Biostimulants Market – Global Drivers, Restraints, Opportunities, Trends & Forecast up to 2025
Plant biostimulants are technically the substance(s) and micro-organisms, which improve the plant health, productivity, and/or tolerance via stimulating the plant functions when applied. The market for such products is still in its nascent stage by serving a very small portion of its potential market. Biostimulants were first formally introduced in the 1990s and the market has been growing since.
According to Infoholic Research, the market for biostimulants would reach $5.33 billion by 2025, growing at a CAGR of 11.6% during the forecast period 2019–2025, owing to increasing regulatory accommodation and transitioning consumer trends towards healthier food alternatives.
The biostimulants market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
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Key Market Insights
Biostimulants have not been recognized in regulatory till recently, which resulted in limited market penetration of the products in potential markets. This was largely due to the lack of clarity on the categorization of these products. Some of these products were classified with fertilizers, while others were categorized under crop protection chemicals. Further, as the biostimulants were not recognized by many governments, as a result, there were labeling problems for these products in different countries.
The market of biostimulants has been witnessing strong growth largely owing to the characteristic benefits of reducing agrochemical usage, improvement of crop quality, and increase in overall yield.
European farmers have been at the forefront of the market adoption, where the focus is not only on increasing the crop yield but also on improving the crop quality. Some of the countries actively adopted the biostimulants at the country level, allowing the biostimulants product growth. However, most of the developing countries, especially in Central & Eastern Europe, were lagging and resulted in limited penetration of biostimulant products in the region. On the other hand, the US market has been receptive towards the biostimulants, although the absence of regulatory details curtails the market scope.