Biostimulant Market is Witnessed to Hit The Value Of $4,089 Million by 2023

According to a new report published by Allied Market Research, titled,"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.

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.

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Increase in demand for high crop yields and quality, and focus on sustainable agriculture to protect the environment drive the growth of biostimulant products. However, lack of education and awareness among farmers about the benefits of using biostimulants in agricultural activities is expected to impede the biostimulant market growth in the near future.

Key Market Segments

BY APPLICATION
Foliar
Soil
Seed

BY CROP TYPE
Row Crops & Cereals
Fruits & Vegetables
Turf & Ornamentals
Other Crops

The major companies profiled in the market include 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, and Valagro S.p.A.

Regional Analysis

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.

The prominent players in the global biostimulant market analysis strategically focus on product launch as their key strategy to gain significant biostimulant market share.

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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

This release was published on openPR.