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Global Biostimulants Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 6.70 Bn by 2028, Likely to Grow with the CAGR of 11.3% During the Forecast Period.
The biostimulants are products that can enhance the life of plants in terms of growth and productivity. It consists of naturally occurring growth hormones and nutrition enrichment that support sustainable agricultural practices such as improved soil fertility and maintaining a natural and viable ecosystem for the soil flora and fauna. Biostimulants found to be a better solution in organic agriculture sector can be an effective substitute for chemical-based agro products and are replacing these at a higher rate on account of their environment-friendly nature and performance efficiency. The recent shift of consumers purchasing patterns for organic and sustainably sourced food has augmented the product penetration for biostimulants.
Rising Demand for Eco-Friendly Agro Products and Increasing Awareness of Nutritional Benefits Associated with Biostimulant Across the World Drive the Demand for Biostimulant Market
There has been a significant decrease in the availability of cultivated land, due to a surge in population and erosion of soil over the last 50 years. Frequent plowing of fields and a rise in the usage of chemical-based fertilizers have led to soil degradation. Biostimulants serve as an eco-friendly solution that improves the quality, quantity of the crop yield and enriches the structure and nutritive value of the soil, thus, the decline in the availability of cultivated land is anticipated to present significant opportunities to the global biostimulants market in the near future.
Furthermore, the usage of biostimulants has evolved immensely from high-value crops such as fruits & vegetables to broad-acre crops such as cereals, pulses, and fiber crops. It has been observed that biostimulants develop tolerance to abiotic stresses, and increase the vigor and yield of crops such as wheat, rice, and barley. Many domestic manufacturers have begun to realize the prospective demand in the future, with several launches targeted on crops such as rice, corn, and wheat.
However, in several developing countries the farmers are still not aware of the benefits and efficacy of biostimulants,which is likely to affect the global biostimulants market during the forecast period. The Farmers in developing nations prefer conventional techniques and they are likely to exhibit the slowest rate of adoption of innovative agro products.
The Humic Acid & Fulvic Acid Segment is Projected to Dominate the Global Biostimulants Market during the Forecast Period
Humic Acid & Fulvic Acid Segment held a significant share in the global Biostimulants market in 2019. Humic acids are widely used as light and sandy soiled regions that are poor in humus. Blooming agricultural opportunities in hot and dry regions such as North and South Africa will pave the way for the growth of the humic acid segment. Moreover, a high rate of mineralization of organic substances worldwide has necessitated a demand to improvise the fertility of the soil where humic acids are widely applicable.
Humic acids chelate nutrient compounds to optimize the nutrient availability of metals like iron etc. for plant growth. The optimized market yield is as high as 70% in green grass, crops, ornamentals, and forestry products. Furthermore, Humic acids enhance the water-holding capacities of the soil which will further encourage its consumption over the forecast period.
The Seed Treatment Application Segment is Expected to Witness Fastest Growth In the Biostimulants Market Across the Globe Over the Forecast Period
The seed treatment application is expected to witness the fastest growth at CAGR of xx % during the forecast period. As compared to conventional spraying techniques the seed treatment is the most cost-effective application this aids in reducing overall input costs. Furthermore, it provides a range of benefits such as increased nutrient availability in the rhizosphere, enhanced root and shoot growth, increased nutrient uptake, protection from pathogens, and better nutrient utilization efficiency. These factors are likely to drive the seed treatment segment during the forecast period.
Europe is Estimated to Command the Largest Share of the Global Biostimulants Market in 2019
The global biostimulants market was dominated by Europe, in terms of value, in 2019 this trend is estimated to continue during the forecast period. The region is projected to create lucrative opportunities for the biostimulants market in the near future due to the adoption of modern agricultural technology such as precision farming and plant biotechnology, and organic-based active ingredients. The stringent government regulations for the approval of agrochemicals due to the harmful effects of chemical-based agro products and increasing demand for organic food is likely to boost the demand for biostimulants in Europe over the forecast period. Germany is likely to hold the largest market share in the biostimulants market followed by France and Italy, during the forecast period. The fruits & vegetable segment is likely to be a major consumer of biostimulants in Europe during the forecast period.
The Asia Pacific is Projected to Witness the Fastest Growth in the Biostimulants Market During the Forecast Period.
The Asia Pacific is anticipated to witness promising growth over the forecast period on account of the presence of various agriculture-driven economies such as India, China, and Australia. The agriculture industry has witnessed the effective transformation in these countries due to various technological advancements. According to FAOSTAT, in 2016, the Asia Pacific occupied 36.4% of the global agricultural land. The significant adoption of biostimulants can be witnessed in India, China, Australia, Japan, and Indonesia. This presents substantial growth opportunities for the market in the region.
Some of the key players in the global Biostimulants market include Biolchim S.p.A., Novozyme, Agrinos, Syngenta, Valagro, UPL, BASF SE, Isagro Group, Sapec Group, Platform Specialty Products Corporation, Valagro Group, Koppert B.V., Italpollina SAP, and Biostadt India Limited.
Biostimulants Market Key segments:
Biostimulants Market, By Product Type
- Humic Acid & Fulvic Acid
- Amino Acids
- Microbial Stimulants
Biostimulants Market, By Crop Type
- Cereals & grains
- Fruits & vegetables
- Oilseeds & pulses
Biostimulants Market, By Application Method
- Foliar treatment
- Soil treatment
- Seed treatment
Biostimulants Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America