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Biostimulants Market By Crop Type (Fruits And Vegetables, Row Crops, Turf And Ornamentals), By Application (Foliar, Seed, Soil), By Active Ingredients (Acid-Based Biostimulants, Extract-Based Biostimulants, Seaweed Extracts, Other Plant Extracts) - Growth, Future Prospects, Competitive Analysis And Forecast To 2016 - 2023

The growing world population is fueling demand for food and, thus, leading to improvements in agriculture. Analyzing the world population is anticipated to reach around 8 billion by 2030 and around 9 billion by 2050. This is further expected to generate substantial demand for food, so agriculture will play an important or key role in the global economy.

Also, agriculture is a major contributor to the world's economy, and increasing demand for more productive and efficient resources to mitigate food demand, leading to enough crop production, is anticipated to fuel demand for biostimulants in the near future. Biostimulants are used in varied applications in horticulture and agriculture.

This is further leading to rising crop yields, the inclination of governments toward the environment, and others. Basically, "biostimulant" refers to a material containing microorganisms or a substance that is used to stimulate nutrient uptake, efficiency, crop quality, and the nutritional content of the crop.

Some of the factors driving the demand for biostimulants include rising awareness among crop growers worldwide, increasing demand for organic products, extensive research and development for the development of efficient and effective agricultural products, and an increasing world population, thereby leading to a substantial demand for food. However, the availability of skilled growers in a few potential countries, which will help in the utilization of biostimulants, restricts the market growth.

Globally, the biostimulants market in Europe is expected to be the largest in terms of value, followed by Asia Pacific and North America. Increasing government support and subsidies related to improved agricultural practices and crop yield methods in the Asia Pacific is further anticipated to exhibit the fastest CAGR during the forecast period, which is attributed to the growing food and beverage industries in China and India, which are leading to increased demand for biostimulants, coupled with climatic changes that have led to yield boosts in China and easy availability that is growing awareness among farmers related to biostimulant usage.

The global biostimulants market is expected to be worth US$ 1.7 billion by the end of 2016 and to grow at a CAGR of 10.7% between 2016 and 2023. The market is anticipated to witness two-fold growth by 2023, as compared to the market's estimation in 2016.

Purpose of the Report

The purpose of this strategic research study titled "Global biostimulants market: Growth, Future Prospects, Competitive Analysis, and Forecast, 2016–2023" is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global biostimulants market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • biostimulants manufacturers
  • Oil and gas exploration and production companies
  • Downstream and midstream companies
  • Research Institutes

The global biostimulants market can be categorized on the basis of active ingredients as follows:

  • Acid-Based Biostimulants
  • Amino acid
  • Fulvic acid
  • Humic acid
  • Extract-Based Biostimulants
  • Seaweed Extracts
  • Other Plant Extracts

Among the aforementioned segments, the acid-based biostimulants segment is anticipated to hold the largest market share by 2023's end in terms of revenue contribution. The segment is further anticipated to record robust growth throughout the forecast period. This is due to the ease of availability of raw materials for the formulation of these biostimulants as compared to other ingredients. Furthermore, rising consumer concerns about nutritional aspects and health consciousness regarding food products, particularly organic food products, have led to increased demand for biostimulants, driving the overall biostimulants market growth.

Among all the active ingredients, the seaweed extracts segment is anticipated to record the highest growth during the forecast period, which is attributed to rising demand in hydroponics. Furthermore, seaweed cultivation is increasing in countries such as Thailand, the Philippines, and Indonesia, which is anticipated to meet the raw material availability concern among agriculture growers.

In the near future, microbial groups such as PSB (phosphate-solubilizing bacteria) and PGPR (plant growth-promoting rhizobacteria) are expected to be used for nutrient solubilization and nitrogen fixation in the biostimulant formulation. The other plant extracts segment, which includes chitin and chitosan, vitamin B, and other elements, is expected to grow at a rapid pace during the forecast period, owing to rising demand from the agricultural sector around the world.

