Biostimulants Market witness significant growth during 2017-2024
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Constant climate change is one of the major factor for increasing product usage in farming. Along with this, fluctuation in yields and rising demand are factors for industry growth. In addition to this it also increases the soil fertility through ecofriendly way which is also enhancing the biostimulants market growth.
Growing trend of adapting organic farming coupled with increasing awareness of benefits among the consumers are the major factors increasing biostimulants market size. In addition to this, need for sustainable agriculture is the key driver for product growth. The product is formed by various formulations of compounds, micro-organisms and substances.
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Biostimulants are used along with crop protection and crop nutrition substances such as fertilizers and pesticides to enhance plant properties. The segmentation is based according to active ingredient as acidic and extract biostimulants. The acid based are further segmented into humic, fluvic and amino acid, while extract based includes seaweed extract.
Industry is also segmented according to crop type as vegetables, fruits, row crops and turf. Row crops account for major biostimulants market share owing to large arable land usage. Increasing harm by use of synthetic pesticides and fertilizers in soil have further boosted the biostimulants market growth.
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Asia Pacific region is estimated to be among fastest growing region this is due to increase in consumer awareness and rising preference towards organic products. Major agriculture based economies such as India, China, Australia are estimated to lead industry growth.
Latin America driven by Mexico, Argentina and Brazil will show significant growth during the forecast timeframe, increasing preference of organic products is among the key driving factor for increasing biostimulants market demand. Moreover, rising consumer awareness about quality of product should further increase market demand. This region also shows potential opportunities for niche market players to establish industries in region.
Some of the key biostimulants market players include Bayer, BASF, Italpollina, Biovert, Valagro, Biostadt India Limited, Koppert B.V., Arysta LifeScience, Agrinos, Boilchim, Laboratories Goemar, Micromix Plant Health Limited, Lallemand.
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