Food security is witnessing an increase in attention from stakeholders including the governments across the world. Population is increasing steadily and is set to be an extra 2 billion by the year 2050, pulling the number to a hefty 9.7 billion. However, farmable land is shrinking. And, a number of reasons can be attributed to this. One is that need for residences and commercial centers is growing along with population growth and two, due to poor farming practices in the past, soil fertility has gone down and yield per unit area has taken a hit. This has led to an increased demand for biostimulants.
These are known to improve abiotic stress tolerance, crop quality, and nutrition and are thus used in a number of applications – from horticulture to landscaping. A major driver here is the massive shift from inorganic to organic farming world over due to sustainable agriculture practices quickly catching on with farmers, landscapers and governments. As this reduces need for fertilizers and pesticides, it is vastly favored over chemical-based alternatives available in the market. Besides, this is also leading to players operating in the market to focus on innovation and new product development.
As per Transparency Market Research, the global biostimulants market is set to grow at approximately 12% CAGR (Compound Annual Growth Rate) from 2019 to 2027, taking the market worth up to USD 5.5 bn. by the end of the forecast period. It also makes note of the fact that authorities world over are encouraging adoption of biostimulants by formulating favorable policies. This will lead to a number of growth opportunities, emerging in the market, driving the market forward. Furthermore, findings of the market study reveal that cereals and grains, and fruits and vegetables will hold a sizeable share of this growth over the stated period.
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Evaluating Competitors’ Landscape
A large number of players in the global biostimulants market make it fragmented. Some of the notable ones that operate the playfield include Syngenta, Novozymes A/S, Valagro SpA, Isagro SpA, Agrinos, Biolchim SpA, Premier Tech Ltd., Agriculture Solutions Inc., West Coast Marine Bio-Processing, Corp., Italpollina SpA, Agricen, UPL, Koppert Biological Systems, Kelp Products International, and Haifa Group, among others. Product improvement holds a prominent place in the market and thus technological advancement and innovation are key determinants of growth. To gain a strengthened place in the market, players often resort to a number of growth strategies – organic and inorganic. These include key alliances and portfolio diversification.