According to this latest publication from Meticulous Research?, the global biostimulants market will grow at a CAGR of 12.7% from 2017 to 2022 to reach USD 3,040.3 million by 2022, driven by the growing need to increase crop yield and quality, growing organic farming and demand for organic food, and wide range of benefits of biostimulants in crop production. Moreover, growing awareness about environmental safety with the use of biostimulants has further led the growth of biostimulants market globally. However, lack of education and awareness among farmers, and various challenges faced by new entrants and small players restraints the growth of biostimulants market. Also, unavailability of standardized regulatory framework for biostimulants and scientific & technical challenges for development of biostimulants challenges the growth of this market to some extent.
The global biostimulants market is mainly segmented by active ingredients (acid based, extracts based, microbial amendments, trace minerals and vitamins, and others) by mode of application (foliar spray, soil treatment, and seed treatment), by formulation (liquid formulation and dry formulation), by crop type (row crops, fruits and vegetables, turfs and ornamental, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Europe holds the major share in the global biostimulants market, followed by North America, and Asia-Pacific region. The large share of this region is primarily attributed to the rising concern over harmful chemicals on environment, increasing demand for organic food, rapid development & innovation in biostimulants, and presence of large number of biostimulants providers. However, Asia-Pacific region possesses lucrative growth potential for the biostimulants market and is expected to witness a fastest growth during the forecast period. This is mainly attributed to the large area under agriculture cultivation, rising need to increase the crop yield and quality, increasing demand for organic food, and various government initiatives to develop and increase application of biologicals in the region.
The leading companies have employed various strategies to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global biostimulants market were new product developments, acquisitions, and expansions. The key players in the global biostimulants market are BASF SE, Valagro SpA, Biolchim S.p.A., Marrone Bio Innovation, Monsanto Company (Part of Bayer), Trade Corporation International (Part of Sapec Group), Plant Health Care PLC, Syngenta (Subsidiary of ChemChina), Biostadt India Limited, Andermatt Biocontrol AG, BioWorks, Inc., Novozymes, Inc., Koppert B.V., Italpollina S.p.A., Micromix Plant Health Ltd., ArystaLifeScience Corporation (Subsidiary of Platform Specialty Products Corporation), FMC Corporation, Bioatlantis Ltd, Omex Agruifluids Limited (Subsidiary of Omex Group), Haifa Chemicals Ltd., Agrinos AS, Camson Bio Technologies Limited, Som Phytopharma India Limited, EuroChem Group AG, and SICIT 2000 SpA.
Key questions answered in the report-
- Which are the high growth market segments in terms of active ingredients, application, form, crop type, and regions/countries?
- What is the historical market for biostimulants across the globe?
- What are the market forecasts and estimates from the period 2015-2022?
- What are the major drivers, restraints, opportunities, and trends in the global biostimulants market?
- Who are the major players in the global biostimulants market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by subregion in the global biostimulants market?
- What are the recent developments in the global biostimulants market?
- What are the different strategies adopted by the major players in the global biostimulants market?
- What are the geographical trends and high growth regions/ countries?
- What are the local emerging players in the global biostimulants market and how do they compete with the global players?