Biostimulant Market Grows at 9.2% CAGR Between 2019 and 2027 | Haifa Group, Rallis India Limited, ILSA SpA
The global biostimulant market is experiencing strong growth owing to the increase in product launches by major market players
SEATTLE, WA, United States, Jan 12, 2022 /EINPresswire.com/ – The global biostimulant market is experiencing strong growth due to increasing number of product launches by major market players, biostimulants are substances used for promote plant growth by improving metabolism, and they are used in agriculture and horticulture.
The global biostimulants market was worth US $ 2,034.8 million in 2018 and is expected to reach US $ 4,597.6 million by the end of 2027, with a CAGR of 9.2% over the forecast period (2019 to 2027).
Biostimulants are elements that reduce the need for compost and increase plant development, protection against water and abiotic stress. In small attachments, these substances are effective, tilting towards the large exposure of the essential cycles of the plant, and allowing exceptional yields and high quality articles. In addition, biostimulants applied to plants improve the efficiency of subsistence, resistance to abiotic stress and, moreover, the quality attributes of plants, paying little attention to its supplement substance. Some research has been created to evaluate biostimulants in the further development of improving plants exposed to stress, saline climate and seedling advancement, among others. Additionally, various unrefined components have been used in biostimulant structures, such as humic acids, chemicals, green growth concentrates, and microorganisms that advance plant development. In this sense, this part plans to evolve towards the use of biostimulants in the development of plants according to the natural substance used in their arrangements as well as their impacts on plants exposed to abiotic stresses.
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The major players operating in the global biostimulant market are Haifa Group, Rallis India Limited, ILSA SpA, FMC Corporation, Gowan Group, Valagro SpA, UPL and BASF SE.
Main market drivers:
The increasing expansion of agricultural land in the world is the major factor that is expected to increase the growth of the global biostimulant market. For example, according to Knoema, in 2018 there were approximately 47.9 million km² of agricultural land in the world. Most biostimulants have two effects: they promote root growth and increase the production of root hairs. However, they do not replace existing fertilizers or pesticides. On the contrary, they increase the availability of nutrients by improving existing agricultural inputs. They also increase the yield of crops, such as soybeans. And although biostimulants are not designed to replace all agricultural inputs, they can greatly improve their effectiveness. Biostimulants are substances that improve plant growth. These substances are obtained from the breakdown of proteins in plant materials. These compounds are found in all parts of plants, including leaves, seeds, and fruits. Their chemical composition can also be changed to produce a variety of beneficial effects. It is estimated that the increase in product launches by major market players will drive the growth of the global biostimulants market.
Covid-19 impact analysis:
During the ongoing COVID-19 pandemic, the global agricultural sector has faced many challenges, which have also affected the growth of the global biostimulants market, such as lockdown measures in several countries and lack of labor. manual labor in production and end-use plants. .
Key points to remember:
The global biostimulant market size is estimated to be around US $ 3.2 billion in 2021, and an increase at a CAGR of 12.1% is expected to reach around US $ 5.6 billion by 2026, due to the increase in product launches by the main market players. For example, in February 2021, UPL AgroSolutions Canada announced the launch of the OHM biostimulant in Canada.
North America is expected to hold a significant share of the global biostimulants market, owing to the increasing prevalence of major market players in the region. For example, in March 2020, BASF launched a new research and development project for crop protection and seed characteristics.
Asia-Pacific is estimated to experience strong growth in the global biostimulant market, due to the increasing expansion of agricultural land in the region, especially in developing countries. For example, according to Trading Economics, in 2018 there was around 60.43% agricultural land in India.
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