Biostimulants Market: Snapshot
A noticeable trend in the global biostimulants market is the foray of new players in the market, which has been increasing by the year. This has served to up competition. In order to grow in such a competitive environment, keen existing players are striking alliances with global players.
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Non-toxicity and low ecological footprints are the two of the main advantages of biostimulants. In a world that is seeing a rapid increase in population and reducing farmlands, it has become extremely necessary to pull out all stops to increase agricultural produce to feed the billions of mouths. To do so, so far, farmers have banked upon chemical pesticides along with fertilizers. However, those also have a negative impact on the environment and eventually pose health hazards to humans as well. This has led to a switch to biostimulants from synthetic stimulants.
A report by Transparency Market Research predicts the global biostimulants market to expand at a CAGR of 12.8% from 2017 to 2025 to become worth US$5.93 bn by 2025 from US$20.05 bn in 2016.
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Demand in Healthcare Products Drives Sales of Seaweed Biostimulants
The global biostimulants market can be segmented based upon different parameters. Depending upon the product types, for example, the market can be classified into humic acids, fulvic acids, amino acids, microbial stimulant, seaweed, vitamins, and biorationals such as minerals, etc. The segment of seaweed, among them, currently rakes in maximum revenue due to the rising demand for seaweed extracts in the healthcare products. Another reason for the popularity of the segment is the growing shift away from chemical fertilizers.
Based on application, the key segments of the global biostimulants market are fruits and vegetables, cereals and grains, and oilseeds and pulses, among others, including nursery, turf etc. The fruits and vegetables segment grosses maximum revenue at present. In 2016, it constituted more than 35% market share vis-à-vis revenue.
Large Population Drives Maximum Growth in Asia Pacific Market
From a geographical standpoint, Europe leads the global biostimulants market. In 2016, Europe held a leading share of 40% in the market and going forward too, will likely retain its key position. The market in the region is being primarily driven by nations of France, Germany, Spain, and the U.K. Emergence of innovative biostimulants that are highly effective in boosting yields has served to up demand in the region. By clocking a CAGR of 12.9%, the market in Europe will likely rake in a revenue of US$2.63 bn by 2025. North America trails Europe in terms of market size. By expanding at a CAGR of 12.3%, the market in the region will likely become worth US$1.23 bn by 2025.
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Asia Pacific, on the other hand, is predicted to outpace all other regions when it comes to growth rate by registering a CAGR of 13.9% from 2017 to 2025. The market in Asia Pacific is being bolstered by the exhaustive cultivation of food crops, namely wheat, rice, soybeans, and corn. Biostimulants not just improve crop growth in harsh conditions in the region but also helps to boost crop yield and quality. Other factors upping demand in the market are subsidies on biostimulants provided by governments of various nations and awareness programs about the benefits of such eco-friendly products. A large population – at present, Asia Pacific accounts for approximately 60% of the global population – is also driving demand in the region.
Prominent participants in the global biostimulants market are Agrinos, Biolchim S.p.A., Valagro, Syngenta, Novozyme, Kelpgrow, Agriculture Solutions Inc., Premier Tech Ltd., Agricen, Koppert Biological Systems, and Italpollina spa.