London, June 09, 2020 (GLOBE NEWSWIRE) -- In order to fulfil the food demand of growing population, advanced productive agricultural materials are required. Over the last several decades, tremendous efforts are being taken to improve the agricultural yields through extensive application of chemicals that have long-lasting and profound effects on the environment and human being. Therefore, to feed the world population without damaging environment, the use of biological products such as biostimulants is increasing significantly across the globe. This is the main reason that number of major multinationals have jumped into the biostimulants market in the recent years.
In terms of value, the biostimulants market is expected to grow at a CAGR of 13.4% from 2019 to reach $4.47 billion by 2025; whereas, in terms of volume, this market is expected to reach 4,46,651.3 metric tons by 2025, growing at a CAGR of 12.4% during the forecast period. The overall biostimulants market is mainly driven by rising need to increase crop yield and quality, growing organic farming and demand for organic food, wide range of benefits of biostimulants in crop production, and growing awareness about environmental safety with the use of biostimulants. However, lack of education and awareness among farmers and challenges to new entrants and small companies hampers the growth of this market to some extent.
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The overall biostimulants market is mainly segmented by active ingredient (acid based, extracts based, microbial amendments, trace minerals and vitamins, and others), mode of application (foliar spray, soil treatment, and seed treatment), formulation (liquid formulation and dry formulation), crop type (row crops, fruits and vegetables, turfs and ornamental, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on active ingredient, acid based biostimulants commanded the largest share of the overall biostimulants market in 2019. The large share of this segment is attributed to their wide range of benefits to plants, higher effectivity, and easy availability. Also, acid based active ingredient improves the uptake of minerals, stimulate the plant growth, and improve the plant’s natural resistance to environmental stresses. However, extract based biostimulants market is expected to witness significant growth during the forecast period.
Based on crop type, row crops commanded the largest share of the overall biostimulants market in 2019. The large share of this segment is mainly attributed to the factors such as an availability of huge area under cultivation of row crops across the globe, increasing organic farming, and growing usage of biostimulants by the farmers instead of chemical fertilizers or pesticides.
Based on mode of application, foliar spray commanded the largest share of the overall biostimulants market in 2019, mainly attributed to its higher efficiency as compared to other modes of applications.
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Based on formulation, liquid biostimulants commanded the largest share of the overall biostimulants market in 2019. The large share of this segment is mainly attributed to higher effective duration (up to 6 months) as compared to that of dry formulation (up to 3 months) as well as their better performance over dry formulation.
Geographically, Europe was the largest market for biostimulants, followed by North America, and Asia. The large share of this region is primarily attributed to the rising concerns over harmful chemicals on environment, increasing demand for organic food, growing research and development activities on biostimulants, and the presence of large number of biostimulant providers. However, Asia-Pacific region is slated to register the fastest growth during the forecast period, primarily due to large area under agriculture cultivation, rising need to increase the crop yield and quality, increasing demand for organic food, growing awareness among farmers about benefits of biostimulants, and various government initiatives to develop and increase application of biologicals in the region.
The key players operating in the global biostimulants market are Marrone Bio Innovations, Inc. (U.S.), Biolchim SpA (Italy), Monsanto Company (U.S.), Valagro S.p.A. (Italy), Andermatt Biocontrol AG (Switzerland), Som Phytopharma India Limited (India), BioWorks, Inc. (U.S.), Novozymes, Inc. (Denmark), Koppert B.V. (the Netherlands), Isagro SpA (Italy), Italpollina SpA (Italy), Trade Corporation International (Spain), Biostadt India Limited (India), Micromix Plant Health Ltd. (U.K.), FMC Corporation (U.S.), Syngenta International AG (Switzerland), BASF Corporation (Germany), BioAtlantis Ltd.. (Ireland), Omex Agrifluids Limited (U.K.), Agrinos AS (Norway), Plant Health Care plc (U.S.), Haifa Chemicals Ltd. (Israel), SICIT 2000 SpA (Italy), and EuroChem Group AG (Switzerland) among others.
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