According to a report published by Grand View Research, Inc.; the biostimulants market is expected to reach a valuation of around USD 4.14 billion by 2025.
Increasing focus on improving productivity using sustainable method along with rapid soil degradation are the major factors can drive the market during the forecast period (2014 to 2025).
Growing trend of organic farming is also expected to boost the product demand in the coming years. Biostimulants are gaining popularity as an essential constituent in sustainable agricultural practices. Increasing cases of environmental hazards and soil pollution due to extreme use of chemical-based products on crops have been a major issue. Biostimulants are considered as an effective alternative to chemical-based agricultural products and are progressively replacing chemical-based product due to their eco-friendly nature as well as better performance.
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However, development of biofertilizers is likely to pose a substitution threat in the years to come.
Worldwide biostimulants market can be segmented on the basis of active ingredient, crop type, application, and region.
Based on active ingredient, the market can be classified into acid based, seaweed extracts, microbial, and others.
In 2016, The acid-based segment estimated as the major segment. The segment include product based on fulvic, amino acids, and humic. Amino acids are among crucial originators of phytohormones and help in stimulating the metabolic systems of plants and seed germination. They initiate fruit setting, pollination, flowering, and fruit development in the plant. Humic substances are naturally obtained from decomposition of microorganisms such as fungi and bacteria, and chemical degradation of animal and plants residues in soils.
The seaweed extracts segment is likely to display significant growth during the forecast period. They consist of plant growth substances like auxins, gibberellins carbohydrates, cytokinins and numerous nutritive metal essentials including iron, nitrogen, aluminum, potassium, and manganese.
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As per crop type, the market can be split into row crops and cereals, fruits and vegetables, turf and ornamentals, and others. In 2016, the row crops and cereals segment reported as the leading segment and anticipated to follow same trend during the forecast period. This segment includes soybeans, corn, oats, barley, cotton, and millets. These crops are grown widely across the globe in large areas and offer lucrative growth opportunities for the industry. In addition, increasing demand for organic cereals is likely to support the segment growth.
On the basis of application, the market can be bifurcated into foliar, seed, and soil. In 2016, foliar segment dominated the market and is projected to expand at highest revenue-based CAGR of 12.3% during the forecast period. North America holds the major portion of this segment owing to its high adoption in agriculture sector as it offers high-performance. Asia Pacific is also expected to create lucrative opportunities for this segment due to growing adoption of sustainable farming approaches in this region.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Europe is the leading market in terms of the revenue and likely to dominate the market during the forecast period. Supportive rule pertaining to adoption of organic farming is expected to increase product demand in this region. However, slow growth of agriculture segment in Western Europe is likely to restrain the market.
Asia Pacific is expected to display significant growth during the forecast period due to existence of several agriculture-driven countries such as China, India, and Australia. Countries in this region are extremely different in terms of food consumption habits, disposable income, and spending capacities. The agriculture sector in the region is perceiving stable growth and the residents are mainly reliant on farming business. This is likely to show lucrative gains in this region.
Prominent companies operating in the market include Italpollina SAP; Platform Specialty Products Corporation; Koppert B.V.; Biostadt India Limited; and Sapec Agro S.A.
Currently, the market is in its developing phase and new participants as well as established players are likely to get several opportunities in the emerging countries, specifically in Asia Pacific.
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