Biostimulants are biologically derived formulations that encourages the plant growth, and productivity. It fosters the plant growth and development throughout the lifecycle and improves the plants metabolism to induce yield and enhance crop quality.
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Global Biostimulants Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,878 million by 2024 from $1,710 million in 2016; growing at a CAGR of 10.8% from 2016 to 2024.
Major growth factors of the global biostimulants market are concern on climate change impacts, growing population, growing organic food industry, decreasing farming land, and rising need for sustainable method to enhance crop yields. Though, low awareness among farmers and lack of proper regulatory framework would hamper the market growth.
Additionally, better market access, and need for integration of cost-effective alternatives would offer growth opportunities for the market players in the forecasted years.
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Crop type, active ingredient, application, and geography are the key bifurcations of global biostimulants market. Crop type includes raw crops, fruits and vegetables, turfs and ornaments, and others.
Raw crops accounted the largest market share in 2016, and will continue to dominate the market during the forecasted period 2016 – 2024, driven by increasing production due to technological interventions, increasing demand for food due to growing population, and enhancing agricultural practices. Active ingredient type comprises seaweed extracts, humic substances, fulvic, amino acids, vitamins, and others.
Seaweeds held the maximum market share in the year 2016, followed by humic substance. Furthermore, application comprises foliar, soil, and seed.
Seed is anticipated to attain fastest CAGR during the forecast period 2016 – 2024, owing to, rising popularity of organic, need for nutrient-dense seeds, and advancements in seed biotechnology.
Based on geography, global biostimulants market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is expected to grow at a fastest CAGR during the forecast period 2016 – 2024.
The growth is attributed to large and need for high farm yields, growing population, and shift from traditional farming to use of technologies and additives. Europe accounted the largest market share with 37.0% in 2016.
The key players operating in this market includes BASF SE, Novozymes A/S, Biolchim SpA, Italpollina SpA, Platform Specialty Products Corporation, Valagro S.p.A., ILSA S.p.A, Koppert B.V., Bayer AG, and Arysta Life Science Limited, among others.
Scope of the Global Biostimulants Market
Crop Type Segments
- Raw Crop
- Fruit and Vegetables
- Turf and Ornaments
- Other Crop Types
Active Ingredient Segments
- Humic Substance
- Seaweed Extracts
- Amino Acid
- Other Active Ingredients
- North America
- South America
- Middle East
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