Pune, India, Nov. 03, 2022 (GLOBE NEWSWIRE) — The global Market size for biostimulants reached $2.85 billion in 2021 and its value is expected to increase by $3.14 billion in 2022 to $6.69 billion by 2029 at a CAGR of 11.43% during the forecast period. The global inorganic fertilizer (primary nutrient) industry is growing at a rate of 1.3-1.8% per year. Given the growth opportunities in these segments, the big market players are focusing their efforts on a variety of lucrative product areas, such as specialty fertilizers and organic fertilizer segments, he says Insights into the Fortune business^TM in his report entitled “Biostimulants Market, 2022-2029”.

Impact of COVID-19

Pandemic slows growth due to supply chain disruptions

The pandemic has impacted almost every industry, including biostimulants, with the agricultural sector suffering at various levels. To stop the spread of the disease, several countries imposed full or partial lockdowns, initially slowing production and disrupting the product’s supply chain. Biostimulants are made from a wide variety of raw materials, including amino acids, protein hydrolysates and others. The strict travel restrictions in the first months of the pandemic made it difficult to transport these raw materials.

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List of major market players:

• Bayer AG (Germany)
• Syngenta AG (Switzerland)
• UPL Limited (India)
• Gowan Group (USA)
• BASF SE (Germany)
• Chestnut Bio Innovations (USA)
• SEIPASA SA (Spain)
• PI Industries (India)
• Novozymes A/S (Denmark)
• Koppert Biological Systems (Netherlands)

segments

According to source, Non-Microbial will be the leading segment during the forecast period

On the basis of source, the market is segmented into non-microbial and microbial products. Non-microbial products are the leading segment and are expected to grow significantly due to the improvement in plants’ biochemical and physiological traits.