Global Biostimulants Market is Estimated to Reach $5 Billion by 2025, Says Accurize Market Research
Global Biostimulants Market report published by Accurize Market Research forecast that the global market is expected to reach $5 billion by 2025; growing at a CAGR of 11% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Agricultural land scarce and need to improve crop yields to drive the market
Major factors driving the growth of the market include growing population, growing organic food industry, decreasing farming land, concern on climate change impacts, and rising need for sustainable method to enhance crop yields. Though, low awareness among farmers and lack of proper regulatory framework would hamper the market growth. Furthermore, better market access, and need for integration of cost-effective alternatives could offer growth opportunities for the market players in forecasted years.
Market Segmentation
Crop type, active ingredient, application, and geography are the vital bifurcations considered in the global biostimulants market. Crop type is segmented as raw crops, fruits and vegetables, turfs and ornaments, and others. Active ingredient type includes humic substances, fulvic, seaweed extracts, amino acids, vitamins, and others. Furthermore, application comprises foliar, soil, and seed. Based on geography, biostimulants market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Raw crop accounted for the largest market share in the crop type segment", says Accurize
Raw crops accounted the largest market share in 2017 driven by increased production due to technological interventions, increasing demand for food due to growing population, and enhancing agricultural practices. Seaweeds held the maximum market share in the year 2017, followed by humic substance in the active ingredient segment.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe accounted the largest market share with 37 % in 2017, driven by advancements in biotechnology, rising environmental consciousness, and increasing preference for organic food products. Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2017 – 2025, due to growing population, need for high farm yields.
Top players in the market
Major companies operating in the markets are Novozymes A/S, BiolchimSpA, ItalpollinaSpA, Platform Specialty Products Corporation, Koppert B.V., BASF SE, ValagroS.p.A., ILSA S.p.A, Bayer AG, and ArystaLifeScience Limited, among others.
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