Biostimulants Market Poised to Account for US$ 4,109.5 Mn By 2025 End

Biostimulant is a substance which is neither a plant nor a pesticide, but has a significant impact on plant growth and crop yield when applied in appropriate quantities.

Biostimulants are different from biopesticides and biofertilizer as these products are crop enhancers. Biostimulants are a mixture of microorganisms, plant hormones, enzymes, sea woods and trace elements, and unlike fertilizers, are used for correcting any nutrient deficiency in plants. Biostimulants enhance water holding capacity, nutrient availability metabolism and increase chlorophyll production and antioxidants in plants, acting in synergy with plant nutrients.

Biostimulants find a range of applications in the agriculture and horticulture sectors, owing to various benefits and advantages.

Drivers and Restraints

Need to increase yield per hectare and continuous rise in food demand globally are factors expected to fuel demand for biostimulants products, which in turn will drive growth of the market over the forecast period. Additionally, use of biostimulants can immensely reduce abiotic stress in plants and is another factor anticipated to drive market growth. Besides, increasing government funding and grants encouraging use of biostimulants products in order to address growing concerns regarding sustainable agriculture has widened the scope for biostimulants manufacturers. Conversely, high R&D costs and lack of awareness of biostimulants products could hamper growth of the global biostimulants market to a certain extent.

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Market Taxonomy

Future Market Insights, in its latest report titled “– Biostimulants Market: Global Industry Assessment and Forecast, 2015–2025, has segmented the market into application type, crop type, active ingredient type and regions.

By application type, the global biostimulants market is segmented into foliar, soil & seed. Foliar application segment accounted for the largest market value share in 2014 and is expected to dominate the global biostimulants market throughout the forecast period. In the case of soil application, biostimulants help in retaining moisture. In 2014, seed application was the least used technique for biostimulants.

By crop type, biostimulants application for row crops accounted for largest market share in 2014, followed by application for fruits & vegetables. Turf & ornamental application segment accounted for more than 5% in 2014 and is estimated to expand at a CAGR of approximately 6% between 2015 and 2025.

By active ingredient type, the global biostimulants market has been segmented into acid-based, extract-based and others. Acid-based active ingredient segment accounted for largest market share in 2014, followed by extract-based active ingredients. Acid-based biostimulants dominate the market, as raw materials are easily available and more efficient when compared to extract-based biostimulants. The market for other biostimulants, which includes vitamin B, chitin & chitosin and others is estimated to register a double digit CAGR during the forecast period, driven by increasing demand from the agriculture sector.

Analysis by Geography

Geographically, the global biostimulants market has been segmented into seven key regions: North America, Latin America, Western Europe, Eastern Europe, and Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA) and Japan.

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Geography-wise, Western Europe dominated the global biostimulant market in 2014 in terms of revenue, accounting for more than 30% revenue share. However, APEJ is foreseen to witness a relatively high CAGR of 13.5% between 2015 and 2025. The market in Western Europe is expected to remain dominant throughout the forecast period.

Technological advancements coupled with rising awareness about organic products in developing regions such as APEJ and Latin America are projected to boost demand for biostimulants products. This is further expected to present new opportunities for global and regional niche players to enter the markets in these regions with cost-effective offerings in order to gain large market share.

Market in MEA is expected to exhibit a comparatively higher CAGR as compared to other segments.

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This release was published on openPR.