Biostimulants help in improving microflora, which, in turn, improves nutrient uptake by plants. They increase antioxidant activity and reduce plant stress against the environment and various diseases. The hormones stimulate growth, root development, and cell enlargement, thereby aiding the vigor and overall health of the plant. They comprise natural and environment-friendly degradable materials, which do not affect plant surroundings. As a result, they are witnessing high demand in organic farming practices.
The Global Biostimulants Market size is expected to reach USD 4.14 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 10.2% during the forecast period. Rising focus on improving agricultural productivity through sustainable methods, coupled with degrading soil quality, is fueling demand for biostimulants. Moreover, rising trend of incorporating these products into organic farming practices is supplementing global demand.
Row crops and cereals dominated the market based on crop type in 2016 and are expected to maintain their dominance throughout the forecast period. Foliar treatment is anticipated to witness substantial growth during the forecast period. It held a major market share in North America due to its high-performance efficiency and massive adoption in agriculture. It is also anticipated to witness lucrative growth in Asia Pacific led by increasing adoption of sustainable farming practices.
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Top Players of Biostimulants Market:
Key market players include Novozymes A/S, Platform Specialty Products Corporation, Valagro Group, and Koppert B.V. Although the market is in an emerging stage in developing economies, particularly in Asia Pacific, it offers excellent prospects for new entrants as well as established players.
Market Segments of Biostimulants Market:
Biostimulants Market Segmented on the Basis of Active Ingredient, Crop Type, and Application.
By Active Ingredient: Acid Based, Seaweed Extracts, Microbial and Others.
By Crop Type: Row Crops & Cereals, Fruits & Vegetables, Turf & Ornamentals and Others.
By Application: Foliar, Seed, Soil.
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