Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Biostimulants Market (By Product: Humic Acid & Fulvic Acid, Amino Acids, Seaweed, Vitamins, Microbial Stimulants, Biorationals; By Application: Oilseeds & Pulses, Fruits & Vegetables, Grains & Cereals, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
LOS ANGELES, April 25, 2019 (GLOBE NEWSWIRE) -- The global Biostimulants Market is estimated to grow at 12 % CAGR over the forecast time frame 2019-2026 and reach the market value around USD 5 billion by 2026.
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Increased emphasis on improving productivity and rapid soil degradation is expected to drive the market over the projected period. In sustainable agricultural practice, bio-stimulants emerge as an important component. In the last few years the industry has been facing significant instances of environmental risks and soil contamination from harmful and excessive use of chemically based products on crop crops. Due to its environmentally-friendly nature and performance, biostimulants are an effective substitute for chemical agroproducts and replace them at an increasing rate.
Manufacturers of bio-stimulants such as Biostadt India Limited are committed to providing customized products that are specific to soil and crop type. They also educate farmers on the benefits and expanded the company's geographic presence of these superior agro-products. Key players focus on consolidating their position in existing market conditions through various expansion strategies, particularly in emerging economies.
Companies are forward and backward integration to increase their profit margins and gain greater negotiating power. This will boost competition throughout the forecast period. The overall competitive scenario is expected to be largely affected by research and development and by expanding product lines by 2026.
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Application Insights
The global market for bio-stimulants is split into oils & pulses, cereals & grains, fruits & vegetables etc. Based on its application from 2019 to 2026, the fruit & vegetables market segment will be dominant. Biostimulants improve several parameters of crop quality in application of fruit and vegetable products including colour, firm sugar content (BRIX) and quality after harvest. Biostimulants improve uniformity of the fruit size and crop. They stimulate young fruits ' cell division. Biostimulants also provide vital nutrients for processes like photosynthesis in plants. In turn, the marketable return is increased.
Growing demand for eco-friendly agro products to boost market growth
In recent years it has been a difficult issue for the agriculture sector to sustain the levels of food production to meet the demand of growing global populations, without jeopardizing natural resources. Rapid population growth has given rise to food safety concerns. As a result of population growth, demand for food is rising. The infrastructure for food and edible agricultural products for the storage and distribution of food and grain is still lacking in both underdeveloped and developing countries. In order to meet the growing demand for food there is a need for improved yields of crops grown on existing land. In order to meet this demand, the use of advanced agrochemicals is necessary. Excessive use of traditional agrochemicals can, however, lead to environmental degradation. In the next few years, environmentally friendly crop production will most likely be desirable. The requirements for non-toxic and ecological biostimulants are likely to be greatly promoted in the near future. By increasing nutrient efficiency and water consumption and providing protection against abiotic stress, bio-stimulants stimulate plant growth. The increasing demand for environmentally friendly agricultural products is expected to drive the global market for organic stimulants between 2019 and 2026.
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Regional Snapshots
Europe is the world's largest income-generating region and its dominance over the forecast period is expected to continue. Biostimulants are expected to increase the application of supporting regulations to increase organic food production. Sluggish growth, however, is anticipated to remain a market restrictive factor in the agricultural sector in West Europe. Furthermore, there will be a substitution risk in the coming years from the presence of biofertilizers.
Different agricultural-driven economies like India, China and Australia are expected to be experiencing promising growth over the forecast period. In Asia Pacific countries, income levels, expenditure capacity and food consumption habits are highly diverse. There is steady growth in the agricultural sector in this region and the population depends primarily on agriculture. This offers lucrative market growth opportunities in the region.
Key Players & Strategies
With several small and medium-sized producers of biostimulants making up almost 60 percent of the share of the market in 2018, the global market for bio-stimulants was extremely fragmented. Biolchim S.p. A., Syngenta, Novozyme, Agrinos, Valagro and UPL are prominent players in the global biostimulants market.
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