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) and 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$ 3,112.49 million in 2022 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028.
Biostimulants are the naturally extracted additive or microorganisms applied to crops to enhance abiotic stress tolerance, nutrition efficiency, and crop quality. Biostimulants are utilized for plants such as fruits and vegetables, cereals and grains, oilseeds and pulses, and turfs and ornamentals. There are various methods to apply biostimulants to the plants, including foliar treatment, seed treatment, and soil treatment. During foliar spraying, biostimulants are used to parts visible above the ground and are considered an essential part of crop production, mainly on horticultural crops.
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Based on mode of application, the global biostimulants market is segmented into foliar spray, seed treatment, and soil application. In 2021, the foliar spray segment dominated the market. Furthermore, the market for this segment is expected to grow at a faster CAGR during the forecast period.
The global biostimulants market is segmented into five main regionsb North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2021, Europe dominated the market. However, the Asia Pacific is expected to be the fastest growing region during the forecast period. The Asia Pacific market growth is boosted due to several factors, such as increasing demand for clean labels and organic products. Moreover, the region's rising population is increasing the food demand. To increase productivity and yield, the demand for biostimulants is increasing rapidly.
Impact of COVID-19 Pandemic on Biostimulants Market
Initially, the COVID-19 pandemic adversely affected the biostimulants market growth due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of biostimulants. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The COVID-19 pandemic pushed up farmers' costs while reducing income. Further, due to the COVID-19 pandemic, the supply and demand got poorly hit, which led to reduced demand for biostimulants in the market. However, businesses recovered as the governments of various countries reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the market. The start of operations in the manufacturing units led to the recovery in the production of biostimulant products, which positively impacted the market.
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