The latest market report published by Credence Research, Inc. “Biostimulants Market, By Crop Type, Application and Active Ingredients – Growth, Future Prospects and Competitive Analysis, 2016 – 2023,” the global biostimulants market was valued at US$ 1.7 Bn in 2015, and is expected to each US$ 3.8 Bn by 2023, expanding at a CAGR of 10.7% from 2016 to 2023.
There has been an upsurge in the demand for organic food products across the globe. This is fuelling the demand for efficient crops, furthermore to meet the demand for food in the growing world population. Agriculture is a key indicator having an impact on a particular country’s economy along with livelihoods of the individuals. Thus, presence of good quality arable land is gaining significant traction among agriculture product producers especially in countries such as Denmark, India, Poland and Germany.
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Since, these countries are among top 25 countries, when analyzed according to the arable land statistics in 2013. Also, arable land is expected to grow at a moderate growth in the near future, which is expected to spur the demand for agricultural products referred to as biostimulants. Definition of biostimulants varies according to particular region, for instance in Europe biostimulants definition as proposed by European Biostimulant Industry Consortium (EBIC) is “Plant biostimulants contain substance(s) and/or micro-organisms whose function when applied to plants or the rhizosphere is to stimulate natural processes to enhance/benefit nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop quality.”
Of different crop types, fruits and vegetables segment is expected to record highest growth in the forthcoming years. However, row crops segment holds largest market share throughout the forecast period. There is an increased consumption of row crops such as pulses, oilseeds and cereals and cultivation of row crops accounts for significant share in the total cultivated land. This is further intended to increase adoption of biostimulants among growers, thus fuelling the biostimulants market growth.
Among different regions, Europe is anticipated to dominate the market in terms of revenue share contribution, followed by Asia Pacific and North America. Asia Pacific is expected to record highest CAGR during the forecast period. Improving supply chain in countries such as China and India, technological advancements, and growing awareness among growers regarding usage of biostimulants are some of the key factors bolstering the biostimulants market growth in the region.
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Some of the prominent players identified in the biostimulants market include Biovert S.A., Micromix Plant Health Limited, Acadian Seaplants Limited, Bio Atlantis Ltd., Italpollina spa, BASF SE, Dow Chemical Company, Agrinos, ILSA spa, Bayer AG, Koppert B.V., Valagro Spa, Biostadt India Limited, Arysta LifeScience Limited, Novozymes A/S, Biostadt India Limited, Omex Agrifluids Ltd., Platform Specialty Products Corporation, Agrinos A/S and Trade Corporation International.
- Asia Pacific serves as potential market for biostimulants due to government support for sustainable agriculture industry
- Increasing awareness among growers related to improved crop quality and yield
- Mitigation of territorial and social cohesion through economy development, owing to agriculture being an important indicator in overall economy especially in Europe and Asia Pacific
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