The global biostimulants market can be categorized on the basis of application as follows:

  • Foliar
  • Seed
  • Soil

A biostimulant has an impact on plant health and is hence used in small quantities for plant growth promotion. It is an organic substance composed of plant hormones, enzymes, microorganisms, and trace elements that are mixed in adequate quantity. There is a difference between fertilizers and biostimulants, as biostimulants supply nutrients to the plants and have varied application areas such as foliar, seed, and soil enrichment.

Among these applications, foliar segments accounted for around 50% of the total market share and are expected to remain dominant during the forecast period. Biostimulants are mostly used as soil or foliar treatments as opposed to being used as seed treatments. This is due to benefits such as root development, germination improvement, improving plant strength to uphold against adverse conditions, and encouraging early growth of the crop.

Globally, biostimulants' usage for soil application is anticipated to gain traction and is predicted to record significant growth during the forecast period. In Europe, however, biostimulants are mostly used for soil and foliar applications rather than seed application. Biostimulants improve soil, environmental, and plant health, resulting in higher crop quality and yield.

On the basis of crop type, the biostimulants market is categorized into the following types:

  • Fruits and vegetables
  • Row Crops
  • Turf & Ornamentals
  • Other Crop Types

Rising consumer demand for plentiful, affordable, and healthy food products is leading to improvisation in the supply chain, from sourcing to manufacturing, among food product manufacturers. Since crop yield is a prime aspect in determining food quality, there have been continuous efforts from governments of various countries to enhance standards related to crop production along with meeting environmental standards. Of the different crop types, the row crops segment holds the largest market share and is expected to maintain its dominance throughout the forecast period. As the world's population grows, so does the demand for food products. Thus, the availability of efficient supply to mitigate the demand is a concern among food and beverage manufacturers, thereby leading to the adoption of agricultural products such as biostimulants and resulting in better crop quality and yield.

Furthermore, increasing consumption of oilseeds, including cottonseed, sunflower, soybeans, rapeseed, and others, and cereals, including corn, wheat, rice, and barley, is a key factor supporting the growth of the row crops segment during the forecast period. The fruits and vegetable segment is expected to grow the fastest, owing to an increasing number of health-conscious consumers, which will increase demand for organic food products, fueling global biostimulants market growth. In addition, changing climatic conditions have led to fluctuating crop yields in a few countries, resulting in the adoption of biostimulants among growers to enhance crop yield and quality simultaneously.

On the basis of geography, the global biostimulants market is segmented into the following regions and countries:

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Russia
  • Rest of Europe
  • Asia Pacific
  • India
  • China
  • Japan
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • rest of Latin America
  • Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

In 2015, Europe was the leading market, followed by Asia Pacific. Both these regions together accounted for more than 65% of the market in terms of value. However, growth is projected to be fastest in the Asia Pacific region during the forecast period of 2016–2023. Robust growth in this region is attributed to a growing demand for organic food products coupled with increasing awareness related to organic and sustainable farming, especially in countries such as China and India.

This is further expected to lead to the adoption of biostimulants, thus fueling their market growth. Moreover, the government's focus on enhancing awareness among growers for the adoption of technically advanced agricultural products and practices is stimulating market growth. The market for biostimulants in Latin America is anticipated to record significant growth, followed by the Middle East and Africa. The market for biostimulants in North America is projected to grow at a moderate rate during the forecast period.

Frequently Asked Questions:

The market for Biostimulants Market is expected to reach US$ 3.8 Bn By 2023.

The Biostimulants Market is expected to see significant CAGR growth over the coming years, at 10.7%.

The report is forecasted from 2016-2023.

The base year of this report is 2015.

BASF SE, Italpollina Spa, Koppert B.V., Omex Agrifluids Ltd., Biostadt India Limited are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Dec 2016
Category:  Food & Beverage
Report ID:   58271
Report Format:   PDF
Pages:   120
Rating:    4.2 (50)
Delivery Time: 24 Hours to 48 Hours   
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