Biostimulants Market Poised to Rake in US$ 4,109.5 Mn By 2025 End
“Governments around the world are speeding up efforts to boost agricultural production. Use of biostimulants is being encouraged to improve the overall output, and this is expected to fuel demand in the near future”, said the FMI analyst who compiled the report. Although FMI expects the demand for biostimulants to expand at a robust pace during the forecast period 2015-2025, certain factors can impede growth. “Lack of standardisation and slow pace of innovation are the key restraining factors for the global biostimulants market.”
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Biostimulants are used in foliar, seed, and soil; among these, use of biostimulants is highest in the foliar segment, accounting for nearly one-third market share in 2014. On the basis of crop type, use of biostimulants is predominant in row crops, and fruits and vegetables. Application of biostimulants in turf and ornamental is at a nascent stage currently. FMI forecasts the turf and ornamental segment to expand at a CAGR of over 6% during 2015-2025. Demand for acid-based biostimulants is higher than acid-based- and extract-based biostimulants, owing to easy availability of raw materials and higher efficiency. Biostimulants containing Vitamin B, chitin and chitosan are expected to gain traction during the forecast period.
Western Europe is the largest market for biostimulants, accounting for over 30% market value share in 2014. Focus on enhancing yield per hectare coupled with government support are the key factors propelling the growth of the market in the region. Asia Pacific Excluding Japan is emerging as a lucrative market for biostimulants. The agriculture sector in the region is witnessing a shift from traditional farming practices to use of technology and additives, owing to which biostimulants are expected to gain traction in the next decade.
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Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., BioAtlantis Ltd., Micromix Plant Health Limited, Trade Corporation International, Valagro S.p.A, Isagro S.p.A, Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S and The Dow Chemical Company.
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