June 03, 2020
According to the research report titled ‘Biostimulants Market Size By Active Ingredients, By Crop, By Application, By Form, Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, global biostimulants market is predicted to record a momentous growth during 2019-2025.
Rising adoption of sustainable farming practices in consort with depletion of natural resources such as water and limited land availability are major factors driving biostimulants market growth. The product is widely used in crop production process to enhance the growth and health of crops as well as to improve the productivity of the plant. Agricultural biostimulants allow better absorption of nutrients in plants, while improving their resistance to harsh environmental conditions.
As per active ingredients, fulvic acid segment held 5.7% market share in 2019 and is anticipated to expand substantially in the forthcoming period. Fulvic acid is widely used for improving physical and chemical properties of the soil. The product chelated with zinc, copper, iron and other elements enables plants to consume more nutrients.
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Meanwhile, seaweed extract segment is expected to grow with a CAGR of 9.9% through 2025. Growing demand for marine-based ingredients in agriculture industry is fueling the segmental growth. Being organic in nature, seaweed extract has high nutritional content and is used as soil conditioner.
Based on the application spectrum, soil treatment segment is predicted to record a remunerative growth rate during 2019-2025. Rising accumulation of industrial chemicals has increased the pervasiveness of soil infertility, which is bolstering the demand for biostimulants for soil treatment.
Considering the crop type, fruits & vegetables segment is poised to acquire commendable gains in the subsequent years. Biostimulants when used along with traditional pesticides deliver favorable results in vegetable & fruits crop production.
By form, dry biostimulants market segment is anticipated hold 72.6% share by the year 2026, primarily due to easy handling, storage and transporting of the product. Dry biostimulants contain numerous components such as vitamins, favorable bacteria, humic acid, amino acids, dextrose and chelated iron among others. It provides various benefits such as better lateral bud development, delayed plant tissue aging process and improved cell division in plants.
As per the regional analysis, North America held 22% share of global biostimulants market in 2019 and is anticipated to showcase similar growth throughout the study period. Shifting consumer preference towards vegan and vegetarian lifestyle along with high concentration of prominent regulatory authorities like U.S. Biostimulant Coalition which promote use of biological additives are favoring the market outlook in North America.
On the other hand, Latin America biostimulants industry is predicted to grow with a CAGR of 8.7% through 2026, owing to flourishing food processing industries and shifting focus towards acquiring better yields while farming.
The report states that biostimulants market in Middle East & Africa is also reckoned to witness a noticeable growth in the forthcoming years. Economic dependency on agriculture in Africa is augmenting the regional demand.
The major companies operating in worldwide biostimulants market are Stoller, AGRICHEM S.A., Produquimica (Compass Minerals), AG Concepts, Agricultural Sciences Inc., Biostadt India Ltd., Micromix, Agrinos, Mahafeed Specialty Fertilizers Pvt. Ltd., Artal Agronutrientes, Valagro, Trade Corp. International, Lallemand, Koppert B.V., Italpollina S.p.A., ILSA S.p.A., Desarrollo Agricola y Minero S.A., Bayer S.p.A., BASF SE, Biovert SL, Biolchim S.p.A. and Arysta Lifescience Corp.