Global Biostimulants Market Report, published by Fior Markets, forecast that the global market is expected to reach $3,878 million by 2024 from $1,710 million in 2016; growing at a CAGR of 10.8% from 2016 to 2024. Biostimulants are biologically derived formulations that encourages the plant growth, and productivity. It fosters the plant growth and development throughout the lifecycle and improves the plants metabolism to induce yield and enhance crop quality.
“Biostimulants Market (By Crop Type: Raw Crop, Fruit and Vegetables, Turf and Ornaments And Others; By Active Ingredients: Humic Substance, Fulvic, Seaweed Extracts, Amino Acid, Vitamins, And Others: By Application Methods: Foliar, Soil, and Seed; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Decreasing agricultural land and need to improve crop yields to drive the growth of the global biostimulants market
Some of the factors driving the growth of the market includes growing population, growing organic food industry, decreasing farming land, concern on climate change impacts, and rising need for sustainable method to enhance crop yields. Though, low awareness among farmers and lack of proper regulatory framework would hamper the market growth. Furthermore, better market access, and need for integration of cost-effective alternatives could offer growth opportunities for the market players in forecasted years.
Crop type, active ingredient, application, and geography are the key bifurcations considered in the global biostimulants market. Crop type is segmented as raw crops, fruits and vegetables, turfs and ornaments, and others. Active ingredient type includes humic substances, fulvic, seaweed extracts, amino acids, vitamins, and others. Furthermore, application comprises foliar, soil, and seed. Based on geography, biostimulants market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Raw crop dominated with largest market share in crop type segment
Raw crops accounted the largest market share in 2016, and will continue to dominate the market during the forecasted period 2016 – 2024, driven by increased production due to technological interventions, increasing demand for food due to growing population, and enhancing agricultural practices.
Seaweeds held the majority of the market share in the active ingredient type
Seaweeds held the maximum market share in the year 2016, followed by humic substance. The growth of seaweed is mainly due to increasing demand for organic fertilizers, its increased ability to enhance seed germination, and frost resistance, and easy access to seaweeds.
Seed dominated the application type segment
Seed is anticipated to attain fastest CAGR during the forecast period 2016 – 2024, owing to, rising popularity of going organic, need for nutrient-dense seeds, and advancements in seed biotechnology. Moreover, the future seed industry is expected to be favorable due to urging demand, driven by increase in subsides government push on the use of high yielding variety seeds.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 – 2024, due to large and growing population, need for high farm yields, and shift from traditional farming to use of technologies and additives. Europe accounted the largest market share with 37.0% in 2016, driven by advancements in biotechnology, rising environmental conscious consumers, and increasing preference for organic food products.
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In June 2017, Arysta LifeScience acquired the business assets of Verios Agro Pty Ltd and Veriprod Pty Ltd. Verios is a biosolution provider, that has specialized in development and distribution of microbial and mivronutrient- based biostimulants and innovative nutrition products for agricultural use.
The key players operating in this market includes Novozymes A/S, Biolchim SpA, Italpollina SpA, Platform Specialty Products Corporation, Koppert B.V., BASF SE, Valagro S.p.A., ILSA S.p.A, Bayer AG, and Arysta LifeScience Limited, among others.