The row crops segment is projected to create an absolute dollar opportunity of more than US$ 1,353.8 million by 2033. Biostimulants are rapidly being used in the development of row crops and cereals around the world.
Biostimulants are natural or organic substances that are used in agriculture to enhance plant growth, health, and productivity. These substances, which can include plant extracts, seaweed derivatives, beneficial microbes, and humic acids, work by stimulating various physiological processes in plants. Biostimulants improve nutrient uptake, root development, stress tolerance, and overall plant vitality. They can also enhance seed germination, flowering, and fruiting. Biostimulants are considered a sustainable and eco-friendly approach to agriculture, as they reduce the reliance on synthetic chemicals and promote more efficient and resilient crop production. The biostimulants market is experiencing rapid growth due to increasing awareness of sustainable farming practices and the demand for high-quality, environmentally-friendly agricultural products.
Demand is expected to increase at a CAGR of 10.8% over the projected period. The market for biostimulants is predicted to be worth US$ 3.4 billion in 2023, and rise to US$ 9.6 billion by 2033.
Due to their numerous potential applications and promising futures, biostimulants are employed in horticulture and agriculture. Growing demand for eco-friendly agricultural solutions in developing nations like China and India opens up a new market opportunity for biostimulants producers.
Since food security and public health are closely related, all parties participating in the agri-food sector have sought to enhance sustainable food production. The largest phytopharmaceutical companies in Asia Pacific and Europe have intensified their production and research activities for natural products.
Lack of restrictions related to the product’s commercialization may impede the market’s development and expansion during the projection period. Growth is constrained by a lack of confidence in new products, a shortage of information about high-quality products, and a lack of clear regulatory.
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In the majority of markets, the data requirements for the product are often obtained from those produced from synthetic substances. Similarly, there are still no well-established endpoints for risk evaluations despite the fact that these products have been used in commerce for years.
Key Takeaways
Key Strategies in the Industry
The main factor of the market’s fragmentation is the growth of local players and regional marketplaces in various regions of the world. The two regions with the biggest market activity are North America and Europe.
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UPL Limited, Biostadt India Limited, Isagro SPA, Valagro SpA, and Tradecorp International are a few of the leading businesses in the biostimulants market. For the purpose of expanding their businesses, these significant firms invest in new products, product improvement, expansions, and acquisitions.
Recent Developments
Key Segments
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Biostimulants , Biostimulants market , Biostimulants Market sales , Biostimulants Market demand
Jul 09, 2023