pune, Maharashtra -- (SBWIRE) -- 12/11/2023 -- A recent research report, titled "Biostimulants Market by Crop Type, Active Ingredients, Form, Mode of Application, and Region - Global Forecast to 2028," published by MarketsandMarkets, highlights the thriving global biostimulants market. Estimated at USD 3.9 billion in 2023, the market is projected to reach USD 6.8 billion by 2028, with a noteworthy CAGR of 11.8% during the forecast period.

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Overview:

The report underscores the remarkable growth of the biostimulants market, attributing it to the increasing awareness of sustainable agricultural practices and the demand for enhanced crop productivity. Biostimulants, both natural and synthetic substances, play a crucial role in stimulating plant growth, improving nutrient uptake, and enhancing stress tolerance. As the agricultural sector seeks organic and environmentally friendly practices, biostimulants become pivotal in optimizing plant health and overall yield. Ongoing advancements in biotechnology further position the biostimulants market for expansion, offering innovative solutions to address the challenges posed by a growing global population and changing climate conditions.

Key Findings:

Microbial Amendments Driving Growth:

Microbial amendments, encompassing beneficial microorganisms like bacteria and fungi, are identified as a key driver of growth in the biostimulants market. These microscopic allies contribute to improved soil health, nutrient uptake, disease resistance, and overall plant performance.

The shift towards microbial amendments aligns with the global trend favoring eco-friendly and organic farming methods, reducing reliance on synthetic fertilizers and pesticides.

Fruits & Vegetables Leading Crop Segment:

The fruits and vegetables crop segment dominates the biostimulants market, accounting for the largest share in 2022. Biostimulants, with their natural compounds and microorganisms, prove invaluable in enhancing yield and quality, making them essential tools for growers in this sector.

Growing consumer preferences for fresh, high-quality produce and a simultaneous focus on environmentally conscious farming methods contribute to the increasing demand for biostimulants in fruit and vegetable cultivation.

Dry Biostimulants Gaining Traction:

The dry segment of biostimulants is estimated to grow at a higher rate, offering versatility and compatibility with various cropping systems. The concentrated nature of dry formulations allows for precise dosing, promoting cost-effectiveness for farmers.

Dry biostimulants address challenges such as climate change and resource constraints by promoting water-use efficiency, nutrient absorption, and stress tolerance in plants.

Seed Treatment Segment Showing High Growth:

The seed treatment segment is projected to grow at the highest rate, as seed treatment with biostimulants offers a targeted and efficient approach to optimize plant growth while minimizing environmental impact.

Continuous research and development efforts are leading to the introduction of innovative seed treatment solutions catering to diverse crops and environmental conditions.

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Europe Leading in Market Share:

The Europe region accounted for the largest share in 2022, with a strong commitment to environmental stewardship and a conducive regulatory environment for biostimulant adoption.

Stringent regulations promoting sustainable farming practices and a preference for organic produce contribute to robust growth in the European biostimulants market.

Key Market Players:

Key players in the biostimulants market include BASF SE (Germany), UPL (India), Valagro (Italy), Gowan Group (US), FMC Corporation (US), ILSA S.p.A (Italy), Rallis India Limited (India), Haifa Group (Israel), ADAMA (Israel), Biovert-Manvert (Spain), Koppert (Netherlands), and AgriTecno (Spain). These companies are focusing on expanding their presence through collaboration and expansion, with strong market presence in North America, Asia Pacific, and Europe.

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