The global biostimulants market is driven by its end-use in agricultural sector. Biostimulants are any microorganisms or substances based on natural or synthetic compounds added to seeds, plants or the surrounding soil, along with other substrates and stimulates natural growth rate and metabolism process of the plants, thus increasing their efficiency and nutrient content. Biostimulants are important for crop protection and crop nutrition. Therefore, for this reason they are extensively used in fertilizer, agrochemicals, and food technology industries.
The global biostimulants market is driven by consumer preference for healthy, affordable and plentiful food containing nutrition. It is being used in various food chain services across the globe. In addition, biostimulants are used by various industrial sectors, such as fertilizer, seaweed harvesters & processors, humic acid traders, organic certification agencies and biostimulants manufacturers, importers and distributers. Also owing to the increase in population, there has been a steady increase in the demand for food, which in turn is boosting the demand of biostimulants to increase agricultural yield per hector. Furthermore, biostimulants can be used to reduce the level of abiotic stress in plants, which is another factor fuelling the growth of the biostimulants market.
Currently, due to the nonexistence of any proper standards for biostimulants, there are only a few handful organizations that are promoting the use of biostimulants and also in the process of framing some regulatory guidelines for the use of such products. Moreover, the lack of awareness regarding the use of biostimulants, along with high cost of research and development (R&D) acts as major restrain in the growth of biostimulants market. The global biostimulants market has been segmented in terms of ingredients used and application. On the basis of active ingredients, the global biostimulants market has been segmented as acid-based, extract-based, and others. Some of the key ingredients used in the manufacturing process of biostimulants include humic acid, soil conditioner, enzymes, seaweed extract, trace minerals, amino acids, microbial amendments, antioxidant and many other ingredients. On the basis of application method, the global market has been segmented into soil, seed and foliar type. Biostimulants are used in various crops ranging from cereals, oilseeds, pulses, fruits, vegetables and forage grasses for animal feed. Besides, they are used for plantation crops, fibre crops, turf, and many more.
Based on active ingredients, the global biostimulants market has been segmented into Humic, Fulvic, Seawood Extracts, Amino Acid, Vitamins, and Others. Among the various applications, the seaweed extracts segment held the largest share in the global market in 2015 and it is expected to grow at a CAGR of 11.6%, in terms of value, during the forecast period.
The global biostimulants market was valued at $1,476.1 million in 2015, and it is expected to grow at a CAGR of 11.2% during the forecast period. In terms of area of application, Europe accounted for the largest share in the global biostimulants market in 2015. Asia-Pacific is anticipated to be the fastest growing market during the forecast period.
Some of the major competitors in the global biostimulants market include Micromix Plant Health Limited, Acadian Seaplants Limited, Omex Agrifluids Ltd., Valagro S.p.A, The Dow Chemical Company, BASF SE, Trade Corporation International, Isagro S.p.A., Koppert B.V., Platform Specialty Products Corporation and Others.