The plant biostimulant market is in its nascent stage, and was valued at USD 1940.0 million in 2017. The market is projected to register a CAGR of 13.8% during the forecast period of 2018-2023, and is estimated to reach USD 4185.0 million by 2023. The report global plant biostimulant market provides the key information of growth, segmentation, and trends of the global plant biostimulant market.
The report delivers a detailed analysis on various aspects of the plant biostimulant market, which are broadly segmented by geography, by type, by active ingredients, by crop type, and by application. The geographic segmentation is done by region which includes, North America, Europe, Asia-Pacific, South America, and Africa and further country-wise analysis is also carried out. Under the segment of active ingredients, it has humic acid, fulvic acid, amino acid, protein hydro lysates, seaweed extracts and others. Acid-based biostimulants, including humic acids, fulvic acids and amino acids, is a major market segment, accounting for a share of around 50%. The market for humic acid is growing, due to many of its advantages, such as the increase in the overall fertility of the soil and reduced requirement of water for the growth of the crop. To analyze the level of competition, threats, substitutes and bargaining powers of buyers and suppliers in the industry, Porter’s five forces analysis is also conducted.
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The European Union’s stringent regulations on environmental safety and support for organic farming are paving the way for a flourishing biostimulants market in the regions, making it the largest market which accounts for around 42% of the total market share. It is also expected that European region would witness a CAGR of 13.4% during the forecast period. However, the Asia-Pacific region is estimated to be the fastest-growing region, due to the push from the regional governments for sustainable farming and the availability of products at cheaper costs.
Plant Biostimulant Market Dynamics
Expansion of the organic food industry, higher benefits with enhanced yield and productivity, and increased emphasis on sustainable farming are some of the factors driving the market. However, less awareness among farmers in developing countries, less innovation in product development, high R&D cost, and unclear registration status of biostimulants are the factors constraining the market. An increase in the government support, in the form of subsidies, is one of the major opportunities for further growth of the biostimulant market. There is also need for a holistic approach, for overcoming the fragmented regulatory landscape of biostimulants that would provide a fixed, holistic approach to the industry’s operation and government support.
The global plant biostimulant market is highly fragmented, consisting of various small, as well as, medium-sized companies and few big players, who face stiff competition in the market, due to the development of regional markets and local players in different parts of the world. North America and Europe are the two regions showing maximum development.
The report profiles the major players like Arysta, Biostadt, valagro SPA, Iisa SPA, Agrinos AS, Trade Crop Internationals, Taminco, Micromix, Plant Health Ltd, Lallemand. Currently, the active players in this industry are, Arysta, Tradecorp, Biostadt, Micromix, etc. Some players have been expanding their geographical presence by acquiring or merging with manufacturers in the foreign market.