According to Stratistics MRC, the Global Biostimulants market accounted for $1.77 billion in 2015 and is expected to grow at a CAGR of 10.82% to reach $3.64 billion by 2022. The market is expected to grow gradually due to growing importance for organic products in agriculture industry. Rising government funding and increasing concerns regarding sustainable agriculture has broaden the scope for biostimulant manufacturers. On the other hand, huge R&D costs and lack of awareness about biostimulants products are inhibiting the market.
Acid-based biostimulants segment commanded the largest market share, because raw materials for these biostimulants are obtained easily and highly efficient compared to other ingredients. Based on crop type, Row crops segment dominated the market followed by fruits & vegetables segment. Technological advancements and increasing awareness regarding organic products in developing economies such as Asia Pacific and Latin America are anticipated to fuel the biostimulant products demand. Europe accounted for the largest share of the global market followed by North America.
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Some of the key players in the global biostimulants market include Novozymes A/S, Biostadt India Limited, ISAGRO Spa, Valagro Spa, BASF SE, Koppert B.V., BioAtlantis Ltd., The Dow Chemical Company, Acadian Seaplants Limited, Micromix Plant Health Limited, Arysta LifeScience Corporation, Biostadt India Limited, Taminco Corp., Agrinos AS, Arysta Lifescience Corporation, and Italpollina Spa.
Active Ingredients of Biostimulants Covered:
o Amino acid
o Fulvic acid
o Humic acid
Other plant extracts
Crop Types Covered:
Fruits & Vegetables
Turf & Ornamentals
Other Crop Types
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