Participants in Value Chain to Deploy Biostimulants to Enhance Yield and Food Security
Due to a significant amount of research, biostimulants have gained considerable popularity over the past decade. At present, biostimulants are increasingly being used in the plant production process to enhance plant growth, quality, productivity, and assist various plants in dealing with environmental stress. Horticulture production techniques and patterns are continually going through waves of innovation as the global demand for environment-friendly crop management continues to intensify. Inorganic agriculture is gradually losing its sheen due to which, deployment of pesticides and fertilizers has declined. At present, companies involved in the biostimulants market are exploring the potential uses of biostimulants in conjunction with hydroponics across degraded agricultural regions.
The demand for biostimulants is on the rise, owing to its exceptional capabilities of enhancing plant productivity. In addition, biostimulants also aid in root system development, improving photosynthetic activities, enhancing plant uniformity, and streamline flowering. Participants involved in the biostimulants market value chain, including investors, consumers, regulators, and farmers are investigating the potential applications of biostimulants in sustainable agriculture. At present, both, developed as well as the developing nations are formulating guidelines pertaining to the use of biostimulants. Due to these factors, the global biostimulants market is expected to reach a market value of ~US$ 5.5 Bn by the end of 2027.
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Uptake of Humic Acid & Fulvic Acid to Rise in Future
The soaring interest in plant biostimulants over the past decade, particularly shown by scientists, private industries, specialists, etc., has paved the way for significant developments in this sector. The desirable outcome attained from using biostimulants in improving yield stability and enhancing crop performance continue to generate interest. As per the European Commission’s (2016) draft, non-microbial plant biostimulants are organic in nature, including protein hydrolysates (PH), seaweed extracts (SWE), and humic acids (HA). These three types of biostimulants are expected to collectively account for over 50% share of the biostimulants market in Europe. The storyline is set to remain the same at the global level as humic substances, including fulvic and humic acid are increasingly being used as a soil drench and in some instances, via foliar applications.
The uptake of humic and fulvic acid is expected to move in the upward trajectory, owing to a range of factors, including improvements in the soil structure, phosphorous solubility, and lateral root induction. Improved protection from abiotic stress, drought, UV, and salt stresses, among others, are some of the other potential uses of fulvic and humic acid due to which, the demand is set to grow at an impressive pace in the forthcoming decade. With additional research and development activities that continue to underline biochemical and physiological mechanisms of plant biostimulants, the biostimulants market is expected to witness considerable growth during the forecast period.
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Research, Development of New Biostimulants, and Pursuit for Sustainable Agriculture
For several decades, the existing ambiguity pertaining to the difference between biopesticides and biostimulants led to a management crisis for regulators worldwide. However, owing to significant efforts roped in by trade associations such as Biostimulant Coalition and Biological Products Industry Alliance (BPIA) have played an important role in addressing these issues, which in turn, have paved the way for considerable developments in the biostimulants market. Companies involved in the current biostimulants market landscape are investing resources in research to develop new biostimulants. For instance, in November 2019, Lavie Bio announced that the company is taking strides in the development of a new wheat-based biostimulant, which has now entered the next phase of development. Companies such as Lavie Bio are expected to formulate effective growth strategies that will scale-up production and are in-sync with application protocols.
As the pursuit of sustainable agriculture and improved food security continues to gain momentum, the demand for biostimulants is expected to witness considerable growth. Companies participating in the current biostimulants market are likely to research on functional mechanisms of biostimulants to improve adoption. In addition, end users of these products are also anticipated to focus on selecting the right product type in tune with their applications.
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