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 2016 - 2022. The major factors driving the growth of the market globally include growing population of middle-class consumers, growing interest in sustainability, ability of biostimulants to improve produce quality, new innovative products, improved knowledge of farmers; and increased promotion of biostimulants. Asia-Pacific is expected to create significant growth opportunities for the global biostimulants market. The agriculture sector in the region is slowly switching from traditional farming practices to use of technology and additives, promoting the growth of biostimulants usage. Europe was the largest market for biostimulants, accounting for over 37% market share in terms of value in 2015. The focus on enhancing yield per hectare, along with government support is the key factors propelling the growth of the market in the region.
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Based on active ingredient, the global biostimulants market has been segmented into Humic, Fulvic, Seawood Extracts, Amino Acid, Vitamins, and Others. The seawood extracts segment accounted for the largest market share among the other active ingredients in the global biostimulants market in 2015. The major factors driving the growth in consumption of the seawood extracts segments include demand for acid-based biostimulants, easy availability of raw materials and higher efficiency. Biostimulants containing Vitamin B, chitin, and chitosan are expected to gain traction during the forecast period. The biostimulants market is expected to witness major growth in developing countries, owing to increase in income levels and increasing environmental awareness of biostimulants. The consumers are shifting their focus towards eco-friendly products and increasing food demand is putting pressure on land, and the focus has shifted towards enhancing the yield per hectare.
In 2015, Europe held the largest share in the global biostimulants market with 34.5% share in terms of area of application. The growing consumer’s interest towards usage of eco-friendly products and increasing food demand, putting pressure on land for enhancing the yield per hectare is promoting the growth of the biostimulants market in the region. The technological advancements, along with growing awareness about organic products in developing regions, such as Asia-Pacific and Latin America are projected to boost the demand for biostimulants products. North America is expected to witness steady growth, while Europe is expected to witness moderate growth during the forecast period. Middle East & Africa is expected to grow significantly, owing to the rapidly growing agriculture industry.
The information and data in the publication “Global Biostimulants Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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.
GLOBAL BIOSTIMULANTS MARKET SEGMENTATION
By Active Ingredients
By Crop Type
By Application Method