SHIFITNG PRODUCER PREFERNCES FROM CONVENTIONAL FERTILIZERS TOWARDS MORE SUSTAINABLE AND SAFE OPTION SIS ESTIMATED TO DRIVE MARKET GROWTH
Biostimulants benefit plant growth with advantages such as enhanced fruit set, size, quality, root development, plant growth, water and nutrient uptake, stress mitigation and soil improvements. They are composed of one or more of ingredients such as amino acids, micronutrients and beneficial microbes. According to the IsraelAgri article of December 2021, the biostimulants market is growing fast and has surpassed USD 2.5 billion per year, almost at the same level as water-soluble fertilizers sold worldwide.
“FIGURE 1 Global Estimated Shares of Biostimulants by Types“
Key Insights & Trends
The global demand for biostimulants is growing rapidly, fueled by consumer trends toward wellness and organic produce, along with rising environmental concerns. Population growth is another factor that is adding to the growth due to the need for enhancing the agricultural outputs. The Environmental Working Group (EWG) publishes the “Dirty Dozen,” which is a list of fruits and vegetables that have the major pesticide residue and that pose the greatest danger to consumers when they are purchased as conventional produce. The 2021 issue stated that nearly 70% of non-organic produce sold in US contains pesticide residues, with more than 90% of samples having tested positive for residues of two or more pesticides.
The major players globally such as BASF SE (Germany), Valagro S.p.A (Italy), UPL (India), Gowan Group (US), ILSA S.p.A (Italy) and FMC Corporation (US) have established star performance brands for biostimulants such as Pholus, Asahi Star, Megafol, and Accudo. Vegetables and fruit growers tend to have large, long-term investments in their farms, and their crops are highly perishable. Thus, growers are particularly receptive to the positives associated with biostimulants, such as increased plant health, resistance to insects and diseases, greater drought tolerance, and higher yields. Thus their use is estimated steadily rise in the agriculture sector.