Africa Biostimulants Market - Industry Growth, Trends and Forecasts (2020 - 2025)

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Africa Biostimulants Market

Market Insights

The market is likely to post a CAGR of 7.9% during 2017-2022, to reach a projected USD 278.05 million by 2022, from an estimated USD 176.20 million in 2016. Biosynthetic biostimulants lead the demand for plant biostimulants in the region, accounting for a share estimated at 73%, equivalent to USD 80.3 million, in 2015. Regarding growth, seaweed extracts-based plant biostimulant agents are slated to post the fastest CAGR of 9.6% during the forecast period, to reach a projected USD XX million by 2022, from an estimated USD XX million in 2017. Product innovations and the increasing cost of conventional agrochemicals encouraged the cultivars to employ efficient biostimulants to retain the agricultural output, without affecting the environment in South Africa.

Important strategies, such as product expansions and investments, have been implemented by key players in the biostimulants industry.

Market Dynamics

The Africa plant biostimulants market is driven by factors, such as increasing importance of organic farming across the region, need for enhanced yield and increasing emphasis on sustainable farming. Other associated factors responsible for growth in the market are food security issue, population growth and increase in the environment-conscious consumer base in developed and developing countries.

The market is, however, restrained by certain factors, such as less awareness among farmers about the application and benefits and less innovation in product development. However, there is a bright scope in R&D in this region, as major companies are shifting their focus and investing in product development. Additionally, government support and subsidies are complimenting the growth of plant biostimulants in Africa.

Market Segmentation

The Africa plant biostimulants market is segmented by active ingredients, type, application, crop type and country. Segmentation, by active ingredients, includes humic acid, fulvic acid, amino acid and protein hydrolysates, seaweed extracts and others. Humic acid holds the major share of 24% in the Africa plant biostimulant industry, registering a CAGR of 7.8%. This is followed by fulvic acid, which was calculated to be USD XX million, in 2016, witnessing a CAGR of XX%. By type, the market is segmented into natural biostimulants and biosynthetic biostimulants. The biosynthetic biostimulants segment expected to witness a CAGR of XX% over the forecast period, to reach USD XX million by 2022, from USD XX million in 2016.

By application, the market is further segmented into foliar, soil and seed, of which, foilar is the largest segment with an estimated value of USD XX million, in 2016. The growth rate is calculated at XX% during the forecast period. The seed segment holds a small portion of the African plant biostimulants market but is expected to grow at a double-digit figure. By crop type, the industry is segmented into cereals, oilseeds, fruits & vegetables, turf & ornaments and others. In Africa, the plant biostimulants are mostly used for cereals, fruits and vegetables.These segments consume more than 50% of the biostimulants.

By Country, South Africa is the largest consumer of plant biostimulants in Africa, which consumes 49% of the total African biostimulants, with a market value of USD XX million, in 2016. It is expected to register a CAGR of XX%, to reach USD XX million by 2022.

Major Companies in the Sector Include:

Tradeecorp Internationals
Arysta
Valagro SPA
Micromix Plant Health Ltd.

Recent Industry Insights

The US-based, UK-listed bioproducts company, Plant Health Care, entered into distribution agreements for its disease resistance activator, Harpin αβ, with the US Company Talc USA, Portuguese firm Edaf Unipessoal and the South African company DuxAgri.

Key Deliverables in the Study

Market analysis for the Africa plant biostimulants market, with region-specific assessments and competition analysis.
Market overview and identification and analysis of the macro and micro factors that affect the Africa plant biostimulants market and also instrumental in changing the market scenario on a regional scale.
Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.

The report holds importance for the following stakeholders-