Huge Demand for Food to Boost Worldwide Biostimulants Market
The biostimulants market is majorly driven by growing demand for food, organic & environmental-friendly agricultural products by the worldwide rising population as per the recent report added by DecisionDatabases.com. Biostimulants are biological substance, applied in the prescribed amount to the soil to improve the quality and growth of a plant. They are organic in nature and help in transforming the environment by stimulating bacteria present in the soil. They boost the whole growth cycle of the plants by improving crop quality, yields and strength. They are used in limited quantity by crops in combination with other plant inputs and fertilizers. These are an essential material to improve the plant’s physiological processes.
According to the report "Global Biostimulants Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast"
the rising demand to reduce abiotic stress in crops along with the expanding government funding to encourage the usage of biostimulants products will further aid in the growth of the market in the next 6 years. Furthermore, increased availability of raw material and rising applications-scope in row crops such as oilseeds & cereals for its capable stress response mechanism are also anticipated to drive the market demand. However, high expenditure on R&D and lack of knowledge regarding biostimulants are major challenges, which may restrict the growth of the market in the forthcoming years. Growing preference of usage of biostimulants as sustainable solutions for crop production over conventional farming is projected to open new growth avenues over the coming years.
In the report the global market has been segmented based on crop types into row crops, fruits & vegetables, turf & ornamentals and others. Row crops account for a major market share and are anticipated to grow at a significant rate during the forecast period on account of increasing usage of biostimulants in order to enhance crop production across the globe. The market has been further segmented based on ingredients into acid-based biostimulant, extract-based biostimulants, and others. Acid-based biostimulants is a leading ingredient segment and are projected to witness a double-digit growth in the study period owing to the widespread availability of raw materials and high efficiency in crop improvement. Furthermore, the market has been segmented based on application types.
Europe is a major market and is expected to grow at a substantial rate over the forecast period due to favorable government funding & policies along with the increasing agricultural spending in the region. Asia Pacific is a fastest growing market and is estimated to grow at the highest CAGR during the forecast period owing to the increasing demand to enhance the productivity of food crops such as soybeans, rice, wheat, and corn, favorable government subsidies and increasing awareness programs for sustainable farming practices.
Key industry players include Biostadt India Limited, Valagro S.p.A, Arysta LifeScience Corporation, and Koppert B.V.
In Oct 2013, the members of EBIC (European Biostimulant Industry Council) has Launched a Code of Conduct to increase Clarity for producers, users, and consumers in Emergent Biostimulant Market.
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