The global biostimulants market forecast will be $5,040 million by 2026, increasing from $1,127 million in 2018 at a healthy CAGR of 11.71%. North America market share is growing at a CAGR of 5.31% by generating revenue of $1,040 million by 2026. Asia-Pacific regional growth is expecting $854 million by 2026.
A biostimulant is a naturally extracted additive or microorganism used for crops to improve nutrition efficiency, abiotic stress tolerance and crop quality. Biostimulants are used on the plants such as oilseeds & pulses, fruits & vegetables, cereals & grains and turfs & ornamentals.
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Reduction in availability of arable land boosts the market demand
Decrease in availability of arable land has been propelling the adoption of bio-based crop protection chemicals as to enhance the crop yield over the past few years. Availability of arable land has decreased majorly, owing to the erosion of soil and increase in population. Continuous plowing of fields and increase in usage of chemical-based fertilizers have resulted in soil degradation. Surge in population and its volatile consumption patterns are likely to create huge demand for food, thereby pressurizing the current arable land resources. Biostimulants cater as eco-friendly solutions which improve the quality and quantity of the crop yield and enrich structure and nutritive value of the soil. Therefore, reduction in availability of arable land is projected to be a significant growth factor in the global biostimulants market.
Dearth of regulations regarding the product’s commercialization will limit the market growth rate. Lack of awareness and availability of good quality products in low and middle class countries will further restrict the market growth rate.
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The Global Biostimulants Market has been segmented as below:
By Crop Type
Turf & ornamentals
Oilseeds & pulses
Cereals & grains
Fruits & vegetables
By Application Method
By Active Ingredient
Rest of the World