According to the report, global biostimulants market was valued at USD 1.56 billion in 2015, is expected to reach USD 2.81 billion in 2021 and is anticipated to grow at a CAGR of 10.2 % between 2016 and 2021.
Biostimulants is an organic substance, designed to help farmers to meet increasing agriculture demand sustainably. Biostimulants improve crop production and efficiency, when applied in prescribed quantities. This leads to enhanced and healthy plant growth. It has a positive impact on plant health to a significant extent. Biostimulants also enhance the uptake and proficient use of fertilizers which helps farmers to optimize their investments with extra benefit of reducing environmental impacts. Biostimulants may improve water-holding capacity, increase antioxidants, and enhance metabolism. Humic acid, an active ingredient in biostimulants enhances the plant growth and production. Humic acid acts on the mechanisms involved in photosynthesis, protein synthesis, water and nutrient uptake, cell respiration, an increase of microbial populations and improvement of soil structure.
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The global biostimulants market is anticipated to witness a sluggish growth in the years to come due to limited technological advancements in the field. There are many associations promoting the advantages of biostimulants and also in the process of framing regulations for biostimulants. The European Biostimulant Industry Council (EBIC) promotes plant biostimulants to ensure sustainable agriculture. It provides a platform for vendors in the biostimulants industry to communicate with key stakeholder groups in order to explore solutions to address concerns arising with regard to biostimulants. However, lack of awareness regarding biostimulants products and high R&D costs may hamper the growth of the global biostimulants market in coming years.
The global biostimulants market is classified on the basis of active ingredient, application method, crop type, and region. On the basis of active ingredient, the market is divided as fulvic acids, seaweed, trace minerals, humic acids, amino acids, and vitamins. By application method, the worldwide biostimulants market is segmented into foliar, soil, and seed. Foliar application method segment accounted for the largest market share in 2015 and is anticipated to lead the global biostimulants market within the forecast period. On the basis of crop type, the market is segmented into row crops, fruits & vegetables, turfs & ornamentals, other crops. Row crops segment accounted for the largest market share in 2015, followed by fruits & vegetable segment.
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Geographically, the worldwide biostimulants market has been classified into North America, Latin America, Europe, Europe, Asia-Pacific, and the Middle East & Africa. Europe dominated the global biostimulant market in 2015. The market in Europe is expected to remain dominant throughout the forecast period. Asia Pacific and Latin America are expected to boost demand for biostimulants products over the coming years due to technological advancements happening in these regions coupled with rising awareness about organic products.
The number of key manufacturers is operating in the biostimulants market has been increasing. This intensifies the competition in the market. Some of the key manufacturers in the biostimulants market include BASF SE, Bayer AG, Italpollina spa, Valagro, Biovert S.A., Arysta LifeScience Limited, Agrinos, ILSA spa, Biostadt India Limited, and Koppert B.V.
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