Biostimulant is a type of formulation that is used to enhance the crop yield, quality, and tolerance of abiotic stresses as it increases plant growth and promotes the healthy development of the plant throughout the seed germination to the maturity of the plant. Biostilumant enhances the efficiency of the plant metabolism to promote high yield and improve the quality of the crop. Moreover, it provide nutrient asimilation, translocation, and enhance soil fertility.
The global Biostimulants market
was valued at US$ 2,034.8 Mn in 2018 and is anticipated to reach USD 4,597.6 Mn by the end of 2027, growing at a CAGR of 9.2% during the forecast period (2019 to 2027).
Rising need for improving the soil fertility and growing cases of environmental hazards from excessive usage of chemical-based products on the crop are expected to propel the demand for biostimulants. Growing usage of biostimulant as a substitute of chemical-based group product by the farmer is also projected to propel the market growth of biostimulants. Moreover, increasing demand for high yield crop due to rising population around the globe and lack of arable lack is further projected to augment the market growth of biostimulant over the forecast period.
Expanding organic farming around the globe due to increasing sale of organic food is projected to offer immense growth opportunity over the forecast period. According to the report published by organic without boundary in February 2019, in 2017, organic land area increased on all continents. At the end of the year, a total of 69.8 million hectares of land were organically farmed. This figure represents a twenty percent growth – the largest ever recorded – over 2016 numbers. Therefore, the rising adoption of organic farming is projected to propel the market growth of biostimulants.
Lack of awareness regarding the benefit of the biostimulant as the adoption of sustainable farming methods is low among farmers. Moreover, the lack of awareness regarding technological advancements in agriculture and farming methods and products is expected to hamper the market growth of the biostimulants. Approximately 50% of farmers around the globe are unaware of biostimulants products. Furthermore, farmers face various challenges in domestic agriculture sectors, owing to environmental factors such as climate and terrain challenges. This is expected to restrict market growth of biostimulant.
Based on application, biostimulants market is segregated into foliar, soil, and seed. In 2018, foliar accounted for the largest market share in terms of revenue and contributed for 79.7% in the same year, followed by soil and seed.
The rising trend of merger and acquisition among key players is projected to fuel the market growth of biostimulants over the forecast period. For instance, in August 2019, Marrone Bio Innovations, sustainable protection, and plant health Solutions Company announced that it has entered into a definitive purchase agreement to acquire Pro Farm Technologies OY, this move increase Marrone Bio’s market share and global platform in the $4.6 billion seed- and soil-treatment market. This acquisition of Pro Farm, Marrone Bio will add proprietary nutrient and biostimulant technology and products for seed and foliar treatments to its portfolio.
Rising demand for organic food due to growing health awareness especially in North America is projected to foster market growth. According to the organic trade association, the U.S. organic market in 2018 broke through the $50 billion marks for the first time, with sales hitting a record $52.5 billion, up 6.3 percent from the previous year, according to the 2019 Organic Industry Survey. Therefore, the rising demand for organic food is expected to propel the market growth over the forecast period.
In Latin America, complicated registration systems throughout Latin America have anchored biological Development. Generally, Brazil follows U.S. or EU approach, but with some additional testing for biostimulants
Players active in the market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Micromix Plant Health Limited, Trade Corporation International, Valagro Spa, Isagro S.P.A, Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S, and DowDuPont
By Crop Type
By Active Ingredient
- Row Crops
- Fruits & Vegetables
- Turf & Ornamental
- Other Crops
- North America
- Asia Pacific
- Latin America
- Middle East & Africa