LONDON--(BUSINESS WIRE)--The global biostimulants market is expected to post a CAGR of more than 12% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Biostimulants are widely used in the form of vermicompost, composted urban waste, protein hydrolysate, and chitin/chitosan derivates in organic farming. This is because biostimulants improve the quality and yield of crops and also enhance productivity. With the growing consumer demand for organic and healthy food products, farmers are increasingly adopting organic farming practices. This is increasing the demand for biostimulants, which is driving the growth of the global biostimulants market.
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As per Technavio, the reduction in arable land will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Biostimulants Market: Reduction in Arable Land
Rapid industrialization and urbanization have led to the reduction of arable land across the world. Moreover, inappropriate agricultural practices and deforestation have further reduced the fertility of available arable land. During the forecast period, the demand for food is expected to increase significantly with the expanding global population. This is expected to increase the use of biostimulants to improve crop yield and meet the growing requirement for food. Therefore, the reduction of arable land across the world will have a positive impact on the growth of the biostimulants market.
“Global initiatives to improve agricultural output and upcoming regulations on biostimulants will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Biostimulants Market: Segmentation Analysis
This market report segments the global biostimulants market by geography (APAC, Europe, MEA, North America, and South America), product (acid-based, extract-based, and others), crop type (raw crops and cereals, fruits and vegetables, turfs and ornaments, and others) and application (foliar, soil, and seed).
The European region led the market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, Europe will register a maximum incremental growth due to the rise in the production of fruits and vegetables in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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