The global Biostimulants market is witnessing a significant rise in its revenues over recent years. Market growth is majorly driven by the increasing awareness about benefits that biostimulants can offer in farming. Besides, the rising applications of Biostimulants have widened the scope of growth in the biostimulant market. Moreover, the increasing ecological concerns triggered due to the excessive usage of synthetic pesticides are accelerating the market growth on the global platform.
According to Market Research Future (MRFR), the global Biostimulants market is expected to reach a value of USD 3.77 billion by 2023, registering 11.09% CAGR throughout the forecast period (2017-2023). Rising demand for increased crop production, alongside the scarcity of water and arable land, is estimated to promote the growth in the biostimulant industry. Also, the rising demand for eco-friendly agro-products across the world is anticipated to expand the growth of the market during the forecast period.
Additionally, factors such as the rise in demand for Biostimulants owing to their antioxidant properties and fiber & polysaccharides contents foster the growth of the market. Also, the rising trend of organic produces is pushing market growth. On the other hand, logistical challenges, price volatility, and the demand-supply gap in the raw materials are the major factors projected to impede the growth of the market. Nevertheless, technological advances in Biostimulants market product production would support the growth of the market throughout the review period.
Global Biostimulants Market – Segmentations
The report is segmented into four market dynamics;
By Active Ingredients : Humic Substances, Seaweed Extracts, Microbial Amendments, Amino Acids, and others.
By Crop Type : Fruits & Vegetables, Cereals & Grains, Oil Seeds & Pulses, and others.
By Application Method : Foliar Treatment, Soil Treatment, Seed Treatment, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Biostimulants Market - Regional Analysis
North America dominates the global Biostimulants market. The largest market share attributes to the increased usages of biostimulants to improve crop yield and quality in the region. The region witnesses an increasing demand to improve crop yield and quality to meet the rising need for food due to the ever-growing population.
Besides, factors such as stringent regulations imposed against the use of agrochemicals, led by harmful effects of chemical-based agro-products, drive the regional market growth. Also, the growing demand for organic food, alongside the government initiatives to promote the usage of biostimulants, boosts the market demand in the region. The North American biostimulants market is expected to retain its leading position over the global market throughout the forecast period.
Europe stands second in the global biostimulant market, witnessing the high demand from the feed industry. There is a high inclination towards using seaweeds extracts as a biostimulant in the making of feed supplements. Also, the rising demand for biostimulants to improve the quality & quantity of crops in the region drives the market growth. Moreover, with its largest production and consumption of seaweeds for medicinal purposes, the regional market garners enormous traction. The European biostimulant market is forecasted to achieve a double-fold growth.
The Biostimulants market in Asia Pacific region is growing briskly. Factors such as the growing trends of adoption of organic-based active ingredients and modern agricultural technology like precision farming drive the regional market growth. Wide uses of Biostimulants in this region to stimulate natural processes in plants to enhance crop quality, nutrient uptake, tolerance to antibiotic stress, and nutrient efficiency, foster the growth of the market.
Furthermore, commercial seaweed cultivation provides sound growth opportunities for the biostimulants industry in the region. Countries such as China, India, Japan, and Indonesia are expected to witness significant growth in the region. The APAC Biostimulants market is expected to register the highest growth rate during the forecast period.
Global Biostimulants Market - Competitive Analysis
The Biostimulants market appears to be well-established and highly competitive with the presence of several large and small-scale players. Mergers & acquisitions, brand reinforcement, and product launches remain the key trends of these players to drive their share in the market.
Players leading the global Biostimulants market include Koppert B.V. (Netherland), China Daily Co., Ltd. (China), Agriculture Solutions Inc. (Canada), Eastman Chemical Company (US), Arysta Lifescience Corporation (India), Agrinos AS (US),BASF SE(Germany), Isagro SpA (Italy), Valagro SpA (Italy), Bayer Ag (Germany), Italpollina SpA (Italy), Biolchim SpA (Italy), Koppert Biological Systems (Netherland), Acadian Seaplants Ltd. (India), and FMC Corporation (US), among others.
Industry/ Innovations/ Related News
May 07, 2020 ---- FBSciences (the US), a global leader in naturally delivered plant health technologies, announced the registration of its proprietary biostimulant technology, FBS Transit®, under the REACH regulation of the European Union. With the REACH registration, FBS Transit® technology can freely circulate in European market. In 2007, the Company adopted REACH registration to improve the protection of the human & environment health from chemical imposed risks and to enhance the competitiveness of the EU chemicals industry. REACH Regulation makes industry responsible for managing the risks of these substances in the market, and for providing the relevant safety information to users and consumers.
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