NEW YORK, Oct. 15, 2018 — Global biostimulants market size is expected to reach USD 3,768.7 Million in 2024, at a CAGR of 10.7% from 2018 to 2024. Factors propelling the growth of biostimulants market include growing initiatives to meet sustainable agricultural goals and increasing productivity and diverse product portfolio for broad acre crops. The biostimulants market is growing with the increasing application in horticulture and agricultural application. Biostimulants are microorganisms or substances based on natural or synthetic compounds added to seeds, plants or the surrounding soil, along with other substrates. Investment is being made globally in the biostimulants sector owing to its significant growth potential. The global biostimulants market is expected to witness significant growth over the next seven years, owing to increasing consumer demand for eco-friendly and organic food products.
Key Findings From Global Biostimulants Market
- The global biostimulantss market is expected to reach USD 3,768.7 million in 2024, at a CAGR of 10.7% during 2018 -2024
- Among the various application methods, the foliar segment held the largest share with 83% in the global biostimulants market in 2017.
- Among the various active ingredients, the seaweed extracts segment held the largest share in the global biostimulants market in 2017.
- Europe holds the largest share in the global biostimulants market in 2017. However, Asia-Pacific region is expected to register highest CAGR over the forecast period owing to rising population and pressure to increase per hectare yield to meet the demand .
- Key players in biostimulants Market are Acadian Seaplants Limited, OmexAgrifluids Ltd., ValagroS.p.A, DowDuPont, BASF SE, Trade Corporation International, IsagroS.p.A., Koppert B.V are among others.
Biostimulants- large product portfolio for various booad area crop
Initially, biostimulants usage was confined to mainly in organic farming and higher value fruit and vegetable markets. Their use is now expanding to conventional agriculture and broader range of crops. With the increasing focus on sustainability, the use of biostimulantsis expanding in traditional agriculture practices as part of integrated crop management. Biostimulants are complementary to fertilizers and crop protection products. Organic farming accounts for only a small proportion of total agricultural land. Owing to increasing usage of biostimulants in various applications, the global market is expected to witness opportunities for broad area crop globally.
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Biostimulants Market- Regional Insight
Europe held the largest share in the global biostimulants market, with 5.6million hectare of area of application in 2015. The biostimulants market is expected to show sustainable growth during the forecast period. The biostimulants industry in Europe is witnessing significant growth, owing to the increased agronomic production demand and changing consumer habits for organic and eco-friendly products. Further, the need to restore degraded soil is fuelling the demand of biostimulants in the region. Among the various crop types, the row crop segment is the major contributors in the European biostimulants market. Asia-Pacific is the fastest region in the global biostimulants market, with 3.5 million hectare of area of application in 2015. The biostimulants market is expected to create significant opportunities for the global biostimulants market during the forecast period. The biostimulants industry in Asia-Pacific is witnessing significant growth, owing to growing population of middle-class consumers, growing interest in sustainability, ability of biostimulants to improve product quality, new innovative products, improved knowledge of farmers; and increased promotion of biostimulants.
The report segments biostimulants market on the basis of active ingredients, crop type, application, form and region.
Global Biostimulants Market, By Active ingredient
- Seaweed Extracts
- Amino Acid
- Trace Minerals
Global Biostimulants Market, By Crop Type
- Row Crops
- Fruit & Vegetables
- Turf & Ornamentals
Global Biostimulants Market, By Application
Global Biostimulants Market, By Form
Global Biostimulants Market, By Region
- North America
- Asia-Pacific (APAC)
- Central and South America (CSA)
- Middle-East and Africa (MEA)
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