According to Goldstein Research, “Environment Sustainability and growing trend and cost efficient solution for increased efficiency and productivity of crops is increasing the agricultural industry interest towards biostimulants.” Biostimulants enhance the effectiveness of conventional fertilizers and make those fertilizers to work better. Biostimulants strengthen the plants natural defences especially to droughts and salinity stress which help them to survive in rough climatic conditions
Biostimulants Market Overview
The global biostimulants market is segmented based on active ingredients and by crop types. Active ingredients are further bifurcated into organic acids, amino acids, seaweed extracts, plant extracts and microbial. Seaweed and plant extracts has gained significant traction in past few years owing to ability to improve abiotic & biotic tension tolerance as well enhance the growth of roots and seeds. Extract based active ingredients accounted for more than USD 550 million in 2016 and projected to grow at a CAGR of 10.5% over the forecast period of 2016-2024.
The global biostimulant market is anticipated to reach USD 4.2 billion by 2024, expanding at a CAGR of 11.0% during forecast period which is likely to driven by the increasing yield per hectare owing to rising population and continuous growing food demand.
Europe is the largest region for biostimulants market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific biostimulants market valued USD 0.68 billion in 2016 and is estimated to surpass USD 1.5 billion by 2024. In Europe biostimulants market is growing quickly with more than 10% annual growth rate. More than 3 million hectares of agricultural land is treated with biostimulants in Europe every year which is estimated to reach 5 million hectares by 2024.
Impactful Government Regulations and Initiatives: Major Impact
Governments across different geographies are implementing impactful regulations by prohibiting usage of synthetic fertilizers which are harmful for the environment as well as for the humans. Regional governments are also encouraging farmers and growers for the adoption of biostimulants which are cost effective and environment friendly. For instance, U.S fertilizers have become more stringent, particularly with regard to nutrient loading into water bodies and harmful fertilizers; demand for biostimulant products has grown. Additionally, United States Department of Agriculture (USDA) has introduced voluntary programs that offer financial incentives to the farmers or producers who use technologies that reduce the environmental impact of farming, leading many producers to seek out biostimulants products. These trends are certain and expected to result in an expanded biostimulant market.
“Global Biostimulants Market Outlook 2024” contains detailed overview of the global biostimulants market in terms of market segmentation by active ingredients type and by crop type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Biostimulants Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Valagro S.p.A, Arysta LifeScience, Agrinos, BASF, Biostadt, Isagro, Italpollina, Tradecorp International, Koppert B.V etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global biostimulants market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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