Middle East and Africa Biostimulants Market was worth USD 100.67 million in 2021 and estimated to be growing at a CAGR of 13.023%, to reach USD 210.77 million by 2026.
With the scarcity of land and water, amplified importance is being put on the support of advanced tools that can help improve crop harvest. Biostimulant is an organic substance that considerably impacts plant health. It is used in small amounts in order to encourage plant growth, thereby enhancing crop return and quality.
Plant hormones, microorganisms, trace elements, and enzymes are combined in specific amounts to make biostimulants. Hence, biostimulants cannot be characterized as fertilizers that are used to provide nutrients to plants with nutritional deficiencies. They increase nutrient availability, metabolism, and boost the production of chlorophyll and antioxidants.
The growth of the Middle East and Africa Biostimulants market is majorly driven by factors such as rising population, easy availability, and eco-friendly nature of biostimulants. Another key factor driving the market is climate change. Regular deviations in climate due to global warming have resulted in instability in yields of several food and cash crops. This has led to a growing predilection towards the utilization of biostimulants by farmers. However, issues such as lack of awareness among the farmers and high R&D costs involved in this field are hindering the growth of the market in this region.
In this segment, humic acids and fulvic acids lead the market for Biostimulants, accounting for more than 30% of the market.
The foliar technique of application is the most favoured for biostimulant supply, as it delivers ingredients in a much more direct manner when compared to the others.
The market has been geographically segmented into Middle East and Africa. South Africa is projected to offer huge prospects for the growth of the biostimulants market due to a rising preference towards the usage of bio-based agricultural stimulants in this region.
Major Key Players:
Important strategies such as product expansions and investments have been implemented by lead the market on the basis of Crop Type and this trend is expected to remain the same during the forecast the key players in the biostimulants industry. These companies are improving their capabilities by diversifying their commercial operations across the high-growth markets with efficient distribution systems. The major companies dominating the Biostimulants market in this region are BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V.
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