Biostimulants Market to Garner USD 5,796.94 million by 2028 | 10.9% CAGR - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

The biostimulants market is expected to grow from US$ 3,112.49 million in 2022 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028. Biostimulants are the naturally extracted additive or microorganisms applied to crops to enhance abiotic stress tolerance, nutrition efficiency, and crop quality. Biostimulants are utilized for plants such as fruits and vegetables, cereals and grains, oilseeds and pulses, and turfs and ornamentals. There are various methods to apply biostimulants to the plants, including foliar treatment, seed treatment, and soil treatment.

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Major key players covered in this report

BASF SE
UPL Limited
Valagro
Gowan Company
Total Corbion PLA
FMC Corporation
ILSA S.p.A.
Haifa Negev technologies LTD
ADAMA
Rallis India Limited
AgriTecno Biostimulants and Plant Nutrition

Based on mode of application, the global biostimulants market is segmented into foliar spray, seed treatment, and soil application. In 2021, the foliar spray segment dominated the market. Furthermore, the market for this segment is expected to grow at a faster CAGR during the forecast period.

The global biostimulants market is segmented into five main regionsb North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, Europe dominated the market. However, the Asia Pacific is expected to be the fastest growing region during the forecast period. The Asia Pacific market growth is boosted due to several factors, such as increasing demand for clean labels and organic products. Moreover, the region's rising population is increasing the food demand. To increase productivity and yield, the demand for biostimulants is increasing rapidly.

Impact of COVID-19 Pandemic on Biostimulants Market

Initially, the COVID-19 pandemic adversely affected the biostimulants market growth due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of biostimulants. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The COVID-19 pandemic pushed up farmers' costs while reducing income. Further, due to the COVID-19 pandemic, the supply and demand got poorly hit, which led to reduced demand for biostimulants in the market. However, businesses recovered as the governments of various countries reduced imposed restrictions.

The "Global Biostimulants Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the global biostimulants market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of type, application, and geography. Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. Based on the mode of application, the market is segmented into foliar spray, seed treatment, and soil application. Based on crop type, the global biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing region in the biostimulants market.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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