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Biostimulants Market Outlook 2022 Top Companies, Trends and Growth Factors Details for Business Development
The global biostimulants market was valued at $1,476.1 million in 2015, and it is expected to grow at a CAGR of 11.2% during 2016 - 2022.
The major factors driving the growth of the market globally include growing population of middle-class consumers, growing interest in sustainability, ability of biostimulants to improve produce quality, new innovative products, improved knowledge of farmers; and increased promotion of biostimulants. Asia-Pacific is expected to create significant growth opportunities for the global biostimulants market. The agriculture sector in the region is slowly switching from traditional farming practices to use of technology and additives, promoting the growth of biostimulants usage.
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the global biostimulants market has been segmented into Humic, Fulvic, Seawood Extracts, Amino Acid, Vitamins, and Others. The seawood extracts segment accounted for the largest market share among the other active ingredients in the global biostimulants market in 2015. The major factors driving the growth in consumption of the seawood extracts segments include demand for acid-based biostimulants, easy availability of raw materials and higher efficiency. Biostimulants containing Vitamin B, chitin, and chitosan are expected to gain traction during the forecast period.
Europe held the largest share in the global biostimulants market with 34.5% share in terms of area of application. The growing consumer’s interest towards usage of eco-friendly products and increasing food demand, putting pressure on land for enhancing the yield per hectare is promoting the growth of the biostimulants market in the region. The technological advancements, along with growing awareness about organic products in developing regions, such as Asia-Pacific and Latin America are projected to boost the demand for biostimulants products.
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North America is expected to witness steady growth, while Europe is expected to witness moderate growth during the forecast period. Middle East & Africa is expected to grow significantly, owing to the rapidly growing agriculture industry.
Some of the major competitors in the global biostimulants market include Micromix Plant Health Limited, Acadian Seaplants Limited, Omex Agrifluids Ltd., Valagro S.p.A, The Dow Chemical Company, BASF SE, Trade Corporation International, Isagro S.p.A., Koppert B.V., Platform Specialty Products Corporation, and Others.
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