Global Biostimulants MarketMarket Overview
Biostimulants are diverse formulation of compounds and micro-organisms that are mixed with soil or applied to plants to improve crop yield, quality and better tolerance of abiotic stress. The usage of biostimulants in agriculture is rapidly increased during the last decade as the public and private sector agricultural R&D organizations are working for the solutions of problems associated with the modern agriculture.
Rising global population along with limited availability of land has significantly raised the concerns to meet future demand for food supply, which is shifting the agriculture industry towards precision farming, thus opening vast avenues for biostimulants market growth. Additionally, global warming has a severe impact on climatic conditions which is resulting in yield instability of several crops. Shifting climatic conditions has considerably raised the demand for biostimulants in order to improve the crop quality. Environmental regulations by different governments and initiatives for adoption of biological farming instead of using synthetic fertilizers will further propel the growth of biostimulants market.
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Key market players adopted the business strategy such as merger & acquisition to expand their business in untapped regions is also going to bolster the global biostimulants market growth. For instance, BASF acquired CropDesign, a Belgian biotech company in 2006 and Becker Underwood in 2012. These acquisitions helped the BASF to provide advanced biological solutions and products in the areas of crop protection, turf and horticulture to its customers.
Market Segmentation
• By Active Ingredients
o Organic Acids
o Amino Acids
o Seaweed Extracts
o Plant Extracts
o Microbials
• By Crop Type
o Row Crops & Cereals
o Fruits & vegetables
o Turf & Ornaments
o Other Crops
By Geography
o North America US, Canada {Market Share % , Market Size USD Billion }
o Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Billion }
o Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Billion }
o Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Billion }
o Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Billion }
o Rest of the World{Market Share % , Market Size USD Billion }
Growth Drivers and Challenges
According to report of U.N there will be a need to increase food production by 50% by 2024 owing to rising population. In 2016 global population was more than 7 billion which is estimated to cross 9 billion by 2050. Since the agricultural land is expected to grow only modestly, agricultural producers will be required to become more efficient and productive to produce enough food supplies for a growing, hungry world. Regular deviation in climate change as a result of global warming has reduced the crop yield and productivity, which is significantly growing demand for biostimulants in order to increase their crop yield and productivity.