Biostimulants Market | Key Trends and Forecast to 2023

Biostimulants Market Size, Share and Growth

Biostimulants Market was worth USD 2009.06 million in 2018 and estimated to be growing at a CAGR of 11.92%, to reach USD 3528.02 million by 2023.

Biostimulants Market Overview:

Biostimulants Market was worth USD 2009.06 million in 2018 and estimated to be growing at a CAGR of 11.92%, to reach USD 3528.02 million by 2023. With scarcity of land and water, amplified importance is being put on the support of advanced tools that can help improve crop harvest. Biostimulant is an organic substance that considerably impacts plant health. It is used in small amounts in order to encourage plant growth, thereby enhancing crop return and quality. Plant hormones, microorganisms, trace elements, and enzymes are combined in specific amounts to make biostimulants. Hence, biostimulants cannot be characterized as fertilizers that are used to provide nutrients to plants with nutritional deficiencies. They increase nutrient availability, metabolism, and boost the production of chlorophyll and antioxidants.

Biostimulants Market Drivers and Restraints:

The growth of the Global Biostimulants market is majorly driven by factors such as rising population, easy availability, and eco-friendly nature of biostimulants. Another key factor driving the market is climate change. Regular deviations in climate due to global warming have resulted in instability in yields of several food and cash crops. This has led to a growing predilection towards the utilization of biostimulants by farmers. However, issues such as lack of awareness among the farmers in the developing countries and high R&D costs involved in this field are hindering the growth of the market.

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https://www.marketdataforecast.com/market-reports/biostimulants-market