2026, while exhibiting apromising CAGR of 12.4% between 2019 and 2026. This isascribable to factors such as increasing demand for organic food productsacross the globe. Fortune Business Insights, in its latest report, titled “BiostimulantsMarket Size, Share and Industry Analysis By Source (Microbial andNon-microbial), By Active Ingredients (Seaweed Extracts, Humic Substances,Vitamins & Amino Acids, Microbial Amendments, and Others), By Application(Foliar Treatment, Soil Treatment, and Seed Treatment), By Crop (Row Crops,Fruits & Vegetables, Turf & Ornamentals), and Regional Forecast2019-2026.”, further mentions that the market was worth USD2.24 Billion in 2018.
Biostimulants are vital agricultural products that are usedto enhance the quality of plants by promoting growth and nutrient content. Theyare extensively used to improve abiotic stress tolerance capacity among theplants that results in higher yields of better quality crops. In addition tothis, there are organic biostimulants such as enzymes, plant hormones, seakelp, sugars, vitamins, and fish emulsions, among others that help to stimulategrowth and preferred by farmers across the globe. For instance, there are planthormones such as gibbberellins and auxins that aid dense plant growth whenapplied to shrubs and trees.
Driver and Restraints:
Increasing Demand for Organic Food Products to PromoteGrowth
Increasing awareness among the population to consumershealthy and nutritious diet is propelling the demand for organic food products.Additionally, organic food products contain high nutritional value owing to thepresence of high vitamin and minerals beneficial for healthy body. High demandfor quality crops and increasing adoption of organic fertilizers is expected todrive the growth of the market during the projected horizon. Furthermore,favourable government policies and support to produce good quality agriculturalproducts will positively affect the market growth in the forthcoming years.Moreover, organic products being safe and healthier, the extensive use oforganic biostimulants to enhance plant growth will aid the market growth.
Regional Analysis:
Increasing Government Support in Europe to Drive theMarket
Among the regions, Europe is anticipated to riseexponentially and hold largest global biostimulants market revenue during theforecast period. This is ascribable to growing government support to promoteadoption of sustainable farming. Furthermore, presence of the EuropeanBiostimulant Industry Council (EBIC) that promotes adoption of biostimulants inEurope will favor market growth in the forthcoming years. North America, on theother hand, is expected to witness significant growth owing to stringentregulations regarding the adoption of fertilizers and high demand for organicfood products among the population.
The market in Asia-Pacific is likely to gain momentum duringthe projected horizon. This is attributable to increasing adoption ofsustainable farming in countries such as India, and China. Furthermore, risingimpetus on producing quality crops in the region will bode well for the marketgrowth between 2019 and 2026.
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https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
