Biostimulant Market Overview:
The Global Biostimulant Market was valued at $1,784 million in 2016, and is projected to reach $4,089 million by 2023, growing at a CAGR of 12.6% from 2017 to 2023. Biostimulants are biologically produced fertilizers that are used to stimulate plant development and productivity, in addition to the nourishment of agrarian products. A biostimulant boosts plant development and growth throughout the crop life cycle, i.e., from seed germination to plant maturity. These fertilizers further help in facilitating nutrient translocation, assimilation, and use; and enhance soil fertility mainly by stimulating the development of interdependent soil microorganisms.
Increase in focus to increase crop productivity and quality drives the surging demand for biostimulant products in the market. Another significant factor influencing the market growth is the introduction of sustainable agriculture to protect the environment from adverse effects, especially in Europe and North America. However low awareness about the advantages of biostimulants in agricultural activities among the farmers impedes the market growth.
Global Biostimulant Market Segmentation
The report segments the global biostimulant market based on type, crop type, application, and geography. Based on type, it is divided into acid-based, extract-based, and others. The acid-based biostimulant segment is further classified into humic acid, fulvic acid, and amino acid, whereas the extract-based biostimulant segment consists of seaweed extracts and other plant extracts (including B-vitamins, chitin & chitosan, and microbial soil amendments). Based on crop type, market is segmented into row crops & cereals, fruits & vegetables, turf & ornamentals, and other crops. Foliar, soil, and seed are the application segments considered in the study. The market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to dominate the global biostimulant market until 2023.
Acid-based biostimulants contain biochemical compounds including chelators, organic acids, and enzymes in the form of a primary functioning component. These organic acids are either long-chained molecules (humic acid) or short-chained molecules (fulvic acid), which carry a negative charge. When humic acid is added to a production program, it acts like an electron, which retains positively charged nutrients by attracting them to the negatively charged sites on its molecules. Acid-based biostimulants generally act on chemical compounds such as calcium, iron, or phosphate, which are present in the soil to separate the cations from anions; thereby, releasing nutrients into the soil.
In 2015, the seaweed extracts segment accounted for the major share in the global biostimulants market. In terms of value, this segment held approximately 37% share in the overall market. Seaweed extracts is the top investment pocket in the biostimulants market. Seaweed extracts stimulate microbial activity in soil, which results in larger root mass for enhanced uptake of water and nutrients available to the plant.
Top Winning Strategies
The key players operating in this market have adopted various business strategies such as product approval, acquisition, agreement, product launch, and expansion to sustain the stiff competition in the global biostimulants market. The market players profiled in this report are biostimulants producers or users that operate globally and distribute their products or services to several end-use industries. The data pertaining to market players and their strategic moves have been obtained through annual reports and press releases of respective companies, blogs, websites, and primary calls made to experts in the industry.
Asia-Pacific is the fastest growing region, in terms of revenue and volume, in the global biostimulant market. China, Japan, India, Korea, and Australia are the major contributors to the growth of this region. Biostimulants are used during seed treatments to enhance the crop vigor at early stage of development in this region. These products improve the plants capability to assimilate nutrients and facilitate plant growth. Increase in demand for high-quality agricultural products, growth in importance of organic farming, and need for enhanced productivity are major factors anticipated to increase the consumption of biostimulants in Asia-Pacific, especially in India, China, and Japan.
Country Analysis: Australia
The prominent players in the global biostimulant market strategically focus on product launch as their key strategy to gain significant share in the market.
The Key Players Profiled in the Report are as Follows:
- BASF SE
- Biolchim S.p.A.
- Isagro S.p.A.
- Koppert B.V.
- Biostadt India Limited
- Italpollina S.p.A.
- Novozymes A/S
- Platform Specialty Product Corporation
- Sapec Group
- Valagro S.p.A.
- This report provides an extensive analysis of the current trends and emerging estimations in the global biostimulant market.
- In-depth analysis of the industry is conducted through market estimations of key segments from 2017 to 2023.
- Competitive intelligence of leading manufacturers and distributors of biostimulant assists in understanding the competitive scenario across geographies.
- Comprehensive analysis of factors that drive and restrain the market growth is provided.
- Extensive analysis of the industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed to determine the competitive outlook of the market.
Biostimulant Market Key Segments:
- Humic Acid
- Fulvic Acid
- Amino Acid
- Seaweed Extracts
- Other Plant Extracts
- Chitin & Chitosan
- Microbial Soil Amendments
By Crop Type
- Row Crops & Cereals
- Fruits & Vegetables
- Turf & Ornamentals
- Other Crops
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA