The scope of our recent study on "Biostimulants Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Humic Substances, Amino Acids, Microbial Stimulants, Seaweed Extracts, and Others), Mode of Application (Foliar Spray, Seed Treatment, and Soil Application), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Landscape, and Others), and Geography" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The biostimulants market is expected to grow from US$ 2,830.41 million in 2021 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028.

Plant biostimulant means a micro-organism, substance, or mixture thereof, that, when applied to plants, seeds, soil, the rhizosphere, or other growth media, acts to support a plant’s natural processes independently of the biostimulant’s nutrient content, including by improving nutrient availability, uptake or use efficiency, tolerance to abiotic stress, and consequent development, growth, quality, or yield. Most biostimulants use raw material from organic sources, so they do not damage crops, while conventional chemical fertilizers and growth regulators can damage crops if not used in recommended dosages. Organic biostimulants that are currently used include vitamins, plant hormones, enzymes, humic acid, sugars, sea kelp, fish emulsion and other products. After the COVID-19 pandemic, there has been a paradigm shift as consumers prefer to buy organic food as a preventive health measure and adopt a healthy lifestyle. Such a significant shift is expected to boost the organic farming sector. For instance, according to the Organic Trade Association, between 2020 and 2021, US organic product sales surpassed US$63 billion, with a US$1.4 billion (2%) total growth over the year. The development of the organic farming industry could increase the demand for biostimulants. Moreover, changing lifestyle patterns, increasing per capita income, and increasing awareness about the harmful effect of conventional chemical fertilizers are expected to propel the biostimulants market growth.

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. In 2021, the cereals and grains segment dominated the market growth. Also, the turf and landscape segment market is expected to grow at the fastest rate during the forecast period. The growth of the agricultural bio stimulants in the turf and landscape segment is driven by promising results in yield, quality, and productivity, the need to fulfill the rising demand for mollifying and warming surroundings, and the need for the restoration of soil.

The global market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2021, Europe dominated the global market. However, Asia Pacific is expected to be the fastest growing region in the biostimulants market. The Asia Pacific market is growing due to several factors, such as rising demand for organic products, increased expansion in the marine industry, increasing innovative technology, and expanding research & development efforts. Government organizations are trying to regulate the production and use of environmentally friendly products, such as prohibiting chemicals and establishing maximum consumption limits. As a result, there is an urgent need to develop bio-based agrochemicals to reduce synthetic agrochemicals' harmful effects on the environment. Furthermore, the advantages of using biostimulants, such as low toxicity, high specificity, and increased efficiency, led to increased adoption of such products. These factors are boosting the market growth.

Some of the major key players operating in the global biostimulants market include BASF SE, UPL Limited, Valagro, Gowan Company, FMC Corporation, ILSA S.p.A., Haifa Negev Technologies LTD., ADAMA, Rallis India Limited, and AgriTecno Biostimulants and Plant Nutrition. The major players in the biostimulants market are focusing on strategies such as research and development, mergers and acquisitions, and new product development to increase the geographical presence and consumer base globally.

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