Theglobal biostimulants market is set to grow at a stellar CAGR of 11% during the forecast period (2019-2029), witnessing 3X growth in revenues. As projected by a new report of Future Market Insights (FMI), the growth of market is primarily fueled by the growing preference for bio-based ingredients in agrochemicals and crop growth additives, and a measurable rise in agricultural and horticultural production around the globe.
“The prevalence of organic farming is creating demand for raw materials, thereby propelling the biostimulants market. Raw crops account for the majority of consumption of biostimulants,” suggests the report.
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Biostimulants Market: Key Findings
- Acid-based active ingredients will remain the most sought-out ingredient type, owing to their efficiency in enhancing crop quality.
- Horticulture-based crop produce will significantly boost consumption of biostimulants, owing to their effectiveness in microbial reactions in diverse fruits and vegetables.
- Europe prevails as the leading regional market for biostimulants, backed by high adoption and favorable initiatives by administrations, thereby accounting for half of the global sales.
- Asia Pacific will outpace other regions in terms of growth, and will account for significant chunk, owing to increasing adoption in the emerging economies of East Asia such as India and China.
Biostimulants Market: Key Driving Factors
- Rising awareness regarding the side effects of conventional, synthetic crop fertilizers is pushing manufacturers in the biostimulants market.
- The shrinking of fertilized lands, which is the fundamental challenge for the agricultural industry, is working in favor of the biostimulants market as the need to improve yield per unit area of cultivated land is higher than ever.
Biostimulants Market: Key Restraints
- The sluggish growth of agriculture in developed economies is threatening the rapid growth of the market.
- The presence of biofertilizers as an alternative will slightly affect the sales.
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This Future Market Insights report examines the ‘Global Biostimulants Market’ for the period 2015 – 2025. The primary objective of the report is to offer updates on advancements in the biostimulants market by thorough examination of marketing efforts and business strategies undertaken by manufacturing companies, which is significantly transforming the biostimulants market. This study analyses, estimates and forecasts the global biostimulants market from the demand as well as supply perspective in terms of volume (Thousand Tonnes) and revenue (US$ Mn) during the forecast period (2015–2025). The report also highlights the impact of drivers and restraints in various regions during the forecast period.
The primary objective of the report is to offer updates on the advancements on crop enhancement products such as biostimulants. This FMI report starts with an overview of the global biostimulants market and segments on the basis of application type, crop type, active ingredient type and geography.
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