The global market for biostimulants is projected to witness a high demand over the forthcoming years. As reported by Transparency Market Research (TMR), the market is anticipated to offer numerous growth opportunities for vendors. Experienced players are enthused about banding together with worldwide market players to pick up a global presence. Further, the tremendous market potential is drawing in the emergence of new players into the market. This is relied to involve market fragmentation due to vicinity of expansive, medium and small-sized players.
TMR predicts that the global biostimulants market is set to exhibit a 12.8% CAGR from 2017 to 2025. The market revenue is thus evaluated to reach US$5.93 bn by 2025 end, rising US$20.05 bn in the year 2016.
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Based on the type of product, the overall biostimulants market is segmented into microbial stimulant, amino acids, fulvic acids, humic acids, vitamins, seaweed and mineral among others. Amid these. The seaweed segment is expected to emerge as a winning product. Seaweed extracts are used on a large basis in a number of healthcare products. Also, the rising awareness toward using organic ingredients in products and the decline in use of chemical fertilizers is further fueling the seaweed segment growth.
On the basis of geographical segmentation, Europe led the market with a 40% revenue share in the year 2016. This predominance of the region is expected to continue on account of countries such as Germany, France, and U.K. which yield high demand for biostimulants. However, in terms of growth rate, Asia Pacific is predicted to surpass all other regions, with a 13.9% CAGR throughout, The region is a heavy consumer and producer of food crops like rice, wheat, corn and soybeans. Biostimulants help enrich the conditions required for these crops, improve quality of crop and yield. Additionally, governments in the region are providing support to the industry in form of subsidies which will further aid market growth.
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Increment in the focus to expand profitability and quality drives the surging interest for biostimulants in the market. Another huge factor affecting the market development is the acquaintance of economical horticulture that could help protect the soil from atrocious impacts, particularly in Europe and North America. However, the low awareness about the benefits of biostimulants in agrarian exercises among the farmers could hamper the market development.
Yet, the restricted land accessibility alongside upgraded cultivating practices is expected to impel the agribusiness industry towards accuracy cultivating which will open new paths for biostimulants market development. The changing way of life and expanding acquiring power equality especially in emerging regions is predicted to invigorate the biostimulants market. Swift changes in atmosphere because of atmospheric deviations influencing crop yield will emphatically impact product development and entry over the coming years.
This review is based TMR’s report 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.”Top of Form
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