Europe accounted for over 30% of the overall biostimulants market demand in 2017. This can be attributed to the higher demand for agronomic products and changing consumer habits for organic products. With rising involvement & direction from government authorities and mounting demand for sustainable agriculture, it is expected that the product will continue to experience substantial growth in Europe.
The Industry analysis report “Biostimulants Market Size By Active Ingredient (Acid Based, Extract Based), By Application (Foliar Treatment, Soil Treatment, Seed Treatment), By Crop (Row Crops, Turf & Ornamentals, Fruit & Vegetables), By Form (Dry, Liquid), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Ukraine, Kazakhstan, Turkey, Bulgaria, Greece, Russia, Poland, China, India, Japan, Australia, Brazil, Argentina, Mexico, Saudi Arabia, Egypt, Tunisia, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” by Global Market Insights, Inc.
The necessity for sustainable farming practices coupled with the scarcity of resources including water supply and land availability will propel the biostimulants market growth. Emphasis on revitalizing degraded soil along with advantages including improved nutrient uptake and plant growth will facilitate product demand over the forecast timeline.
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Focus on increasing soil fertility along with improving the farm productivity will drive the biostimulants market share.
Advantages such as enhancing plant’s recovery from abiotic stresses and increasing plant tolerance will augment the industry demand. Active ingredients to produce these bio-based products that are easily available with low processing cost which in turn encourages product usage."
The increasing inclination of investors owing to significant growth potential has led to several biostimulant product developments. Factors, such as the integration of improved market access and cost-effective alternatives, will fuel business growth.
Additionally, agriculture industry will be greatly influenced by biostimulants owing to the development of regulatory frameworks for the environment protection. This will positively foster fair competition and innovation while protecting farmers and consumers.
Acid-based ingredients dominate the industry accounting for over 50% share by 2024. Humic acid sales contributes extensively towards business growth.
This is majorly due to the fact that it stimulates organisms’ natural growth in soil and surges energy absorption capacity through photosynthesis process in plants. High yield, better nutrient absorption, extended shelf life, and rise in resistance to plant infection, will increase its acceptance in the organic food business, thereby supporting business growth.
Biostimulant sales is attributed to foliar spray segment since foliar feeding serves as a timely measure to prepare the crops for expected abiotic and biotic stress, such as heat stresses, drought or chill. Increased yield, better flavor, extended shelf life, higher test weight on grains and improved animal performance are some of the key factors augmenting the biostimulants market growth.
Row crops segment is expected to register the highest growth during the forecast timeframe. This growth can be attributed to factors such as high production of oil seeds and food grains coupled with sustainable farming practices prompting the segment growth.
High water absorption capacity and increased root length for efficient nutrient uptake along with healthy and strong crop appearance will positively impact the product penetration.
Dry form accounted for over 70% industry share in 2017. They are water soluble and contain humic acid, beneficial bacteria, chelated iron, amino acids, soluble sea kelp, vitamins, minerals, and dextrose.
The key factors stimulating the product demand include improved plant respiration, increased cell division & photosynthesis, lateral bud development, and delay in aging process of plant tissues.
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Europe accounts for the largest share in the overall business with Spain accounting for majority of the sales. Key factors including rapid advancements in the agricultural & organic food domain, high-quality food demand, and evolving technology in water & soil treatment are proliferating the business growth.
Additionally, increasing requirement and growing awareness regarding major field crops and fruits such as pears, apples, peaches, corn, and cotton will drive the regional share.
The biostimulants market is at an evolving stage and is expected to generate new growth opportunities for existing manufacturers such as BASF SE, Valagro, Bayer, and Arysta LifeScience. Companies are focusing on increasing their production capacity to cater to the growing demand from the end-user segment.
Further, partnerships with distributors supported by strategic product marketing will boost business revenues.
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