The coronavirus (COVID-19) pandemic is impacting production, supply chains, and demand of biostimulants market. In this report, we have revised our market data to indicate our best understanding of what is happening in biostimulants market. Get this report for in-depth understanding of the latest trends, market drivers, opportunities, and challenges.
Fast.MR has presented a detailed report on “Biostimulants Market – By Type (Acid-based Biostimulants, Seaweed and Plant Extracts, Microbial Biostimulants and Others), By Application (Foliar, Soil and Seed), By Crop Type (Food Crops, Cash Crops, Plantation Crops and Horticulture Crops) & Global Region – Market Size, Trends, Opportunity, Forecast 2018-2024” which includes the major application, advantages, and key market trends that are fostering the growth of the market during the forecasted span of 6 years. The research takes a step forward and analyzes the key competitors and global regions that are holding the market share of Biostimulants Market in terms of revenue.
Biostimulants are a microorganism when applied to seeds, plants, or the rhizosphere, foster plant development in many demonstrated ways throughout the crop lifecycle, from seed germination to plant maturity. Biostimulants also enhance the plant’s ability to absorb nutrients so it can develop properly. The global Biostimulants market reached a market valuation of USD 322.7 Billion in 2018 and is estimated to grow at a CAGR of 15.0% during the forecast period, i.e., 2019-2024.
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Market Insights
Growth Drivers – Biostimulants Market
Growing Need to Maximize Crop Yield
The agriculture sector is beginning to avoid usage of chemical pesticides in agriculture as they have realized the effects of chemicals on soil fertility and water quality. Owing to overconsumption of chemical fertilizers, the condition of soil has been deteriorating worldwide, lowering crop yields, crop quality, and exacerbating harvest uncertainty. Farmers across the globe are realizing the potential of Biostimulants and are increasingly welcoming Biostimulants in agriculture. In order to maximize profit, farmers are using Biostimulants to increase yield in terms of weight, seed, and fruit set.
Rising Food Scarcity
According to United Nation report, the current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100. With a rising population, the chances for food scarcity is also rising and to tackle this threat; governments are encouraging usage of environment-friendly fertilizers and plant nutrition. Governments are offering subsidies to farmers for using biofertilizers, which in turn bolstering the growth of global Biostimulants market. The rising popularity of modern agriculture techniques such as hydroponics, aquaponics, vertical farming, and other controlled environment agriculture methods is encouraging the growth of global Biostimulants market.
Barriers – Biostimulants Market
Weak law infrastructure to ensure the usage of eco-friendly and presence of alternatives such as chemical pesticides are several significant challenges confronting the growth of global Biostimulants market.
Market Trends – Biostimulants Market
Product Innovation
Manufacturers are spending significant capital on advancements of their stimulants. Use of Biostimulants is the fastest growing area in crop protection, and manufacturers are continually advancing their Biostimulants to capture maximum demand opportunity in the market. For instance, a Canadian company ASL developed seaweed-based Biostimulants to help farmers raise their agricultural output in India.
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Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on global biostimulant market in the upcoming years.
Segmentation
By Type
– Acid-based Biostimulants
– Seaweed and Plant Extracts
– Microbial Biostimulants
– Others
By Crop Type
– Food Crops
– Cash Crops
– Plantation Crops
– Horticulture Crops
By Application
– Foliar
– Soil
– Seed
By Geography
– North America (U.S. & Canada)
– Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
– Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
– Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
– Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Competitive Landscape
The report profiles various major market players such as
- AXEB BIOTECH SL
- Sonar Agro
- Lida Plant Research S.L.
- Sherriff Grass Care
- Haifa Group
- Hi Tech Ag Solutions
- Acadian Seaplants Ltd.
- Bioiberica S.A.U.
- OMEX
- Kelpak
- Other Major & Niche Players
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