The global biostimulants market size is expected to reach USD 4.14 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 10.2% during the forecast period. Rising focus on improving agricultural productivity through sustainable methods, coupled with degrading soil quality, is fueling demand for biostimulants. Moreover, rising trend of incorporating these products into organic farming practices is supplementing global demand.
Biostimulants help in improving microflora, which, in turn, improves nutrient uptake by plants. They increase antioxidant activity and reduce plant stress against the environment and various diseases. The hormones stimulate growth, root development, and cell enlargement, thereby aiding the vigor and overall health of the plant. They comprise natural and environment-friendly degradable materials, which do not affect plant surroundings. As a result, they are witnessing high demand in organic farming practices.
Row crops and cereals dominated the market based on crop type in 2016 and are expected to maintain their dominance throughout the forecast period. Foliar treatment is anticipated to witness substantial growth during the forecast period. It held a major market share in North America due to its high-performance efficiency and massive adoption in agriculture. It is also anticipated to witness lucrative growth in Asia Pacific led by increasing adoption of sustainable farming practices.
The global revenue generated by biostimulants was USD 1.74 billion in 2016 and is estimated to advance at a CAGR of 10.2% from 2017 to 2025. Europe dominated the global market in 2016, followed by North America
In terms of active ingredients, acid-based stood as the largest segment in 2016. Seaweed extracts are expected to grow substantially. Widely used seaweed extracts are brown, green, and red algae. Ascophyllum nodosum, Sargassum, Laminaria, Turbinaria, and Fucus are brown seaweed extracts
In terms of crop type, row crops and cereals dominated the market. Increasing application of biostimulants in production of turf and ornamentals is expected to drive growth in coming years
Asia Pacific is projected to witness promising growth over the next few years. The agriculture sector in the region is witnessing steady growth and the population is mainly dependent on the farming sector. This presents lucrative growth opportunities for the market in the region
Key market players include Novozymes A/S, Platform Specialty Products Corporation, Valagro Group, and Koppert B.V. Although the market is in an emerging stage in developing economies, particularly in Asia Pacific, it offers excellent prospects for new entrants as well as established players.
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