Players in the biostimulants market are investing in research & development activities, and are focusing on the expansion of supply and distribution through all possible trade channels to sustain the positive growth trajectory.
Future Market Insights, Dubai: Theglobal biostimulants market is set to grow at a stellar CAGR of 11% during the forecast period (2019-2029), witnessing 3X growth in revenues. As projected by a new report of Future Market Insights (FMI), the growth of market is primarily fueled by the growing preference for bio-based ingredients in agrochemicals and crop growth additives, and a measurable rise in agricultural and horticultural production around the globe.
“The prevalence of organic farming is creating demand for raw materials, thereby propelling the biostimulants market. Raw crops account for the majority of consumption of biostimulants,” suggests the report.
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Biostimulants Market: Key Findings
- Acid-based active ingredients will remain the most sought-out ingredient type, owing to their efficiency in enhancing crop quality.
- Horticulture-based crop produce will significantly boost consumption of biostimulants, owing to their effectiveness in microbial reactions in diverse fruits and vegetables.
- Europe prevails as the leading regional market for biostimulants, backed by high adoption and favorable initiatives by administrations, thereby accounting for half of the global sales.
- Asia Pacific will outpace other regions in terms of growth, and will account for significant chunk, owing to increasing adoption in the emerging economies of East Asia such as India and China.
Biostimulants Market: Key Driving Factors
- Rising awareness regarding the side effects of conventional, synthetic crop fertilizers is pushing manufacturers in the biostimulants market.
- The shrinking of fertilized lands, which is the fundamental challenge for the agricultural industry, is working in favor of the biostimulants market as the need to improve yield per unit area of cultivated land is higher than ever.
Biostimulants Market: Key Restraints
- The sluggish growth of agriculture in developed economies is threatening the rapid growth of the market.
- The presence of biofertilizers as an alternative will slightly affect the sales.
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Competition Landscape of Biostimulants Market
Some of the key players in the global Biostimulants landscape that are covered in this study include, but are not limited to, are Valagro SPA, Koppert B.V., Syngenta, BASF SE, UPL Corporation Limited, Novozymes, Isagro SPA, and FMC Corporation, among others. Market players are focusing on research & development activities and expansion of supply and distribution to stand out in the competition.
More About the Report
This Future Market Insights study of 250 pages offers actionable insights on the biostimulants market. The market analysis is based on crop type (row crops, fruits and vegetables, turfs and ornamentals, and other crop types), active ingredient (acid-based, extract-based, and others) and application (soil, foliar, and seeds), across seven major regions.
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