Dublin, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The "Biostimulants Market by Active Ingredients, Mode of Application, Formulation, Crop Type - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
Global biostimulants market is expected to grow at a CAGR of 12.4% from 2021 to reach $5.9 billion by 2028, while in terms of volume, the market is expected to grow at a CAGR of 12.9% from 2021 to reach 864,094.7 metric tons by 2028.
The growth of this market is mainly attributed to the factors such as the growing need to increase crop yield and quality, growing organic farming & demand for organic food, the wide range of benefits of biostimulants in crop production, and growing awareness about environmental safety with the use of biostimulants. On the other hand, scientific & technical difficulties for developing biostimulants pose a challenge for the growth of the biostimulants market.
Based on active ingredient, the biostimulants market is segmented into acid-based, extract-based, microbial amendments, trace minerals and vitamins, and other active ingredients. The acid-based biostimulants segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to their easy availability, a wide range of benefits to plants, and higher effectivity. However, the extract-based biostimulants segment is expected to witness significant growth during the forecast period.
Based on mode of application, the biostimulants market is segmented into foliar spray, soil treatment, and seed treatment. The foliar spray segment is expected to account for the largest share of the biostimulants market in 2021. However, the seed treatment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its benefits: increased nutrient availability in the rhizosphere, enhanced root and shoot growth, increased nutrient uptake, protection from pathogens, and better nutrient utilization efficiency.
Based on formulation, the biostimulants market is segmented into liquid and dry. The liquid formulations segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to the liquid formulation's better performance and higher effective duration (up to 6 months) than that of dry formulation (up to 3 months).
Based on crop type, the biostimulants market is segmented into row crops, fruits & vegetables, turf & ornamentals, and other crop types. The row crops segment is expected to account for the largest share of the biostimulants market in 2021. The large share of this segment is mainly attributed to the factors such as the huge area under row crop cultivation across the globe, increasing organic farming, and growing usage of biostimulants by the farmers instead of chemical fertilizers or pesticides.
Geographically, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is expected to account for the largest share of the overall biostimulants market in 2021.
The large share of this region is primarily attributed to the rising concerns over harmful chemicals on the environment, increasing demand for organic food, growing R&D activities on biostimulants, and the presence of a large number of biostimulants providers.
Growing Need to Increase Crop Yield and Quality
Growing Organic Farming and Demand for Organic Food
4Wide Range of Benefits of Biostimulants in Crop Production
Increasing Awareness About the Environmental Safety with the Use of Biostimulants
Lack of Education and Awareness Among Farmers
Challenges to New Entrants and Small Companies
Scientific and Technical Challenges in Developing Biostimulants
Impact of Covid-19 on the Biostimulants Market
The key players operating in the biostimulants market are
Marrone Bio Innovations Inc.
Andermatt Biocontrol AG
Som Phytopharma India Limited
Gowan Company LLC.
Biostadt India Limited
Omex Agrifluids Limited
Plant Health Care plc
SICIT Group S.p.A.
EuroChem Group AG
For more information about this report visit https://www.researchandmarkets.com/r/rbmhjf
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