The global biostimulant market was valued at $1,784 million in 2016 and is expected to reach $4,089 million by 2023, registering a CAGR of 12.6% from 2017 to 2023. Biostimulants are biologically produced fertilizers that are used to stimulate plant development and productivity, in addition to the nourishment of agrarian products. A biostimulant boosts plant development and growth throughout the crop life cycle, i.e., from seed germination to plant maturity. These fertilizers further help in facilitating nutrient translocation, assimilation, and use; and enhance soil fertility mainly by stimulating the development of interdependent soil microorganisms.
Increase in focus to increase crop productivity and quality drives the surging demand for biostimulant products in the market. Another significant factor influencing the market growth is the introduction of sustainable agriculture to protect the environment from adverse effects, especially in Europe and North America. However low awareness about the advantages of biostimulants in agricultural activities among the farmers impedes the market growth.
The report segments the global biostimulant market based on type, crop type, application, and geography. Based on type, it is divided into acid-based, extract-based, and others. The acid-based biostimulant segment is further classified into humic acid, fulvic acid, and amino acid, whereas the extract-based biostimulant segment consists of seaweed extracts and other plant extracts (including B-vitamins, chitin & chitosan, and microbial soil amendments). Based on crop type, market is segmented into row crops & cereals, fruits & vegetables, turf & ornamentals, and other crops. Foliar, soil, and seed are the application segments considered in the study.
The market is analyzed based on four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to dominate the global biostimulant market until 2023.
The prominent players in the global biostimulant market strategically focus on product launch as their key strategy to gain significant share in the market.
The key players profiled in the report are as follows:
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