Market Trends of asia-pacific biostimulants Industry
This section covers the major market trends shaping the Asia-Pacific Biostimulants Market according to our research experts:
Amino Acids is the largest Form
- Modern agriculture plays a central role in solving some of humanity's most challenging problems. As the population in the Asia-Pacific region grows, the agricultural sector is under pressure to meet the rising demand for food and achieve food security goals.
- The deterioration of soil quality has become a major concern among farmers and agriculturists in the region. This has resulted in a loss of fertility, biodiversity, and production capacity. The agriculture sector's most significant challenge is the increasing use of synthetic fertilizers and pesticides to boost agricultural production. According to studies, excessive fertilizer use could hasten the climate crisis.
- As a result, environmentally friendly and sustainable farming practices with innovative solutions are now standard practices in modern agriculture. To ensure adequate food production, the agricultural sector must embrace new solutions and approaches to improve resource utilization efficiency. Biostimulants have emerged as an environmentally friendly and promising innovation for modern agriculture in this regard. Amino acids, humic acid, fulvic acid, seaweed extract, and protein hydrolysates are among the most commonly used biostimulants.
- Amino acids are the most commonly used biostimulants in the Asia-Pacific region, with the largest market share of 25.2% in 2022. This is due to their ability to enhance plant productivity, especially under abiotic and biotic stress conditions.
- Major agricultural countries in the region, such as India and China, have launched various initiatives to promote organic farming and the use of sustainable agricultural inputs. They offer various incentives that may drive the market, and as a result, the market value is anticipated to record a CAGR of 11.9% between 2023-2029.
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China is the largest Country
- The Asia-Pacific region has witnessed a remarkable increase in the demand for organically grown food, resulting in a surge in the biostimulants market. With countries like India, China, Australia, and Japan promoting organic farming, the area under organic cultivation increased from 3.1 million hectares in 2017 to 3.8 million hectares in 2022. As a result, the biostimulants market experienced a growth rate of 11.5% between 2017-2022.
- The impact of climate change has severely affected crop production, making it imperative to use biostimulants to mitigate climate-induced stresses like drought, salinity, and temperature variations. The application of biostimulants has proven to have a positive impact on plants and helps maintain the ecological balance of agroecosystems, reducing the need for pesticides and chemical fertilizers.
- China, India, and Australia have emerged as the major business areas for biostimulants in the Asia-Pacific region. In 2022, China dominated the biostimulants market with a 27.6% share, followed by India and Australia. The governments of these countries are encouraging farmers to adopt sustainable agricultural practices by providing incentives, investing in research and development, and setting targets to meet. For instance, Japan has set a goal to reduce the usage of chemical fertilizers and pesticides by 30.0% and 50.0%, respectively, by 2050.
- The demand for biostimulants in the Asia-Pacific region is on the rise due to the increasing area under organic farming and the need for sustainable agricultural practices. The biostimulants market in the Asia-Pacific region is expected to witness further growth in the coming years, with the potential to help combat the adverse effects of climate change on agriculture.
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