Global Biostimulants Market:
Global Biostimulants Market estimated to be valued US$ 1770 Mn in 2017 and poised to grow at CAGR of 11.0% over 2017-2023. Market for biostimulants projected to reach US$ 3230 Mn by 2023
.Biostimulants are the biologically derived or biological additives which are used in the crop production in order to improve health, productivity and growth of plants by improving the efficiency of nutrient use, helping the plants in tolerating the abiotic stresses such as cold, heat, drought and excessive water, helps to improve the quality attributes such as appearance, shelf life and nutritional content.
Major factors that are booming the market growth of the biostimulants are needed to increase yield per hectare and continuous rise in the food demand globally. Furthermore, as the biostimulants usage will reduce the abiotic stress in the plants are enabling increase the biostimulants demand. Besides this growing government funding and grants in encouraging usage of biostimulants in order to address growing concerns regarding the sustainable agriculture has widened the scope of manufacturers of biostimulants. However, huge R&D cost and lack of awareness are the few factors that are hindering the growth of the biostimulants market.
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The Biostimulants Market is classified on the basis of type, crop, application and geography.
Based on the type, Biostimulants Market is segmented as
- Amino Acid
- Humic Acid
- Fulvic Acid
- Seaweed Extracts
- Microbial Soil Amendments
- Chitin & Chitosan
Based on the crop, Biostimulants Market is segmented as
- Turf and Ornamentals
- Row Crops and Cereals
- Fruits and Vegetables
Based on the application, Biostimulants Market is segmented as
Row crops like pulses oilseeds and cereals account for the larger share in cropped land and thereby these crop segments projects to cover a large scale of acreage for application of biostimulants. Governments of various regions and major players throughout the globe are adopting various growth strategies like collaborations, acquisitions, agreements etc. For instance, in 2011 June, European biostimulants industry consortium was formed with the motto of fostering biostimulants role in agriculture to improve yield with fewer resources, sustainable agricultural production, economic growth and green innovation were the other major aims. Bayer Crop science acquired Agraquest in order to broaden its technology platform for the green products in 2012 and BASF acquired Becker Underwood in order to enhance its crop protection business in 2013.
On the basis of geographical regions, Biostimulants Market is classified as into five key regions as Europe, Asia- Pacific, North America, Middle East & Africa and Latin America. Europe is the dominating in biostimulants market due to the rapid development of innovative biostimulants due to a property of boosting yields especially in Germany, UK, France and Italy. APAC is expected as the fastest growing market for the biostimulants. India, Japan, China and Korea are the largest contributors for the growth of biostimulants in APAC region owing to the growing acceptance of the organic farming, increase in demand for the high quality of agricultural products and facilitation of growth of the plant etc.
Some of the players in Biostimulants Market Novozymes A/S (Denmark), BASF SE (Germany), Isagro SpA (Italy), Valagro SpA (Italy), Platform Specialty Products Company (U.S.), Italpollina SpA (Italy), Sapec Group (Portugal), Biostadt India Ltd (India), Koppert B.V. (the Netherlands), and Biochim SpA (Italy).
In July 2017, Valagro and Syngenta entered into an agreement to supply biostimulants for the seed treatment.
In February 2017, Bioiberica launched Equilibrium, a new biostimulant for fruit set and the start of fruit ripening.
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