Future Market Insights (FMI) announced the release of its latest report titled, “Biostimulants Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025”. According to the report, the global biostimulants market is anticipated to reach US$ 4,109.5 Mn by 2025, registering a compound annual growth rate (CAGR) of 10.9% through the forecast period.
Market Drivers and Restraints
Biostimulant is a substance, which is neither a plant nor a pesticide, but positively impacts plant health to a significant extent. Biostimulant is an organic material, when applied in prescribed quantities leads to enhanced and healthy plant growth.
Global biostimulants market is majorly driven by increasing yield per hectare owing to increasing population and continuous rise in food demand, which in turn is fuelling demand for biostimulants products. Additionally, use of biostimulants can immensely reduce abiotic stress in plants, and this is another factor driving growth of the biostimulants market globally. Apart from this factor, increasing government funding and grants encouraging the use of biostimulants products in order to address growing agricultural concerns has widened the scope for biostimulants manufacturers. Other factors include its properties such as environment-friendly and organic origin.
The biostimulants market is expected to witness a decline in growth due to less technological advancements in the field. In the global biostimulants market currently, no standard guidelines for biostimulants exist; however, there are a number of organisations promoting the use of biostimulants and also in the process of framing a regulatory framework biostimulants. The European Biostimulant Industry Council (EBIC) was founded in June 2011 and promotes plant biostimulants to ensure sustainable agriculture. The organisations provide a platform for players in the biostimulants industry to communicate with key stakeholder groups in order to explore solutions to address concerns arising with regard to biostimulants. However, high R&D costs and lack of awareness regarding biostimulants products is anticipated to hamper growth of the global biostimulants market to a certain extent.
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Expansion of organic farming along with increase in use of biostimulants over conventional farming are expected to offer favourable growth opportunities in the near future. Sustainable solutions for agriculture production, decreasing farm land, increasing population along with rising food demand are factors that could open up favourable prospects for growth of the biostimulants market. The need of the hour is to improve the current agriculture system in order to double crop production output so as to meet rising food demand.
The global biostimulants market has been segmented on the basis of application type, crop type, active ingredient and geography.
By application type, the global biostimulants market is segmented into foliar, soil & seed. Among all the segments, foliar application accounted for one-third of the global market share in 2014. The segment is expected to dominate the global biostimulants market throughout the forecast period. In the case of soil application, biostimulants help in retaining moisture. In 2014, seed application was the least used technique for biostimulants.
By crop type, application for row crops accounted for largest market share in 2014, followed by application for fruits & vegetables. Turf & ornamental application segment accounted for more than 5% in 2014 and is estimated to expand at a CAGR of approximately 6% during the forecast period.
By active ingredient type, the global biostimulants market has been segmented into acid-based, extract-based & others. Acid-based segment accounted for largest market share in 2014, followed by extract-based segment. Acid-based is the dominating segment in the global market, as raw materials for this type of biostimulants are easily available and perform more efficiently when compared to extract-based biostimulants. The market for other biostimulants, which include vitamin B, chitin & chitosin and others, is estimated to register a double digit CAGR of during the forecast period owing to increasing demand for application in agriculture.
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Geography-wise, Western Europe dominated the global biostimulants market in 2014 in terms of revenue, accounting for more than 30% revenue share. However, APEJ is foreseen to witness a relatively high CAGR, over the forecast period. The market in Western Europe is expected to remain dominant between 2015 and 2025.
Major players considered in the global biostimulants market include Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., BioAtlantis Ltd., Micromix Plant Health Limited, Trade Corporation International, Valagro S.p.A, Isagro S.p.A, Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S and The Dow Chemical Company.