Agricultural biostimulants are a wide range of diverse micro-organisms, compounds, and substances which are used in agriculture to improve crop yield, vigor, quality, and resistance to abiotic factors. Rapidly growing urbanization, rising population, and decreasing quality of fertile soils are driving the growth of the biostimulants market at a robust pace. Moreover, many of these biostimulants have been in use for a while. Hence, the end-use industries like food & beverage industry are familiar with their use and their potential for growth.
The global biostimulants market is set to expand at a CAGR of 12.8% from 2017 to 2025. It is expected to reach US$5.93 bn by 2025 from US$20.05 bn in 2016, according to a report by Transparency Market Research. Low ecological footprints and non-toxicity are two key advantages driving the growth of the biostimulants market. Apart from food being a necessity, the economic dependence on agriculture to produce various products makes its supply essential for a wide range of industries. However, increasing use of chemical pesticides, along with fertilizers, has led to environmental damage and direct harm to human beings in many ways. Hence, biostimulants market present a new horizon for growth as well as long term-sustainability.
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The Fruits and Vegetables Segment Expected to Bag Largest Share of the Total Revenue
On the basis of application, the main segments of the global biostimulants market are cereals and grains, fruits and vegetables, and oilseeds and pulses, and a category of others that include nursery and turf. The fruits and vegetables segment currently bags the largest share of the total market revenue. In 2016, it earned more than 35.0% of the total market revenue share in the biostimulants market. Growing demand for foods and vegetables, their fragile nature, and growing importance as commercial products are expected to drive the biostimulants market.
The global biostimulants market is divided on the basis of product types into fulvic acids, humic acids, microbial stimulant, amino acids, vitamins, seaweed, and biorationals. Among these, seaweed brings in maximum revenue for the biostimulants market. The seaweed segment is driven by rising demand for seaweed extracts in healthcare products. The appeal of biostimulants as nature-friendly also drives its demand to replace chemical fertilizers.
Large Population to Drive Massive Growth in Asia Pacific Market
Based on geography, Europe is expected to lead the global biostimulants market. Europe held the largest market share in 2016, nearly 40.0% of the total. Emergence of effective biostimulants and large investments in agriculture by key economies like Germany, France, UK, and Spain are expected to drive the growth of the biostimulants market. By registering a CAGR of 12.9%, the Europe biostimulants market will gross a total revenue of US$2.63 bn by 2025 end. The biostimulants market in North America is expected to expand at a CAGR of 12.3% and reach US$1.23 bn by 2025.
The biostimulants market in Asia Pacific is predicted to emerge as the fastest growing market globally. It is expected to grow at a 13.9% CAGR between 2017 and 2025. Major cultivation of like crops, soybeans, corn, and rice will receive a major boost due to biostimulants. The biostimulants market can offer better much-needed higher crop yield in this region as well as superior quality.
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The biostimulants market features a competitive landscape marked by the presence of several large and small firms. The key players in the global biostimulants market are Biolchim S.p.A., Agrinos, Syngenta, Valagr, Agriculture Solutions Inc., Novozyme, Kelpgrow, Agricen, Koppert Biological Systems, Premier Tech Ltd.