Biostimulant Market set to grow at a CAGR of 12.6% through to 2023

Biostimulant Market by Type, Crop Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023.

The global biostimulant market size was valued at $1,784 million in 2016, and is projected to reach $4,089 million by 2023, growing at a CAGR of 12.6% from 2017 to 2023. Europe is one of the prominent consumers of biostimulants, accounting for more than 40% of the total market in 2016.

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Biostimulants are naturally derived fertilizer additives used to enhance plant growth and productivity. These products also contribute towards nutritional enhancement of agricultural products. Acid- and extract-based biostimulants are the major types of biostimulants available in the market. Acid-based biostimulants include humic acid, fulvic acid, and amino acid, whereas seaweed extracts and other plant extracts are considered under plant extracts. Various regulations are imposed on the use of biostimulants by regulatory bodies.

Humic acid has gained dominance in the recent years, owing to its superior properties as compared to other types of biostimulants. Humic substances are naturally occurring organic materials derived from biological sources, i.e., decomposed organic matter.

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The report segments the global biostimulant market based on type, crop type, application, and geography. Based on type, it is divided into acid-based, extract-based, and others. The acid-based biostimulant segment is further classified into humic acid, fulvic acid, and amino acid, whereas the extract-based biostimulant segment consists of seaweed extracts and other plant extracts (including B-vitamins, chitin & chitosan, and microbial soil amendments). Based on crop type, market is segmented into row crops & cereals, fruits & vegetables, turf & ornamentals, and other crops. Foliar, soil, and seed are the application segments considered in the study. The market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to dominate the global biostimulant market until 2023.

Asia-Pacific is the fastest growing region, in terms of revenue and volume, in the global biostimulant market. China, Japan, India, Korea, and Australia are the major contributors to the growth of this region. Biostimulants are used during seed treatments to enhance the crop vigor at early stage of development in this region. These products improve the plants capability to assimilate nutrients and facilitate plant growth. Increase in demand for high-quality agricultural products, growth in importance of organic farming, and need for enhanced productivity are major factors anticipated to increase the consumption of biostimulants in Asia-Pacific, especially in India, China, and Japan.

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The Key Players Profiled In The Report Are As Follows:
BASF SE
Biolchim S.p.A.
Isagro S.p.A.
Koppert B.V.
Biostadt India Limited
Italpollina S.p.A.
Novozymes A/S
Platform Specialty Product Corporation
Sapec Group
Valagro S.p.A.

Key Findings of the Biostimulant Market:

In terms of value, the extract-based segment is expected to grow at a CAGR of 13.2% during the forecast period.
Europe is projected to maintain its lead position throughout 2023, growing at a CAGR of 12.2%, in terms of value.
The seed application segment is estimated to grow at a high CAGR of 14.4%.
Italy is expected to occupy around 25% of the European market by 2023.
India is expected to grow at the highest CAGR of 13.7%, in terms of value, from 2017 to 2023.

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