Industry Outlook and Trend Analysis
The Biostimulants Market was worth USD 1.48 billion in 2014 and is expected to reach approximately USD 3.61 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 10.45% during the forecast period. Biostimulants are organically created composts that are utilized to fortify plant advancement and efficiency, notwithstanding the sustenance of agrarian items. A biostimulant supports plant improvement and development all through the harvest life cycle, i.e., from seed germination to plant development. These composts additionally help in encouraging supplement translocation, osmosis, and utilize and upgrade soil ripeness for the most part by invigorating the advancement of reliant soil microorganisms.
Drivers & Restrains
Biostimulants are developing as a basic segment in supportable horticultural practices. Occasions of ecological dangers and soil tainting from injudicious and intemperate utilization of compound construct items in light of harvests have been a key issue for the business as of now. Biostimulants are a compelling substitute to synthetic based agro items and are supplanting these at a higher rate by virtue of their condition benevolent nature and execution efficiency. Increase in centre to expand trim profitability and quality drives the surging interest for biostimulant products in the market. Another huge factor impacting the market development is the acquaintance of practical horticulture with shield the earth from unfavourable impacts, particularly in Europe and North America. However, low awareness about the upsides of biostimulants in agrarian exercises among the agriculturists restrains the market development.
Regional Outlook and Trend Analysis
Europe is expected to rule the market over the forecast period. Strong regulations to expand generation of natural food are required to build the utilization of biostimulants. However, drowsy development of the agribusiness area in Western Europe is required to remain a controlling variable for the market. Also, presence of bio fertilizers is relied upon to represent threats of substitute over the coming years.
The leading players in the market are BASF SE, Isagro Group, Sapec Group, Biolchim S.P.A, Novozymes A/S, Platform Specialty Products Corporation and others. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Biostimulants Market is segmented as follows-
By Active Ingredient:
Other active ingredients
Row Crops & Cereals
Fruits & Vegetables
Turf & Ornamentals
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?