Biostimulant Market - Segmented by Active Ingredient, Type, Application, Crop Type, and Geography- Growth, Trends, and Forecast (2018 - 2023)
The Global Biostimulant Market was valued at USD 1940.0 million in 2017 and is expected to register a CAGR of 12.5% during the forecast period (2018 - 2023). In 2017. Europe is the largest segment of the market studied, and accounted for a share of around 42.5% of the market studied. Growth in the consumption of organic food is driving the regional market.
A plant biostimulant is a substance or a microorganism, which helps enhance the growth of the plant. It does not serve nutrient deficiency. Instead, it increases nutrient availability, water holding capacity, metabolism, and the production of chlorophyll. Biostimulants are widely used on cereals, fruits, and vegetables. These segments account for around half of the market share. The demand from the North American segment is driving the demand for turf & ornamental biostimulants as well.
The Fastest Market Growing Segment by Active Ingredient - Seaweed Extract
The usage of seaweed as a source of organic matter and as a fertilizer in agriculture has been in practice since centuries, but its application as a biostimulant gained popularity in recent years. Seaweed extract products can be applied on soils, in hydroponic solutions, or as foliar treatments. Their polysaccharides contribute to gel formation in soils, along with water retention and soil aeration. Most commercial seaweed extracts are made from brown seaweeds, including Ascophyllum nodosum, Fucus, Laminaria, Sargassum and Turbinaria spp.
Expansion of Organic Food Industry
Organic biostimulants are significant for the future of the agricultural industry, in terms of promoting organic practices. Biostimulants can enhance soil microflora, which, in turn, help make the uptake of nutrients more efficient. Others increase antioxidant activity in plants and boost internal defenses against environmental stresses and disease pressure. Biostimulants are associated with organic farming and gardening, which are currently witnessing healthy progress in conventional agriculture as well. Biostimulants are increasingly being perceived as a response to the consumer demand for ‘softer’ agricultural practices. Organic food and related agriculture currently account for around 5.0-10.0% of the food market, varying from region to region. As organic food products are produced without using any pesticide or fertilizer, the demand for plant biostimulants is on the rise. Consequently, the increasing popularity of organic farming drives the demand for biostimulants
Low Innovation in Product Development
Product developments in biostimulants involve observing plants and their ecosystems. Rigorous research is required to discover new bioactive compounds, identify beneficial microorganisms, and understand how synergies provide stronger effects than any single substance or microorganism working alone. It takes around two to five years to introduce a new biostimulant product to the market, since its initial conception. There have been several developments in the biostimulants product research over the last 20 years, which is now shifting toward advanced product developments. Further, monitoring crops to decide the time and way of application during product development is a challenge. In addition, the lack of knowledge and understanding on biostimulant usage, along with regulatory constraints in most parts of the world, poses additional challenges to study, in this domain.
Key Developments in the Market
- Apr 2018- Biostimulant Coalition has announced that it was supporting the partnership in first agribusiness biostimulant commercecon.
- Jun2017- US Biostimulant Coalition and BPIA together held a joint webinar to discuss the efforts around the regulatory environment regarding plant biostimulants Major
Major Players - Eastman Chemical Company, Arysta Lifescience Corporation, Isagro SpA, Lallemand Plant Care, Agrinos AS, Atlántica Agricola, Biostadt India Ltd, Brandt Consoliated Inc. Ilsa SpA, Italpollina SpA, Koppert BV, Micromix Plant Health Ltd, Omex Agrifluids Ltd,Tradecorp International, Valagro SpA , Agroenzymas Group, among others.
Reasons to Purchase the Report
- To have an understanding of the fastest growing regions in the biostimulant market and growth trends during the forecast period
- The report outlines drives, restraints, and trends that are currently affecting the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The report covers in-detail insights about the competitors’ overview and company share analysis
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
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