According to the report, published by Zion Market Research, global demand for 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.
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Biostimulants include diverse formulations of compounds, substances and other products that are applied to plants or soils to regulate and enhance plant yield .. Biostimulants may also contain a mixture of substances such as trace elements, plant hormones, microorganisms and seaweed extracts that improve the performance of the plant. Biostimulants are different from biofertilizer and biopesticides as these products are crop enhancers. They boost the overall plant growth by improving crop yield, quality, and strength. Biostimulants are applied to plants in limited quantity in combination with other fertilizers and plant inputs.
The biostimulants market is primarily driven by rising food demand worldwide and need to increase crop yield per hectare throughout the forecast period. Factors such as raw material availability and extensive applications in row crops such as oilseeds and cereals for its efficient stress response mechanism are projected to drive the biostimulants market in the near future. Furthermore, increasing government funding and grants promote the use of biostimulants products. However, the major constraint for biostimulants market is the lack of awareness among the consumers.
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Active ingredient segment includes humic, fulvic, seawood, amino acid, vitamins, and others. Seaweed was a leading segment among the other active ingredients in the global biostimulants market in 2015. The major factors driving the growth in consumption of the seawood extract segments includes higher efficiency and easy availability of raw materials. On the basis of application method biostimulants market is divided into foliar, soil and seed. By crop type, the global biostimulants market is segmented into row crops, fruits & vegetables, turfs & ornamentals, other crops. Row crops segment are expected to witness strong growth in upcoming years owing to strengthen crop yield during unfavorable conditions such as intense heat & drought.
The biostimulants market is expected to witness major growth in emerging economies, due to rising in income levels and increasing environmental awareness of biostimulants. Europe dominated the global biostimulant market in 2015 and accounted for over 34% market share. The increasing consumers demand towards usage of eco-friendly products and rising food demand is promoting the growth of the biostimulants market in the region. North America is expected to witness stable growth, while Europe is expected to witness moderate growth in the forecast period.
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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The report segments the global biostimulants market as:
Global Biostimulants Market: Active Ingredient Segment Analysis
- Humic acids
- Fulvic Acids
- Trace Minerals
- Amino acids
Global Biostimulants Market: Application Method Segment Analysis
Global Biostimulants Market: Crop Type Segment Analysis
- Row crops
- Fruits & vegetables
- Turfs & ornamentals
- Other crops
Global Biostimulants Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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