Biostimulants are Supplements used to enhance plant growth by increasing the efficacy of nutrient consumption, increasing the plant’s stress tolerance, or increasing the fertility and suitability of the soil. As soil fertility and the ability of the plant to effectively digest nutrients are the crucial factors in ensuring steady growth of the crop, biostimulants play a key role in the development of plants across the world and are likely to be in demand in line with the growth of the agriculture industry.
Market Research Future (MRFR) has announced a new release on the global Biostimulants Market. The report looks into the segmentation of the global biostimulants market by type, crop type, application, active ingredient, and region, and comprises detailed reporting about the market’s condition in 2017 and likely growth trajectory over the forecast period from 2017 to 2023. According to the report, the global biostimulants market is expected to grow at a CAGR of 11.09% over the forecast period. The growing demand for organic farming and rising awareness regarding the adverse effects of using chemical fertilizers end masse are likely to be the major drivers for the global biostimulants market over the forecast period.
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Major Key Players
Leading players in the Global Biostimulants Market include
- ARYSTA Life Science Limited,
- VALAGRO S.P.A.,
- SAPEC Group and ITALPOLLINA
- BASF SE,
- ISAGRO S.P.A.
- KOPPERT B.V.
Product innovation is likely to remain a key competitive strategy for players in the biostimulants market, as the steady development of the organic farming sector has presented the biostimulants market with a scope for new product development and progressive technological development.
The biostimulants market has been segmented on the basis of type, crop type, application, and active ingredient.
On the basis of type, the global biostimulants market is segmented into natural and synthetic biostimulants. Of these, natural biostimulants are likely to dominate the market over the forecast period due to the growing demand to move away from synthetic materials in agriculture and utilize natural chemicals to a high degree. Organic farmers are more likely to use natural biostimulants, which is likely to drive their demand in the global biostimulants market over the forecast period.
On the basis of crop type, the global biostimulants market is segmented into fruits and vegetables, row crops, turfs and ornaments, and others. Row crops such as potato, sunflower, field pea, cotton, soybean, canola, and sugar beets are likely to dominate the consumption of biostimulants over the forecast period. The row crops segment is likely to grow at a CAGR of 10.9% over the forecast period in the global biostimulants market.
On the basis of application, the global biostimulants market is segmented into seed treatment, soil treatment, and foliar treatment.
On the basis of active ingredient, the global biostimulants market is segmented into acid-based ingredients, extracts, and others. Acid-based ingredients are further classified as humic acid, fulvic acid, and amino acids. Extracts are further classified into seaweed, plants, and microbial stimulants. Extract-based ingredients are expected to dominate the global biostimulants market over the forecast period due to their natural origin and easy biodegradability.
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Geographically, the global Biostimulants Market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World. Of these, Europe is likely to be the leading consumer of biostimulants in the forecast period due to the governmental and popular support given to organic farming. Organic crops are highly popular among the European populace, who are becoming increasingly wary of chemical additives and fertilizers. This is likely to be the major driver for the Europe biostimulants market, which is expected to rise at a strong CAGR of 11.22% over the forecast period.
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