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Biostimulants Market to Soar at a CAGR of 1,200 kilo tons to 2024
Biostimulants Market size is projected to exceed USD 4 billion by 2024; according to a new research report.Necessity for sustainable farming practices along with resource scarcity including land and water supply will propel the biostimulants market growth. Positive outlook on rejuvenating degraded soil along with benefits including plant growth, improved nutrient uptake will facilitate product demand.
Rise in consumer spending on organic food along with increase in consumer affordability are key trending factors driving biostimulants market growth. Global organic food spending was over USD 85 million in 2016, increasing at over 17% every year.
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Foliar treatment dominated the application segment and generated over USD 1.4 million in revenue for 2016. High efficiency and ease in applying will remain key factors driving product penetration in this segment.
Extract based ingredients will see over 10% gains. Improving root growth and seed germination play vital role in fueling product demand. Other key ingredient includes and microbial, chitin &chitosan, and trace minerals.
Extensive R&D along with technological advancement owing to government subsidies on bio based products will encourage market penetration. However, low scope for patents due to easy raw material availability and lengthy product approval process may restrain the biostimulants market growth.
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Row crops dominated the biostimulants market and will generate over USD 2 billion revenue by 2024. Strengthening crop protection during drought and intense heat has enhanced the biostimulants demand.
Turf &ornamentals accounted for more than 11% of the industry share in 2016. Golf courses, commercial nurseries, sports turf, and home gardens are key potential application areas. Increasing consumer spending on leisure activities including gardening will drive the industry growth in this segment.
Liquid formulations are the fastest growing product form and was valued at more than USD 1.2 billion in 2016. High shelf life along with less production cost owing to ease in transportation &handling are the key factors driving product demand.
Europe biostimulants market accounted for over 36% of the overall industry share in 2016. Shift in consumer preference towards organic agro-products along with stringent food safety regulations are the factors fueling growth.
Asia Pacific, led by China and India biostimulants market is the fastest growing region with growth over 12.5% through to 2024. High agricultural contribution in the economy has led to favorable government regulations promoting ecofriendly agricultural practices.
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