Biostimulants Market by Form (Liquid and Dry), Crop Type(Fruits & Vegetables, Cereals & Grains, Turf & Ornamentals, and Oilseeds & Pulses), Active Ingredient(Vitamins & Amino Acids, Trace Minerals, Seaweed Extracts, Microbial Amendments, and Humic & Fulvic acid), Application(Foliar Treatment, Soil Treatment, and Seed Treatment)-Analysis & Forecast 2019-2030
Report ID : 141 | Published Date : May 2020 | Pages : 220 | Region : Global | Report Code : BT-20
Biostimulants Market Overview and Introduction
Biostimulants consist of a variety of biological substances, microorganisms, and compounds that can be applied directly to plants, seeds, or soil to boost a plant’s vigor, increase the yields, and relieve plant stress. The use of biostimulants enhances plant growth & development right from the seed germination phase to maturity throughout the plant’s life cycle.
The global biostimulants market is mainly driven by the rising adoption of organic farming practices. Moreover, governments of different regions supporting the adoption of biostimulants; growing demand for high-value crops such as fruits, vegetables, & plantation crops; and the easy availability of raw materials, such as humic acids and seaweeds, are playing a pivotal role in contributing to global biostimulants market growth. However, lack of education & awareness related to the advantages associated with biostimulants among farmers in developing countries are likely to restrain market growth to a certain extent.
Biostimulants Market By Crop Type, By Active Ingredient & By Application
The global biostimulants market can be segmented into form, crop type, active ingredient, application, and regions. Based on form, the global biostimulants market has been segmented into liquid and dry. The selection of the form typically depends on the type of crop cultivated, field size, availability of storage, and weather conditions in a particular region. The dry form of biostimulants accounts for the largest market share owing to several benefits such as ease of handling, improved photosynthesis, plant respiration & division, and ease of nutrient absorption as compared to liquid form, among others. Based on crop type, the market is segmented into fruits & vegetables, cereals & grains, turf & ornamentals, and oilseeds & pulses. The cereals & grains segment is expected to witness the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased application of biostimulants to crops such as tomatoes, cucumbers, potatoes, grapes, peppers, broccoli, cotton, corn, wheat, soybeans, barley, corn, millets, oats, etc. The growing demand for organic cereals is expected to further bolster this segment. Based on active ingredient, the market is segmented into vitamins & amino acids, trace minerals, seaweed extracts, microbial amendments, and humic & fulvic acids. The vitamins & amino acids segment is expected to dominate the biostimulants market during the forecast period. Amino acids are among the major precursors or activators of phytohormones and aid in boosting metabolism, seed germination, pollination, flowering, fruit setting, and fruit development in plants. Based on the application, the market is segmented into foliar treatment, soil treatment, and seed treatment. The seed treatment segment is expected to witness the highest CAGR during the forecast period. As compared to conventional spraying techniques, seed treatment is more cost-effective. The seed treatment is performance-efficient less labor-intensive when compared with other methods The segment is expected to attain significant growth owing to an increase in seed costs, weather change and the increased use of multi-component products.
Biostimulants Market By Regions
Based on region, the global biostimulants market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Europe dominated the biostimulants market, followed by Asia Pacific. The growth in Europe can be attributed to the widespread adoption of modern agricultural practices such as precision farming, plant biotechnology, and the application of organic active ingredients. On the other hand, an increase in the demand for high-quality agricultural products, the growing importance of organic farming, and the increasing need for enhanced productivity are among the major factors that are anticipated to propel the consumption of biostimulants in Asia-Pacific, especially in India, China, and Japan.
Biostimulants Market Prominent Players
Some of the prominent players in the biostimulants market include BASF SE, Valagro, Bayer AG, UPL, Biolchim SPA, Eastman Chemical Company & its subsidiaries, FMC Corporation, Acadian Seaplants, Biovert SL, and Koppert Biological Systems., among others.