Biostimulants Market to Surpass US$ 6,375.3 Million by 2030 - Coherent Market Insights
BURLINGAME, Calif., Nov. 21, 2023 /PRNewswire/ -- According to Coherent Market Insights, global Biostimulants market is estimated to be valued at US$ 2,938.7 million in 2022 and is expected to exhibit a CAGR of 10.16% during the forecast period (2023-2030). Increasing technological advancements and novel innovations are anticipated to boost growth of the global biostimulants market over the forecast period. Moreover, rise in demand for eco-friendly agriculture is also expected to augment the market growth. Along with this, growing adoption of organic farming is driving the sale of organic foods, which is further anticipated to create growth opportunities in the global Biostimulants market over the forecast period.
Market Trends
Surging demand for bio-based agri-inputs is trending in the global biostimulants market. The production of organic food and feed products is growing all over the world without any use of good fertilizers causing harmful side effects. The use of bio-based and organic compounds is increasing in forestry and agriculture. As per the Agricultural and Processed Food Products Export Development Authority (APEDA), Australia had 36.92 million hectares of agricultural land under organic certification in 2021. The growing initiatives from governments and other stakeholders on sustainable and organic farming methods is driving growth of the market.
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Key Market Takeaways:
Global Biostimulants is expected to surpass US$ 6,375.3 Mn by 2030 and is anticipated to witness a CAGR of 10.16% during the forecast period 2023-2030, owing to rise in demand for organic farming and high-value crops with growing awareness among consumers around environmental and health benefits of these products.
On the basis of Application, Foliar segment is expected to hold a dominant position, owing to increasing demand owing to its benefits.
On the basis of Crop Type, Raw Crops segment is expected to hold a dominant position, owing to expanding application and cultivation of raw crops.
On the basis of Active Ingredients, Extract Based segment is expected to hold a dominant position, owing to the rise in demand for extract based ingredients such as seaweed.
On the basis of region, Europe is expected to hold a dominant position over the forecast period, due to government initiatives promoting use of organic food production, and increasing demand for rapeseed production in various applications in countries such as Germany.
Key players operating in the Biostimulants market include Agrinos A/S, Acadian Seaplants Limited, Novozymes A/S, Biostadt India Limited, BASF SE, Omex Agrifluids Ltd., Platform Specialty Products Corporation, Italpollina Spa, Bio Atlantis Ltd., and Koppert B.V. etc.
Biostimulants Market Key Developments:
In January 2023, Archer Daniels Midland Company introduced a NeoVita 43 biostimulant that increases the corn yield by increasing efficiency in nutrient use.
In March 2022, Valagro introduced Talete, its innovative bio-stimulant product in India. The new product aims at boosting crop water productivity which further helps in growth of business in the country.
Read complete market research report, "Biostimulants Market, By Application, By Crop Type, By Active Ingredient, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Biostimulants Market Segmentation:
- By Application:
- Foliar
- Soil
- Seed
- By Crop Type:
- Row Crop
- Fruits & Vegetables
- Turfs and Ornamentals
- Other Crop Types
- By Active Ingredient:
- Acid-based
- Extract Based
- Others
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Argentina
- Mexico
- Rest of Latin America
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- Turkey
- GCC
- South Africa
- Rest of Middle East & Africa
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