Biostimulants Market to Reach US$ 5,526.8 Mn by 2027; Rise in Demand for Sustainable Agricultural Solutions to Drive Market - TMR
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Based on the products, the seaweed segment accounted for a leading share in the overall biostimulants market. Thanks to the high investment in the market for exploration of advancement, the segment is expected to remain dominant over the forecast period. Based on the region, Europe dominated the global market for biostimulants by holding 40% shares in 2016 and is expected to retain its dominance by the end of the forecast period. However, high demand for biostimulants to protect common plants such as rice, corn, and wheat in the Asia Pacific is helping the region of the show a lucrative growth rate of 13.9% over the forecast period.
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Need for Large Amount of Food to Boost Market's Growth
Due to the need for large food to cater, the global population without harming any natural resources is posing as challenges to the agriculture sectors from the past two decades. Thus, there are some initiatives to enhance productivity by using such products, which will help to maintain soil quality. In order to explore these ways, the key players are increasingly investing in the research and development. The aforementioned factors are likely to bolster the growth of the global biostimulants market in the coming years.
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Rapidly changing the agricultural practices coupled with high demand for food has boosted the use of the chemical-based additives, which encourage yield of the plants. However, proportionate use of the chemicals due to lack of knowledge and lack of proper infrastructure has resulted in the degradation of land and harmful impact on the environment. Nevertheless, growing awareness about the environment is leading to encourage adoption of harmless alternatives. Thus, the demand for the non-toxic and eco-friendly products such as biostimulants is increasing substantially, which is driving the growth of the global biostimulants market.
Product Advancement Coupled With Rising Awareness to Offer Opportunities for Growth
High cost and lack of awareness across developing countries are restraining growth of the market. Nonetheless, use of the biostimulants encourages plant growth and enhances the efficiency of nutrient and water by protecting from abiotic stress. Thus, these products are emerging as a key component to the agricultural practices and to reduce environmental hazards, which are supporting the growth of the biostimulants market. Additionally, some of the players are offering services such as customization of products on the basis of crop type and soil. Also, they are looking to educate farmers especially located in developing countries. These initiatives are expected to offer lucrative opportunities for growth in the global biostimulants market in the coming future.
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This information is encompassed in the report by TMR, titled, "Biostimulants Market (Product - Humic Acid and Fulvic Acid, Amino Acids, Microbial Stimulants, Seaweed, Vitamins, Biorationals; Application - Oilseeds and Pulses, Cereals and Grains, Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027."
For the study, the biostimulants market has been segmented as follows:
Product
Application
Geography
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