As per the latest report by IMARC Group, titled “Biostimulants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global biostimulants market size reached US$ 2.1 Billion in 2020. Biostimulants are substances containing microorganisms that are applied to plants and soil to stimulate their natural growth. They produce nutrients to enhance the efficiency, tolerance to abiotic stress, yield and crop quality in plants. Biostimulants are manufactured from humic acid, hormones, algae extract, and plant growth-promoting bacteria, to improve the development of plants when subjected to stress and saline environment. Biostimulants complement mineral fertilizers by improving their effect through the availability, assimilation, translocation, and use of plant nutrients. They also increase the water holding capacity, metabolism, and chlorophyll production.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biostimulants Market Trends:
The global biostimulants market is primarily driven by the rapid growth of the agriculture industry and the increasing adoption of sustainable farming methods. Besides this, the rising awareness among consumers regarding agricultural sustainability, soil health and environmental safety Furthermore, governments are undertaking initiatives to educate farmers regarding the benefits of superior agro-products, such as biostimulants. As a result, the use of these substances is increasing as an effective substitute to chemical-based agro products that cause environmental hazards and soil contamination. Moreover, manufacturers are focusing on extensive research and development (R&D) activities to develop advanced biostimulants to expand their product lines. On account of these factors, the market is expected to exhibit a CAGR of 10.5% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into acid-based (humic, fulvic, and amino acid), extract-based (seaweed and other plant extracts), and others (microbial soil amendments, chitin and chitosan, and others).
- On the basis of the crop type, the market has been classified into cereals and grains, fruits and vegetables, turf and ornamentals, oilseeds and pulses, and others.
- The market has been categorized based on the form into dry and liquid.
- On the basis of the origin, the market has been bifurcated into natural and synthetic.
- Based on the distribution channel, the market has been segregated into direct and indirect.
- The market has been classified based on the application into foliar, soil, and seed treatment.
- On the basis of the end-user, the market has been segmented into farmers, research organizations, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Agrinos AS, Adama LTD, BASF SE, Bayer AG, Biolchim SpA, Biostadt India Ltd., Isargo S.p.A., Italpollina SpA, Koppert B.V., Novozymes A/S, Syngenta Group, and Valagro SpA.
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