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Market AnalysisThe Global Biostimulants Market is predicted to touch USD 3.77 billion at an 11.09% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Biostimulants foster plant development and growth all through the life cycle right from germination of the seed to plant maturity. It is an effective alternative to agro products that are chemical-based owing to its performance efficiency and environment-friendly nature.
Various factors are propelling the biostimulants market growth. These factors, as stated by the latest MRFR report, include growing ecological concerns resulting from excessive use of synthetic pesticides, growing demand for higher-value crops such as plantation crops, vegetables, and fruits, growing need to support crop growth owing to abiotic stress resulting from changing climatic conditions, reduction in the accessibility of arable land, and easier accessibility of raw materials such as seaweeds and humic acids.
On the flip side, huge research and development costs, duplication at the time of biostimulant product formulation, and lack of awareness and proper education among farmers about the usage of biostimulants are factors that may impede the biostimulants market growth over the forecast period.
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Key Players
Leading players profiled in the Biostimulants Market report include FMC Corporation (US), Acadian Seaplants Ltd. (India), Koppert Biological Systems (Netherland), Biolchim SpA (Italy), Italpollina SpA (Italy), Bayer Ag (Germany), Valagro SpA (Italy), Isagro SpA (Italy), BASF SE(Germany), Agrinos AS (US), Arysta Lifescience Corporation (India), Eastman Chemical Company (US), Agriculture Solutions Inc. (Canada), China Daily Co., Ltd. (China), and Koppert B.V. (Netherland), among others. Different strategies have been adopted by key players to strengthen their position in the market such as new product launches, joint ventures, mergers and acquisitions, partnerships/joint ventures, research and development activities, and product developments.
August 2019: AlgaEnergy has joined JBSA (Japan Biostimulant Association) for standardizing and promoting the usage of biostimulants. AlgaEnergy is a pioneer in the biostimulant sector, making unique varieties of biostimulants that are microalgae-based.
Market Segmentation
The MRFR report provides a complete segmental analysis of the biostimulants market report on the basis of application method, crop type, and active ingredients.
Based on active ingredients, the biostimulants market is segmented into amino acids, microbial amendments, seaweed extracts, humic substances, and others.
Based on crop type, the biostimulants market is segmented into oilseeds and pulses, cereals and grains, fruits and vegetables, and others. Of these, the fruits and vegetables segment will lead the market over the forecast period. This is owing to the increasing use of biostimulants to crops, including strawberries, broccoli, peppers, grapes, potatoes, cucumbers, and tomatoes.
Based on application method, the biostimulants market is segmented into seed treatment, soil treatment, foliar treatment, and others. Of these, the foliar treatment segment will dominate the market over the forecast period.
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Regional Analysis
By region, the biostimulants market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, North America, and the Rest of the World. Of these, Europe will have the lion’s share in the market over the forecast period. Factors aiding growth in the region include the adoption of various modern agriculture technology including organic-based active ingredients, plant biotechnology, and precision farming, demand for organic products, and burgeoning demand for agronomic products.
The biostimulants market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in the region include growing demand for organic food & beverages, increase in disposable income, growing agricultural sector, weak regulatory system, need to increase crop yield, growing adoption of sustainable farming, and increase in the use of quality agriculture products. Moreover, a good number of companies are investing in the region through inorganic and organic strategies which again is adding to the market growth.
The biostimulants market in North America is predicted to have a healthy growth over the forecast period. Factors aiding growth in the region include growing demand for organic products, the existence of stringent US fertilizer regulations, and financial incentives offered by the US Department of Agriculture to reduce environmental impact.
The biostimulants market in the RoW is predicted to have a steady growth over the forecast period.
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