The global biostimulants market is estimated to be valued at USD 3.5 billion in 2022. It is projected to reach USD 6.2 billion by 2027, recording a CAGR of 11.8% during the forecast period. Food and agricultural production systems worldwide are facing unprecedented challenges, from the increasing demand for food for a growing population, rising hunger and malnutrition, adverse climate change effects, overexploitation of natural resources, loss of biodiversity, and food loss and waste. These challenges can undermine the world’s capacity to meet its food needs now and in the future.
Biostimulants are substances and microorganisms that are applied to plants to enhance their growth, yield, and stress tolerance. The biostimulant market has been growing rapidly in recent years due to a variety of key drivers, including:
Increasing demand for sustainable agriculture: With growing awareness about the impact of traditional agriculture practices on the environment, there is a growing demand for sustainable and eco-friendly agriculture practices. Biostimulants offer an alternative to traditional fertilizers and pesticides, which can have negative impacts on the environment.
Growing need for higher crop yields: As the global population continues to grow, there is an increasing need for higher crop yields to feed the world. Biostimulants can enhance plant growth and yield, making them an attractive option for farmers and growers.
Favorable government policies: Many governments around the world are promoting the use of biostimulants through policies and regulations that encourage sustainable agriculture practices. This has helped to drive the growth of the biostimulant market.
Advancements in biotechnology: Advances in biotechnology have led to the development of new and more effective biostimulant products. This has increased the demand for biostimulants as growers seek to improve their crop yields.
Growing popularity of organic farming: Organic farming practices are becoming increasingly popular as consumers demand healthier and more sustainable food options. Biostimulants are a key component of organic farming practices, as they can enhance plant growth without the use of synthetic fertilizers and pesticides.
Overall, these key drivers are expected to continue to fuel the growth of the biostimulant market in the coming years.
Biostimulants Market Trends:
The biostimulants market has been growing in recent years, and this trend is expected to continue in the coming years. Biostimulants are substances or microorganisms that are applied to plants or soil to enhance plant growth, health, and yield.
One major driver of this market is the increasing demand for sustainable agriculture practices. Biostimulants offer a natural and environmentally friendly solution to improving crop yields, reducing chemical use, and enhancing soil fertility. Additionally, biostimulants have been shown to help plants tolerate various environmental stresses, such as drought and heat, which is becoming increasingly important as the effects of climate change are felt worldwide.
Another factor driving the growth of the biostimulants market is the growing demand for organic food. As consumers become more aware of the potential health and environmental risks associated with conventional farming practices, they are seeking out organic options. Biostimulants can play a key role in organic farming by helping to improve soil health, reduce disease, and enhance plant growth.
In terms of the types of biostimulants, microbial-based biostimulants are currently the fastest-growing segment of the market. These products contain beneficial microorganisms such as bacteria and fungi that can improve soil health and plant growth. Other types of biostimulants include plant extract-based products, humic substances, and amino acid-based products.
Overall, the biostimulants market is expected to continue growing as the demand for sustainable agriculture practices and organic food continues to rise. However, challenges such as regulatory issues and the need for further research and development may hinder the market's growth in the short term.
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