The Global Biostimulants Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report, the Global Biostimulants Market is estimated to be USD 2009.06 billion and predicted to rise to USD 3528.02 Million with a CAGR of 11.92%. The market is segmented by Active Ingredients (Fulvic Acid, Protein Hydrolysates, Seaweed Extracts, Amino Acid, Humic Acid, and Others), by Application (Seed, Foliar, Soil), and by Crop Type (Fruits & Vegetables, Cereals & Oilseeds, Turfs & Ornaments, and Others). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The growth of the Global Biostimulants market is majorly driven by factors such as rising population, easy availability, and eco-friendly nature of biostimulants. Another key factor driving the market is climate change. Regular deviations in climate due to global warming have resulted in instability in yields of several food and cash crops. This has led to a growing predilection towards the utilization of biostimulants by farmers. However, issues such as lack of awareness among the farmers in the developing countries and high R&D costs involved in this field are hindering the growth of the market.
Humic acids and fulvic acids lead the global market for Biostimulants, accounting for more than 30% of the global market. However, seaweed extract is projected to be the fastest-growing segment due to the increasing demand from North American and European countries. The foliar technique of application is the most favoured for biostimulant supply, as it delivers ingredients in a much more direct manner when compared to the others. Cereals & Oilseeds lead the global market on the basis of Crop Type and this trend is expected to remain the same during the forecast period.
Europe has been leading the global Biostimulants market followed by North America on account of rapid development of innovative biostimulants and huge investments in R&D. The Asia Pacific market is anticipated to be the fastest growing regional market due to rising awareness and preferences for biostimulants. Growing demand for biostimulants in countries such as Brazil and Mexico is anticipated to offer huge growth prospect for the market in the Latin America region.
Important strategies such as product expansions and investments have been implemented by the key players in the biostimulants industry. These companies are improving their capabilities by diversifying their commercial operations across the high-growth markets with efficient distribution systems. The major companies dominating the global Biostimulants market are BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V.
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