Dublin, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The "Biostimulant Market" report has been added to ResearchAndMarkets.com's offering.
The global biostimulant market, valued at approximately US$2.9 billion in 2022, is projected to experience robust growth, reaching nearly US$4.9 billion by the end of 2030, The market is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030.
The biostimulant market is experiencing growth due to the increasing emphasis on sustainable agriculture and environmentally friendly farming practices. Biostimulants are essential for boosting crop productivity, enhancing nutrient absorption, and reducing the environmental impact of traditional chemical fertilizers and pesticides.
The market's expansion is driven by regulatory backing, technological advancements, and a strong commitment to sustainability, all of which align with global goals for food security and environmental preservation.
The report emphasizes the crucial role played by regulatory support, government initiatives, and technological innovation in shaping the biostimulant market's direction. It also underscores the significance of maintaining product quality and adhering to stringent standards to ensure the market's long-term sustainability.
Key Highlights from the Report:
Seaweed Extracts Lead the Way: Seaweed extracts have secured the largest market share in biostimulants due to their natural growth-promoting properties. Rich in beneficial compounds, they enhance plant growth, stress resistance, and nutrient uptake, aligning with the growing demand for sustainable, eco-friendly agricultural practices.
Foliar Application Dominates: Foliar application is the dominant method in the biostimulants market due to its immediate and direct impact on plants. It facilitates efficient nutrient absorption, photosynthesis, and stress tolerance, making it a preferred choice for farmers.
Fruits and Vegetables Take the Lead: Fruits and vegetables lead the biostimulants market due to consumer demand for high-quality, sustainably grown produce. Biostimulants enhance yield and quality, making them crucial in the cultivation of these crops.
Europe Leads the Way: Europe holds the largest market share in the biostimulants market due to its strong focus on sustainable agriculture, stringent environmental regulations, and growing consumer demand for organic products.
North America on the Rise: The biostimulants market in North America is expected to experience stable revenue growth over the forecast period due to increasing funding for agricultural biological research and development initiatives.