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Biostimulants Market Estimated to Exhibit 12.8% CAGR through 2017 - 2025
As per a report by Transparency Market Research, the global biostimulants market will likely expand at a solid 12.8% CAGR during the period between 2017 and 2025 to become worth US$5.93 bn by 2025 from US$20.05 bn in 2016.
Depending upon application, the key segments of global biostimulants market are fruits and vegetables, cereals and grains, oilseeds and pulses, and others such as nursery, turf etc. Among them, the segment of fruits and vegetables contribute the most to the revenue in the market. In 2016, the share of the segment came to about 35%.
Geographically, the key segments of the global biostimulants market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe, at present, dominates the market with maximum share. In 2016, its leading share came to about 40.0%. In the years ahead too, Europe is expected to maintain its leading share on the back of emergence of innovative biostimulants for sale in the market.
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Changes in Climate Impacting Crop Yield Push up Demand
A biostimulant is an organic substance formulated from enzymes, microorganisms, plant hormones, and trace elements. They help to boost nutrient availability, metabolism, water holding capacity of the plants, and increase production of chlorophyll and antioxidants. In this manner, biostimulants bring about plant growth and help to improve crop yield and quality. They can be used for ornamental crops, row crops, fruits, vegetables, and turf.
At the forefront of driving the global biostimulants market is the climatic changes worldwide, which has affected yields of different food and cash crops. To overcome the problem, farmers are increasingly resorting to biostimulants. Another factor stoking growth in the market is their easy availability.
Increasing Population and Decreasing Farmlands Prove Beneficial to Market
Apart from the above growth drivers, other major reasons why the market is seeing an impressive growth are the burgeoning world population and industrial growth. A rising population has generated a pressing need to up food production. However, decreasing farmlands owing to swift pace of industrialization, leading, in turn, to urbanization, has necessitated the use of chemical fertilizers, which are harmful for the soil and environment and thus pose a health hazard to humans as well. This has brought about a shift to biostimulants that have zero ecological footrprint. Asia Pacific, which is home to about 60.0% of the world population, is one of the main contributors to demand.
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“Farmers are supplanting synthetic stimulants with biostimulants as they help boost crop yield and also improve the fertility of the land. Synthetic stimulants are known to deteriorate land fertility at the cost of upping crop yield. As a result, biostimulants which are of organic origin and ecofriendly, are seeing swift uptake,” explains the lead analyst of the TMR report.
About Us – Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others.
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