The biostimulants market is estimated to be worth $1.61 billion in 2016, and is predicted to reach $3.22 million by 2020, at a CAGR of 12.23%. The global biostimulants market is segmented into soil, seed and foliar.This segment is expected to dominate the market throughout the forecast period.
Biostimulation helps the environment in modification to stimulate existing bacteria which is capable of bioremediation. This is done by addition of various kinds of rate limiting nutrients and electron acceptors, such as nitrogen, carbon, phosphorus, or oxygen. They are designed for farmers to meet growing agricultural demand and to help them. Biostimulants are a mixture of microorganisms, plant hormones, enzymes, sea woods and trace elements, and unlike fertilizers, are used for correcting any nutrient deficiency in plants.
The overall market size was derived by forecasting techniques based on active ingredient production, crop yields, application techniques and trade trends in various regions.The two largest consumers of the biostimulants were North America and Europe. Growth rate is particularly high in some emerging countries such as China, Brazil, and India because of the rising domestic demand. The fastest growing market estimated for the forecasted period is APAC. APAC market is growing quickly with increasing awareness among farmers on the ill effects of chemicals.
Growth in Europe is attributed to the stringent regulations regarding maximum level of residue and also on the increasing cost of substitutes - chemical fertilizers.
Increasing in yield per hectare and these is continuous rise in food demand globally are factors expected to fuel demand for biostimulants products, which in turn will drive growth of the a market over the forecast period.Inreturn use of biostimulants can reduce abiotic stress in plants is another factor lead to drive market growth.
In developing countries application of biostimulants is increasing and players in the market have developed a innovative products range to target specific crop needs. Thus, the biostimulants market is gaining more global presence and acceptance among customers. For instance, Marrone Bio Innovations, Inc. has been expanding beyond biopesticides and crop protection and into the biostimulant market by commercially launching Haven Anti-transpirant for use in a broad range of fruit, nut and vegetable crops, in addition to corn, wheat and turf.
The demand for the new and various products that result in higher productivity of crops is increasing in the market. Leading brands are engaging in the production of biostimulants on a global scale, because it is considered to be growing market.
Key Topics Covered:
1. Our Research Methodology
2. Market Overview
Biostimulants market - Segmentation
Porter's 5 Forces
3. Market Dynamics
4. Global Biostimulants Market Segmentation, Forecasts and Trends - by Revenue