Globally, the biostimulants market is expected to register a CAGR of 11.2% during 2016–2022 (forecast period). Some of the key factors boosting the market growth are the growing focus on sustainable agriculture, increasing middle-class population, and rising awareness among farmers on the importance of using biostimulants for plant growth and crop quality. according to the research report published by P&S Intelligence
Asia-Pacific (APAC) is expected to provide ample scope for the growth of the biostimulants market, as the agriculture sector in the region is witnessing a paradigm shift on account of the adoption of advanced farming practices. This, in turn, is boosting the demand for biostimulants in the region. Besides, government support and increased focus of farmers on enhancing yield per hectare are the factors propelling the demand for biostimulants in the APAC region.
Among active ingredients, seawood extracts dominated the biostimulants market in 2015, owing to their easy availability of raw materials and increased demand for acid-based high-efficiency biostimulants. Besides, with the rise in income levels along with awareness on biostimulants, the demand for biostimulants is expected to witness a rapid increase in developing economies. To meet this increasing demand for food, the agriculture sector is focusing on enhancing yield per hectare of crops. This is likely to boost the demand for biostimulants, which primarily help in maximizing crop yield and quality.
Europe led the biostimulants market in 2015, with 34.5% revenue share. The increasing demand for organic and nutritional food products has led to measures targeted toward upgrading the yield per hectare in the agriculture sector. This, in turn, has propelled the demand for biostimulants in the region.
Advancements in agricultural techniques and increasing awareness on non-chemical products are supporting the demand for biostimulants in developing economies, such as APAC and Latin America (LATAM). While the biostimulants market in North America is projected to grow steadily, the market in the Middle Eastern and Africa (MEA) region is expected to witness a significant growth rate on account of the rapid growth in the agriculture industry in the region.
Some of the key players in the global biostimulants market are Omex Agrifluids Ltd., Acadian Seaplants Limited, Valagro S.p.A., Trade Corporation International, Platform Specialty Products Corporation, The Dow Chemical Company, Micromix Plant Health Limited, BASF SE, Koppert B.V., and Isagro S.p.A.
BIOSTIMULANTS MARKET SEGMENTATION
By Active Ingredients
By Crop Type