The latest report by Reports and Data projects that the Biostimulants in Agriculture Market will reach a size of USD 8,166.0 Million by 2030, with a revenue compound annual growth rate (CAGR) of 11.2% during the forecast period. The rapid growth of the market is attributed to factors such as the increasing demand for sustainable agriculture and the easy availability of seaweeds as raw materials. However, the market's revenue growth may be hindered by the commercialization of low-quality biostimulant products.
Agricultural biostimulants refer to fertilizer additives and similar products derived from biological or biologically sourced materials. They are used in crop production to supplement existing agricultural practices and enhance crop outputs. These biostimulants can improve nutrient-use efficiency, enabling plants to withstand abiotic stresses such as heat, cold, drought, and excessive water. They also enhance the quality attributes of crops, including nutritional content, appearance, and shelf-life.
The agricultural sector faces challenges of increasing productivity to feed a growing global population while ensuring resource efficiency and minimizing environmental and health impacts. Fertilizers and pesticides play a crucial role in agriculture, but reducing the use of synthetic agrochemicals is important for sustainability. Natural plant biostimulants offer benefits such as improving tolerance to various stresses, enhancing plant growth, and increasing nutrient use efficiency.
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Numerous agricultural companies are actively developing biostimulants derived from diverse communities of microorganisms and their biochemical byproducts to improve crop health and nutrition. Extensive scientific research is focused on developing biostimulants and biological products to enhance plant nutrition performance, increase productivity, and promote sustainability in farming practices.
Agricultural Biostimulants Market: Drive factors
The Biostimulants in Agriculture Market is driven by several key factors:
- Increasing need for sustainable agriculture: There is a growing global demand for sustainable agricultural practices that reduce the reliance on synthetic chemicals. Agricultural biostimulants offer an eco-friendly alternative by enhancing plant growth, improving nutrient uptake, and increasing stress tolerance in crops. The need for sustainable agriculture is driving the adoption of biostimulants.
- Availability of raw materials: Biostimulants are derived from various natural sources such as seaweeds, humic substances, and microbial amendments. The easy availability of these raw materials contributes to the growth of the biostimulants market. Seaweeds, in particular, are abundant and can be sustainably harvested for use in biostimulant production.
- Regulatory support: Governments and regulatory bodies are increasingly recognizing the benefits of biostimulants in agriculture and providing support through favorable regulations and policies. This support encourages farmers to adopt biostimulants and drives market growth.
- Increased focus on crop productivity and quality: Biostimulants have been found to enhance crop productivity and improve the quality of agricultural produce. They promote root development, seed germination, and flowering, leading to higher yields and improved crop quality attributes such as nutritional content, appearance, and shelf-life. The desire for higher productivity and better-quality crops fuels the demand for biostimulants.
- Research and development efforts: Companies and research institutions are actively investing in the development of innovative biostimulant products. Rigorous scientific research is focused on improving the efficacy and understanding the mechanisms of action of biostimulants. These advancements drive the introduction of new and more effective biostimulant products, further boosting market growth.
- Growing organic farming practices: The increasing consumer demand for organic food products has led to a rise in organic farming practices. Biostimulants play a vital role in organic farming by providing sustainable solutions for crop nutrition and health. As organic farming expands, the demand for biostimulants is expected to increase.
Overall, the drive factors for the Agricultural Biostimulants Market include the need for sustainable agriculture, availability of raw materials, regulatory support, focus on crop productivity and quality, research and development activities, and the growth of organic farming practices.
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