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 (2022–2029).
Acid-based active ingredients enhance crop efficiency, and are widely available. By 2029, the usage of acid-based active ingredients for crop protection will value over US$ 3 Bn. However, they are likely to lose their grip in market revenue in due course of time. Driven by consistent product innovations, novel categories of active ingredients for microbial growth amendment and minerals tracing in plants are likely to gain traction among end users.
“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 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.
Read More: https://www.futuremarketinsights.com/reports/biostimulants-market
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