The biostimulants market is estimated to be valued at US$ 2,938.7 Mn in 2022 and is expected to exhibit a CAGR of 10.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are agricultural inputs that enhance crops' nutrient use efficiency, tolerance to abiotic stress, and improve crop quality. They can be derived from plant extracts, humic substances, seaweed, and other types of natural materials. Biostimulants help improve plant health, growth, yield, and stress mitigation without being classified as fertilizers. They play an important role in sustainable agriculture by enhancing nutrient cycling and reducing dependence on fertilizers.
Market Dynamics:
The global biostimulants market is primarily driven by the increasing demand for sustainable agricultural practices and growing organic farming. Farmers are increasingly adopting sustainable practices such as reducing synthetic inputs and improving soil health through biostimulants to enhance productivity. Further, the growing organic farming sector is also contributing to the market growth. According to the Research Institute of Organic Agriculture, the global organic agricultural land has grown from 37 million hectares in 1999 to 71.5 million hectares in 2018. Moreover, increasing awareness among farmers about biostimulants and their benefits in improving yield is another factor accelerating the biostimulants market growth over the forecast period. However, high costs associated with biostimulants as compared to fertilizers as well as lack of awareness in developing countries are some of the factors that may hinder the market growth.
SWOT Analysis
Strength: The biostimulants market is driven by increasing demand for organic and sustainable agriculture. Biostimulants help improve crop quality and yield. They are natural products that pose minimal risks. They are more environmentally friendly than chemical fertilizers.
Weakness: High costs associated with R&D for new product development. Lack of awareness among farmers about benefits of biostimulants. Substitutes like chemical fertilizers are cheaper and more commonly used.
Opportunity: Growing organic farmland and shift towards sustainable agriculture practices offer major opportunities. Increasing crop cultivation in emerging economies boosts demand. Support from regulatory bodies encourages adoption.
Threats: Stringent regulations can delay new product approvals. Climate change poses risks to conventional agriculture. Substitute threat from low-cost chemical fertilizers remains.
Biostimulants Market Is Estimated To Witness High Growth Owing To Increasing Demand For Sustainable Agriculture & Growing Organic Farming Practices
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