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Global biostimulants market to reach $2.91 bn by 2021
Jun. 14, 2016
The biostimulants market is projected to grow at a CAGR of 10.4% from 2016 to 2021 and reach a projected value of USD 2.91 Billion by 2021. In terms of area of application, the biostimulants market is projected to grow at a CAGR of 11.7% from 2016 to 2021, to reach USD 24.9 Million hectares by 2021. Factors such as raw material availability and widening applications in row crops such as cereals and oilseeds for its efficient stress response mechanism are projected to drive the biostimulants market.
The biostimulant products are gaining popularity for their fastest-growing innovative ingredient segments such as seaweed extracts and microbial amendments, owing to the need for adopting sustainable practices effectively with limited resources (land, water, and nutrients).
In the biostimulants market, row crops are projected to gain strong growth, in terms of value and area, in the next five years with respect to strengthen crop production during adverse stress conditions such as drought and intense heat.
Europe accounted for the largest market share in 2015, whereas the Asia-Pacific region is the fastest-growing market from 2016 to 2021 with respect to biostimulants. Growth in the Asia-Pacific region has been attributed to the strong demand to improve crop productivity of cereals and oilseeds within the concept of good agricultural practices.
Raw materials such as humic substances, organic waste matter, and vermicompost are utilized by farmers from their own farm resources, without complete awareness of their function as sources of biostimulants such as humic acids and fulvic acids. The popularity of biostimulant products depends on the understanding of its constituents and benefits, among the farmers. Companies, being aware of the effectiveness of these specific acids, extract them and provide them as ready-to-use end products to the market, sometimes formulated along with microbials and amino acids. The information gap caused by misplaced marketing about the concept of biostimulants serves as a challenge toward the growth of the biostimulants market.
The key players have been exploring the market in new regions by adopting strategies such as new product launches, and expansion & investments in the last five years. On the backdrop, acquisitions of seaweed manufacturers and extractors for their technologies also take place in a subtle manner.
According to M&M, Biolchim SpA (Italy), Valagro SpA (Italy), and Italpollina SpA (Italy) are important players involved in raw material supply of seaweed extracts as well as in its formulations for biostimulant products. Well-established back-end and front-end operations of these companies, impressive product portfolio launches, and acquisition of seaweed processors are projected to further stabilize the position in the European as well as the overseas market.
Source: MarketsandMarkets (M&M)
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