The MEA bio-stimulants market is anticipated to record an impressive CAGR of 7.8% during the forecast period, 2020-2030. The requirement for organic products and techniques is increasing in the MEA as nations in the region focus on enhancing agricultural yield. Consumers nowadays are gradually aware about several negative effects of utilizing chemically synthesized fertilizers and pesticides. This has been ensued in growing sales of organic stimulants.
“The Bio-stimulants market will record surging demand for bio-stimulants mainly due to the promising initiatives implemented by governments. These campaigns are frequently aimed at boosting the implementation of bio-stimulants to counter the influence of diminishing arable land, growing population, and scarcity of water in the region.” says an FMI analyst.
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Key Highlights
- Turkey will be foreseeing skyrocketing growth due to the increased dedication of the Turkish government for the growth of agriculture.
- The foliar category is anticipated to foresee a rise in sales over the projected period.
- The acid-based category is likely to remain dominant across the anticipated period.
- Fruits and vegetable crops segment will remain lucrative in the global market.
Drivers
- Surging demand for sustainable agricultural practices is spurring the market growth.
- A drop in the accessibility of arable land as well as escalating population are projected to generate lucrative prospects for market players functioning in the market.
- Unfavorable climate conditions prevailing in majority of the regions of MEA has been favoring the expansion of the biostimulant in the region.
Restraints
- Lack of awareness amid farmers regarding the effectiveness and benefits of bio-stimulants might limit the growth.
- Several nations lack regulations concerning the commercialization of products, leading to a lower adoption of new products and is constraining market expansion.
Impact of COVID-19 on the Market
The COVID-19 outbreak triggered disruptions in various industries including the MEA bio-stimulants market. Lockdown implementation in several nations triggered a slowdown in manufacturing. With growing awareness in relation to safety and health, individuals are now inclined towards the usage of organic products. This boosted demand for sustainable and ecofriendly agricultural products, and assist in gaining the pre-crisis sales in the bio-stimulants market.
Competitive Landscape
Market players are engaged in emerging bio-stimulants with enhanced safety and efficiency to boost their application. Players are further collaborating with several companies to generate better forms of biostimulants.
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Prominent players in the MEA market are Platform Specialty Product Corp., Bayer CropScience, Biostadt India Ltd, Sapec Group, Koppert Biological Systems, Valagro S.p.A., Lallemand, Syngenta AG, Marrone Bio Innovations, Novozymes A/S, AlgaEnergy, Biochimica, Italpollina, BASF SE, UPL and Isagro.
Bio-Stimulants Market by Category
By Crop Type, the Bio-Stimulants Market is segmented as:
- Row Crops
- Fruits & Vegetables
- Turfs & Ornamentals
- Other Crop Types
By Active Ingredients, the market of Bio-Stimulants is segmented as:
- Acid-Based
- Extract-Based
- Others (Including Microbial Amendment, Trace Minerals, etc.)
By Application, the Bio-Stimulants Market is segmented as:
- Foliar
- Soil
- Seed
By Region, the market of Bio-Stimulants is segmented as:
- Egypt
- Algeria
- Morocco
- Tunisia
- Ghana
- Nigeria
- Senegal
- South Africa
- GCC Countries
- Turkey
- Libya
About the Study
The study offers readers a comprehensive assessment of the bio-stimulants market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of active ingredients (acid-based, extract-based and others), application (foliar, soil and seed), crops ( row crops, fruits & vegetables, turfs & ornamentals and other crop types). The MEA bio-stimulant market is segmented on the basis of geography into Egypt, Algeria, Morocco, South Africa, Nigeria, Ghana, Senegal, Tunisia, GCC countries, Turkey and Libya.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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