Biostimulant is an organic substance that significantly impacts plant health. It is applied in small quantities in order to promote plant growth. Microorganisms, enzymes, plant hormones, and trace elements are mixed in precise quantities to make biostimulants. Hence, biostimulants cannot be categorized as fertilizers that are used to supply nutrients to plants with nutrition deficiencies. Biostimulants boost nutrient availability, metabolism, water holding capacity of the plants, and enhance the production of chlorophyll and antioxidants. Biostimulants encourage plant growth, thereby improving crop yield and quality. Based on active ingredients, the biostimulants market can be segmented into acidic biostimulants (including humic, amino, and fulvic biostimulants) and extract biostimulants (including seaweed extract-based biostimulants). Based on key crop type, the application market has been segmented into row crops, ornamental crops, vegetables, fruits, and turf.
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Climate is one of the key driving factors for the biostimulants market. Consistent changes in climate owing to global warming has resulted in fluctuation in yields of various food and cash crops. This has led to growing preference for usage of biostimulants by farmers. Easy availability has further augmented the market, since biostimulants are readily accessible to farmers across the world. Increase in population is another key factor driving the biostimulants market. Farmers employ biostimulants instead of synthetic stimulants, as the former not only boost crop yield but also enhance land fertility, while the latter may harm land fertility at the cost of boosting crop yield. Organic origin and ecofriendly nature of biostimulants are also boosting market growth.
Europe was the largest market for biostimulants in 2014, owing to rapid development of innovative biostimulants due to their property of boosting yields. Countries in Western Europe such as Germany, France, Spain, and the U.K. are expected to be hotspots for biostimulants in the region. Asia Pacific is anticipated to be the fastest growing regional market for biostimulants due to rising awareness and preferences for biostimulants in major agricultural economies such as China, India, and Australia. Asia Pacific accounts for major share of the biostimulants market. This trend is anticipated to continue during the forecast period. In terms of demand, the biostimulants market in North America is estimated to be predominantly driven by the U.S. owing to increasing preference for bio-based products in the region. The biostimulants market in Latin America is projected to be driven by agricultural economies such as Brazil and Argentina owing to increasing preferences for bio-based agricultural stimulants in these countries. South Africa is likely to offer bright prospects for growth of the biostimulants market in Middle East and Africa due to higher preferences for bio-based agricultural stimulants in the region. Formation of various organizations such as the European Biostimulants Industry Council (EBIC) and the BioStimulant Coalition has further boosted the global biostimulants market and research in these fields. Establishment of the European Biostimulants Industry Council in Europe has significantly impacted the biostimulants market in the region, with major players providing support to the council’s research ideologies. Similarly, the BioStimulant Coalition has propelled the biostimulants market in North America in the past few years. This trend is likely to continue during the forecast period.
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The number of companies operating in the biostimulants market has been increasing every year. This intensifies the competition in the market. Some of the key players in the biostimulants market include BASF SE, Bayer AG, Italpollina spa, Valagro, Biovert S.A., Arysta LifeScience Limited, Agrinos, ILSA spa, Biostadt India Limited, and Koppert B.V.
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