The market is primarily driven by the strong market demand for high-value crops across the globe and the increasing need to support crop growth due to abiotic stress, arising from changing climatic conditions.
The biostimulants market is estimated to be valued at USD 2.6 billion in 2019 and is projected to reach USD 4.9 billion by 2023, at a CAGR of 11.24% during the forecast period. The growth of the biostimulants market is driven by factors such as an increase in the need for sustainable agriculture, easier availability of seaweed as a raw material, and the high market for demand from high-value crops.
The key players in the biostimulants market include BASF (Germany), Valagro (Italy), Bayer (Germany), UPL (India), Biolchim (Italy), Isagro (Italy), Italpollina (Italy), Syngenta (Switzerland), FMC Corporation (US), Adama (Israel), Koppert (Netherlands), Acadian Seaplants (Canada), Biovert (Spain), Haifa Group (Israel), and Sapec (Portugal).
BASF is one of the leaders operating in the chemical industry, with various business segments such as chemicals, performance products, functional materials and solutions, and agricultural solutions.
The company provides biostimulant products through its agricultural solutions unit. From 1st January 2019, the company has revised its business segments as chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions.
The company has renamed its crop protection segment as agricultural solutions after acquiring some of the significant businesses from Bayer in August 2018. Expansions & acquisitions are the strategies adopted by the company to expand its business in the biostimulants market.
Overall, the company’s good product offerings, complemented with extensive geographical reach and strong business strategies, make BASF one of the leaders in the biostimulants market.
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Valagro is one of the leading companies in the production and marketing of biostimulants and fertilizers. The company offers around 21 products in its listing, which are applicable for field crops and fruits & vegetables.
The company’s strong research background helps to enhance its portfolio with value-added and innovative products. For instance, in August 2018, Valagro launched two new products, namely, Opifol and YieldOn in the Indian market.
Apart from the development of new products, Valagro also entered into agreements and strategic alliances to expand its business. For instance, in January 2019, Valagro signed an agreement with Malagrow (Hungary), a leading distributor of innovative solutions for the Hungarian agricultural industry, to exclusively distribute Valagro solutions in Romania and Slovakia.
The company operates with 12 subsidiaries across the globe. Apart from its production site in Italy, it also owns two active production facilities in Norway, two in India, and one in Brazil.
UPL is one of the leading companies that offer total crop solutions to secure the food supply. Its business segments are divided into seeds, crop protection, biosolutions, post-harvest, aquatics, farmer engagement, and other businesses.
The company has its presence in over 130 countries, with 48 manufacturing plants. The company is constantly involved in improving its position in the market through various growth strategies such as acquisitions, new product launches, and agreements.
In February 2019, UPL announced the complete acquisition of Arysta LifeScience (US), which was operational as a subsidiary of Platform Specialty Products (US). This acquisition has helped UPL to widen its reach on a globally registered biostimulants portfolio.
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