Biostimulants Market: Introduction
Transparency Market Research delivers key insights on the global biostimulants market. In terms of revenue, the global biostimulants market is estimated to expand at a CAGR of 9.6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global biostimulants market.
The global biostimulants market is broadly affected by several factors, including rise in usage of biostimulants in various applications such as oilseeds & pulses, cereals & grains, fruits & vegetables, turf, landscape, and ornamental flowers. Growth in production and demand for solvents is expected to be the primary driver of the biostimulants market. Increase in application of biostimulants in fruits & vegetables as an organic solvent, led by the rise in consumption of biostimulants in farming, is also projected to augment the global biostimulants market in the near future.
Biostimulants Market: Dynamics
Biostimulants are primarily used in the production of crops. The global demand for humic acid and fulvic acid has been increasing at a significant pace. This is boosting the production of biostimulants in several countries. Thus, increase in production of solvents containing biostimulants is propelling the global biostimulants market.
Biostimulants are emerging as an essential components in sustainable agricultural practices. Instances of environmental hazards and soil contamination from injudicious and excessive application of chemical-based products on crops have been a key issue for the industry in recent times. Biostimulants are effective substitutes for chemical-based agro products and are replacing these at a higher rate due to their environment-friendly nature and performance efficiency.
Biostimulants are widely used as chemical-based agro products in various applications such as oilseeds & pulses, cereals & grains, fruits & vegetables, turf, landscape, and ornamental flowers. Manufacturers are focusing on the fruits & vegetables segment, as the share held by the fruits & vegetables segment is likely to increase during the forecast period.
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Biostimulants Market: Prominent Regions
Europe dominates the global biostimulants market. The biostimulants market in the region is anticipated to expand at a CAGR of more than 8.8% during the forecast period. Increase in demand for seaweed-based biostimulant products is driving the biostimulants market in Europe. Germany is a key country of the biostimulants market in Europe. It held major share of the biostimulants market in Europe in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Asia Pacific is also a prominent region of the global biostimulants market. Rest of Asia Pacific led the biostimulants market in Asia Pacific in 2020. Rise in awareness regarding adverse effects of synthetic agro-based products and increase in government initiatives for the use of bio-based products for agriculture are driving the demand for biostimulants in Rest of Asia Pacific.
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Biostimulants Market: Key Players
The global biostimulants market is consolidated, with the presence of key players. Prominent players operating in the global biostimulants market include Syngenta, Novozymes A/S, Valagro SpA, AGC Chemicals, Isagro S.p.A., UPL, Agrinos, Premier Tech Ltd., Italpollina S.p.A., Koppert Biological Systems, Biolchim SPA, Agriculture Solutions Inc., West Coast Marine Bio-Processing, Corp., Agricen, Kelp Products International, and Haifa Group.
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