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, thus, 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 significant trends and market drivers that will influence market growth over 2020-2024.
Biostimulants Market: Reduction In Arable Land
Rapid industrialization and urbanization have led to the reduction of arable land across the world. 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 in turn, 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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Biostimulants Market: Segmentation Analysis
This market research report segments the biostimulants market by product (acid-based, extract-based, and others), type (raw crops and cereals, fruits and vegetables, turfs and ornaments, and others), application (foliar, soil, and seed), and geographic landscape (APAC, Europe, MEA, North America, and South America).
Europe was the largest market for biostimulants in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing agricultural activities, the rising demand for pastureland, and the growing need for fruits and vegetables in the region will significantly influence the growth of biostimulants market.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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