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The biostimulants market size is projected to grow from USD 3.69 billion in 2023 to USD 7.97 billion by 2030. As per a report by Fortune Business Insights™ titled, “Biostimulants Market Size, Share & COVID-19 Impact Analysis, By Source (Microbial and Non-microbial), By Active Ingredient (Seaweed Extracts, Humic Substances, Vitamins & Amino Acids, Microbial Amendments, and Others), By Application (Foliar Application, Soil Treatment, and Seed Treatment), By Crop (Row Crops, Fruit and Vegetables, Turf & Ornamentals, and Others), and Regional Forecast, 2023-2030 ” The market stood at USD 3.34 billion in 2022. It is set to exhibit a CAGR of 11.65% during 2023-2030.
Supply Chain Disruptions to Slow Down Growth during COVID-19 Pandemic
The outbreak of COVID-19 resulted in a negative impact on the market. The prominent players in the market witnessed a decrease in their crop production product segment’s revenue generated during 2020. The growing demand and need for bio-based, sustainable agri-inputs and safe will drive the market during the pandemic.
Increasing Support from Government to Result in Enhanced Market Growth
Rise in agricultural emissions has encouraged the government to rise agricultural production of high-quality products that emit less pollution. These governmental efforts are predicted to aid market growth in the coming years. The regulations need manufacturers to label their products with expiration dates, chemical composition, and compulsory pre-registration with the government.
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Corteva Agriscience Launched New Biostimulant to Maintain their Position in the Market
Corteva Agriscience launched Utrisha N, the first nutrient-efficiency biostimulant. It provides Canadian farmers with a naturally derived biological tool to effectively manage their nitrogen investment, reduce their carbon footprint, and provide crops with nitrogen all season long.
The prominent key players in the market are regularly trying to launch and innovate products to establish their stand. Many other small and large market players are embarking on strategies, such as collaboration with the government, merger and acquisition, research & development, and others. To find their stand in the market.
Notable Industry Development:
List of the Companies Profiled in the Report:
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Table of Segmentation:
CAGR of 11.65% from 2023 to 2030
Value (USD billion)
By Active Ingredient