Market Summary
The
growing demand for organically produced foods is growing rapidly which is
influencing higher demand and use of biostimulants. The increasing level of
investment in research to identify organic molecules and right formulation to
improve the plant metabolism and enhance plant performance in a short period of
time and in a cheaper way. Biostimulants find its application in diverse
spectrum which include agriculture and horticulture. These factors will support the growth of
biostimulants market during the forecast period.
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Segmentation:
Biostimulants market by type has been segmented into
natural and synthetic, natural biostimulant will dominate the market as the
demand for organic and clean label food product has increased in the recent
years. On the basis of crop type, market is segmented into fruits & vegetables,
row crops, turfs & ornaments and others, row crop will dominate the market
and will grow at a CAGR of 10.9%. On basis of application, market is segmented
into seed treatment, foliar treatment, soil treatment. On basis of active
ingredients, market is segmented into acid based, extracts, and others, extract
based biostimulants will be highest growing segment during the forecast period.
On basis of acid based ingredients, market is segmented into humic acid, fulvic
acid, amino acid. On basis of extract based ingredients, market is segmented
into microbial, plant, seaweed.
The intensive use of
fertilizers and agrochemicals in modern agriculture adversely affect the soil
quality, gradually resulting in degradation of its physicochemical properties.
Biostimulants restores and repair degraded agricultural soils and re-establish
a productive soil ecosystem and rebuild a healthy and fertile soil. Biostimulants are considered chemical free
and work exactly like fertilizers to boost plant growth and provide nutrition.
This will lead to surge in sales of biostimulants across the globe. Rising
consumer indulgence and consumer willingness to pay for natural and healthy
products will fuel the demand of biostimulants. Hence globally, biostimulants
market is growing at the rate of 11.09% during 2017 to 2023.
Market Forecast
With
the growing consumer awareness & their increasing interest in natural and
organic food products, the demand for biostimulants will drive the market
growth from 2017 to 2023. Also, manufacturers are investing in R&D and
investigative activities to improve existing products and procedures in order
to develop new products has boosted the sales of biostimulants. Biostimulants
restores and repair degraded agricultural soils and re-establish a productive
soil ecosystem and rebuild a healthy and fertile soil. Biostimulants also
maintain the salinity and sustainability of soil for long-term use making it
safe for soils and crops. These factors will play a key role in the growth of
biostimulants market at the CAGR of 11.09% during 2017-2023.
By Application Analysis-
Acid
based biostimulant will dominate the market, followed by extract based
biostimulants. Biostimulants are used for crop protection in organic farming;
hence, its market demand is rising with growing popularity of organic food
& beverage. Moreover, foliar treatment will dominate the market, followed
by seed treatment. Growing internet users across the globe and rise in the
popularity of e-commerce, key players are launching & promoting their
product line on various e-commerce sites, newspaper so as to reach out to
farmers in rural regions as well.
The Global biostimulants market is
mainly occupied by some key manufacturers. The competitive environment in this
market is estimated to increase, with an increase in product portfolio from
current key players. Most of the companies operating in
this market are focusing on expanding its operations across the geographies,
augmenting its capabilities and investing in research and development to offer
products with better functionality.
Key Players
The leading market players in the
Global biostimulants market primarily are BASF SE (Germany), Sapec Group (Trade
Corporation International) (Spain), Arysta Life Science Limited (Japan), Isagro
S.P.A (Italy), Valagro S.P.A (Italy), Koppert B.V (The Netherlands),
Italpollina (Italy)
Regional Analysis
The global biostimulants market is
segmented into North America, Europe, Asia Pacific, and rest of the world
(ROW). Among these Europe region has the major market share. The market is
projected to grow at a steady pace in the review period. Asia-pacific will be
the fastest growing region in the biostimulants market and high growth in
emerging economies such as China, India, Japan, Australia, and the Latin
American countries, offers ample opportunities for expansion to major players. Global biostimulants market is highly concentrated in Europe. However,
APAC has huge potential for biostimulants, as there is rise in disposal income,
increased in demand for organic food and beverages. Biostimulants manufacturers
are focusing on expanding their product line by providing larger product line for
various application such as seed treatments, soil treatment and others.
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