ALBANY, New York, March 7, 2019 /PRNewswire/ -- As per analysis by Transparency Market Research (TMR) the global biostimulants market has a highly competitive vendor landscape. Key players such as Biolchim S.P.A., Koppert Biological Systems, Kelpgrow, Valagro, Syngenta, Italpollina spa, Premier Tech Ltd., and Agriculture Solutions Inc. are operating in the global biostimulants market. Experienced companies are focusing on facilitating partnerships with several players to widen their global presence. Further, the emergence of the new players in the market is leading to fragment the biostimulants market due to the presence of small and mid-sized organizations globally.
According to the report by Transparency Market Research, the biostimulants market is projected to reach a value of US$20.05 bn by 2025 end from the value US$ 5.93 bn in 2016. The market is likely to expand with a stellar CAGR of 12.8% over the forecast period from 2017 and 2025.
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On the basis of products, the seaweed segment dominated the global biostimulants market owing to growing healthcare investment. Based on the region, Europe dominated the biostimulants market by accounting 40% of the total shares in 2016. However, Asia Pacific is expected to expand at a CAGR of 13.9% over the forecast period. This growth is attributable to a growing demand for biostimulants for improving the yield of crops like rice, corn, wheat, and soybeans.
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Growing Adoption of the Profitable Agriculture to Reflect Positively on Market Growth
The biostimulants market is gaining traction due to the growing focus on profitability and quality. In order to achieve this, the crop producers are trying to use the biostimulants or biofertilizers, which is boosting the biostimulants market. Additionally, factors such as acceptance of the profitable horticulture for protecting soil from hazardous chemicals mainly in the developed regions such as Europe and North America is reflecting positively on growth of the global biostimulants market.
Furthermore, growing accessibility of the restricted land, which is mainly used for agricultural businesses and crop cultivation, is likely to propel growth of the global biostimulants market. Additionally, factors such as growing disposable incomes are changing the way of life along with improving the expenditure power, which is extensively driving growth of the global biostimulants market.
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Government Support to Boost Biostimulants Market's Growth
One of the important factor influencing positively on the growth of the global biostimulants market is the government support for the adoption of biostimulants. Numerous governments are supporting the use of biostimulants for maintaining the balance of environment and soil. This factor too is supporting growth of the biostimulants market. Additionally, governments are also offering numerous subsidies on the use of biostimulants, which is reflecting positively on growth of market.
Despite these factors, lack of knowledge about the presence of these biostimulants especially in the developing countries is likely to hamper adoption of the biostimulants. This is a key factor restraining growth of the global biostimulants market. Nonetheless, swiftly changing the environment and growing penetration of the atmospheric changes, which influences the crop yield. Growing knowledge about the presence of the biostimulants is expected to offer opportunities for growth over the forecast period.
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This information is encompassed in the report by TMR, titled, "Biostimulants Market (Product - Humic Acid, Fulvic Acid, Amino Acids, Microbial Stimulant, Seaweed, Vitamins, and Biorationals; Application - Oilseeds and Pulses, Cereals and Grains, and Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2017 - 2025."
For the study, the biostimulants market has been segmented as follows:
Product
- Humic Acid
- Fulvic Acid
- Amino acids
- Microbial stimulant
- Seaweed
- Vitamins
- Biorationals
Application
- Oilseeds & Pulses
- Cereals & grains
- Fruits & vegetables
- Others
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