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Albany, New York, May 09, 2019 (GLOBE NEWSWIRE) -- The global biostimulants market is witnessing a substantial growth as demand for high-value crops and rising pressure on arable land drives demand. The rising demand has fuelled intense competition in the market with increased regional fragmentation, reports Transparency Market Research (TMR). Small and medium sized players occupy over 60% revenue share in the global biostimulants market. Additionally, the market is witnessing rising innovation, thanks to growing research and development by major players. Some key players in the global biostimulants market are Novozyme, Agrinos, Biolchim S.p.A., Valagro, Syngenta, and UPL.
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The research and development in the global biostimulants market shows a lot of promise. Recently, the Indonesian Research Institute for biotechnology and bio-industry applied various bio stimulants for routine crops such as maize, rice, shallot, and potato. The research resulted in 31%, 25%, 23%, and 30% increased productivity respectively. Additionally, the research also demonstrated 48% increase in tea yield and 50% higher yield of sugarcane. Moreover, the new crops were more pest and disease resistant. While high costs of biostimulants continues to pose a challenge for demand in the global biostimulants market, the study displayed higher profits with relatively lower investments.
Due to promising development like these, the global biostimulants market is expected to expand at a remarkable CAGR of 12.3%. Additionally, it is likely to reach US$5,526.8 mn by 2027. Among various products in the global biostimulants market, the fulvic acid and humic acid segment is expected to register the highest growth. These biostimulants boost cation exchange capacity and nutrient intake of the soil and plants.
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Among regions, Asia Pacific region is expected to expand at the fastest CAGR during 2018-2027. The region is home to a large population, and considerable pressure on usable land, and growing demand for various food products are expected to drive growth in the biostimulants market.
Rising Demand for Green Agro Products to Drive Biostimulants Market
The limited availability of land and the perishable nature of food produce are an absolute headache for the agricultural sector. Growing agricultural produce with complete natural processes is not an option anymore, due to growing population in the world. Additionally, the advancements in medicine and growing stability are expected to result in population growth in many countries. On the other hand, pollution of land, water reservoirs, and air are detrimental to the growth of crops and resulting in lower yield.
Furthermore, the chemical pesticides have long ceased to be viable option due to their hazardous properties. Growing awareness about chemicals are also expected to affect growth of retail as options like farmers market are gaining increased ground in developed markets. Conversely, biostimulants are promising a sustainable, feasible, and economical alternative to chemical fertilizers. Hence, growing regulations, awareness, and increasing demand for food produce are expected to drive significant growth for the global biostimulants market in the near future.
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High Costs Promise to Limit Growth of the Biostimulants Market
Biostimulants are gaining increased acceptance from farmers recently. However, this approval mainly comes from the negative effects of chemical fertilizers and pesticides. The biostimulants still have some way to go before proving their potential as standalone entities. Hence, it is not surprising that currently biostimulants currently are mostly used for removing stress that plants encounter. Stress at the roots of plants can have several extremely adverse impact on a plant’s growth. Hence, investing in this is essential for farmers. Therefore, biostimulants are currently witnessing a major growth in applications such as fruits and vegetables which are high-value crops. In the near future, rising demand for biostimulants and consolidation in the market can result in lower costs of biostimulants and more growth of the global biostimulants market.
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Information provided in this review is obtained from a TMR report, titled, “Biostimulants Market (Product - Humic Acid and Fulvic Acid, Amino Acids, Microbial Stimulants, Seaweed, Vitamins, Biorationals; Application - Oilseeds and Pulses, Cereals and Grains, Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”
The global biostimulants market has been segmented as follows:
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