CHICAGO, April 17, 2019 /PRNewswire/ -- According to the research report published by MarketsandMarkets™, "Biostimulants Market by Active Ingredient (Humic Substances, Amino Acids, Seaweed Extracts, Microbial Amendments), Crop Type (Fruits & Vegetables, Cereals, Turf & Ornamentals), Application Method, Form, and Region – Global Forecast to 2025", the Biostimulants Market is projected to reach USD 4.9 billion by 2025, from USD 2.6 billion in 2019, at a CAGR of 11.24% during the forecast period. The market is driven by seaweed extract-based biostimulants, abundant growth in seaweed cultivation near major biostimulant markets, and rise in their adoption by key players in biostimulants formulations.
The seaweeds extract segment is projected to grow at the highest rate during the forecast period.
Extracts from marine algae, known as seaweed extracts, are marketed to be used in the agriculture industry. Intensive research on biostimulants and plant nutritional products has increased the awareness pertaining to the benefits of seaweed extracts in agriculture. Application of seaweed extracts in agriculture not only reduces the side effects of harmful agrochemicals but also helps in protecting the environment. High marine culture and seaweed production in the Asian countries is projected to drive the seaweed extracts segment in this region, wherein low-value production of seaweed extracts by the Indian and Chinese domestic players can be observed.
The foliar treatment segment is estimated to dominate the biostimulants market in 2019.
Foliar spray application is one of the most widely used methods of using biostimulants, to maximize product efficiency. The direct application on leaves through the foliar application method is considered the most effective way of supplying nutrients to plants, resulting in the rapid absorption and enhancement of micronutrient intake in each part of the shoots and roots. Moreover, the foliar application method is found to be a highly effective way of utilizing biostimulants for fruit & vegetable crops.
With the introduction of stringent regulations, Europe is estimated to dominate the biostimulants market in 2019.
The biostimulants market in Europe is driven by the adoption of modern agricultural technology such as precision farming, plant biotechnology, and organic-based active ingredients. The increasing awareness of consumers about the benefits of biostimulants is expected to contribute to market growth. Moreover, the European legislation is in the process of recognizing biostimulants as important plant nutrition and have paved the way toward a regulated environment for these products. Moreover, biostimulants products were initially applied only on high-value crops such as fruits and vegetables in Europe. However, the industrial importance has transformed some broad-acre crops such as corn and wheat into high-value crops, resulting in the increased use of biostimulants for these crops.
This report includes a study of the development strategies of leading companies. The scope of this report includes a detailed study of biostimulants manufacturers such as BASF (Germany), Isagro (Italy), Valagro (Italy), Bayer (Germany), Italpollina (Italy), and UPL (India).
The report covers detailed information about the major factors such as Drivers, Restraints, Challenges, and Opportunities that influence the growth of the Biostimulants Market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, products offered, key strategies, product developments, mergers, partnerships, agreements, and collaborations, as well as the recent developments associated with the biostimulants market.
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