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| Biostimulants Market |
The Biostimulants Market is estimated to be valued at US$ 3237.27192 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Biostimulants Market relates to substances and materials which when applied
in plant systems, stimulate natural processes to enhance or beneficially modify
the growth of plants and increase crop yields. Biostimulants help improve
nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop
quality. They have significant functions in improving plant resistance to
disease and insects as well as plant tolerance to drought and other
environmental stresses.
Market Overview:
Biostimulants are used in farming to enhance the yields by improving overall
plant health and crop quality. They help increase tolerance to environment
stresses like drought and improve nutrient uptake in plants. Biostimulants
reduce the needs for fertilizers and pesticides. They provide sustainability in
agricultural production.
Market key trends:
The growing trend of sustainable and organic farming is driving the growth of
the biostimulants market. Farmers are increasingly adopting organic and
environment-friendly practices to produce food in a sustainable way.
Biostimulants help improve soil fertility and plant nutrition without the use
of synthetic fertilizers and pesticides. They support organic farming methods.
This trend is expected to boost the demand for biostimulants in the coming
years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderately low as
significant capital investment and R&D is required to enter this market.
However, new startups can disrupt the market with innovative products.
Bargaining power of buyers: The bargaining power of buyers is moderately high
owing to the availability of substitutes in the market. Buyers can negotiate for
better prices and demand various products as per their agro-climatic
conditions.
Bargaining power of suppliers: The bargaining power of suppliers is moderately
low as there are numerous suppliers and raw materials required are easily
available. However, suppliers of unique inputs possess some bargaining power.
Threat of new substitutes: The threat of new substitutes is moderately high as
farmers are willing to adopt cost-effective substitutes that provide equal or
better yield and quality.
Competitive rivalry: is high among established players.
SWOT Analysis
Strengths: Wide product portfolio and R&D capabilities of major players.
Biostimulants provide sustainable solutions for higher productivity.
Weaknesses: High production costs. Vulnerable to weather fluctuations and
stringent regulations.
Opportunities: Untapped regions especially Asia Pacific and South America
possess huge growth potential. Increasing organic and sustainable farming
offers opportunities.
Threats: Price fluctuations of raw materials impact profit margins. Substitutes
such as conventional fertilizers are widely used.
Key Takeaways
The global Biostimulants
Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period,
due to increasing demand for sustainable agriculture and organic food. Asia
Pacific dominates the market owing to rising population and arable land,
accounting for around 35% of the global market share in 2023.
Regional analysis
Asia Pacific is expected to dominate the biostimulants market during the
forecast period. This is attributed to rising population and increased
disposable income in countries such as India and China. Also, growth in
horticulture sector in Asia Pacific is anticipated to drive the demand for
biostimulants in the coming years. Europe is also expected to exhibit
significant growth owing to stringent regulations regarding usage of synthetic
fertilizers and pesticides in countries like Germany, France and UK.
Key players
Key players operating in the Biostimulants market are Acadian Seaplants
Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert
B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE,
Novozymes A/S, Agrinos A/S.
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