BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific biostimulants market size at USD 707.26 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia-Pacific Biostimulants market size to grow at a CAGR of 10.25% reaching a value of USD 1,270.46 million by 2029. A spurring high demand for Rising agricultural produce and increasing adoption of sustainable agriculture practices are significant growth factors for the Asia-Pacific biostimulants market. Furthermore, the Asia-Pacific biostimulants market is expected to benefit from a significant increase in demand for organic food as well as intensive research and development efforts in the sector during the projected period.
Asia-Pacific Biostimulants Market – Overview
Biostimulants are compounds, either natural or synthetic, that may be administered to seeds, plants, and soil. These compounds alter critical and structural processes to impact plant development, boost seed and/or grain production and quality, and improve resistance to abiotic challenges. These stimulants are biological and are applied to boost plant productivity. Several processes are involved in the production of biostimulants such as cultivation, extraction, fermentation, processing and purification, hydrolysis, and high-pressure cell rupture treatment.
Asia-Pacific Biostimulants Market
Asia-Pacific Biostimulants Market – By Mode of Application
Based on the mode of application, the Asia-Pacific biostimulants market is segmented into foliar, soil treatment, and seed treatment. The foliar treatment segment accounts for the highest share in the market. This method of application delivers liquid fertilizers directly to nutrient-deficient plants. This increases overall absorption capacity through the roots, resulting in quick positive effects. The soil treatment segment also holds a significant market share owing to the rising levels of contaminants in soils, such as heavy metals, pesticides, and lead.
Impact of COVID-19 on the Asia-Pacific Biostimulants Market
The unprecedented COVID-19 boosted the Asia-Pacific biostimulants market tremendously. The COVID-19 virus’s impact on health, as well as an increase in the frequency of lifestyle illnesses during the lockdown, increased health awareness among consumers of Asia-Pacific countries. As a result, demand for organic and chemical-free agricultural produce increased, increasing demand for biostimulants. Furthermore, discussions about sustainability and the influence of human activities on the environment have increased, which has led to an increase in the utilization of biological resources in agricultural operations, which is expected to boost the total global biostimulants market during the period in analysis.
Major players operating in the Asia-Pacific biostimulants market include Biolchim SpA, Biostadt India Limited, Gujarat State Fertilizers & Chemicals Ltd., T. Stanes and Company Limited, Valagro, Koppert Biological Systems, Trade Corporation International, Syngenta, and Novozymes.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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