Accommodating Regulators and Changing Consumer Preference to Fuel the Biostimulants Market Growth
Before humans learned to write and transcript history, they knew the farming and requirement of essentials to be added to land for improving yield and/or crop quality. Most of the additions were focused on reducing the loss of crops from pests, weeds, and other causes. During the 20th century, a number of chemicals were developed to help farmers achieve better crop yield to serve the increasing world population. Slowly and gradually, the categories of chemicals expanded and resulted in numerous categories and subcategories targeting a specific segment in today’s modern farming.
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Biostimulants are one such category of chemicals, which themselves do not contribute directly towards any function, rather enable the key functions for plants such as nutrient absorption & utilization, sustaining adverse conditions, and fighting off pests & fungi among others. The plant biostimulants were first introduced in the late 1990s. Seaweed extracts and humic acid substances were among the first known biostimulants, which are still being used in large quantities around the world.
The regulatory framework has always lagged the technological development and the same has been the case with biostimulants as well. The first definition of biostimulants appeared in the US regulatory in April 2018, while the European Union included the same in the new regulatory framework in March 2019. This trend will simplify the marketing practices for manufacturers while enabling market awareness promoting biostimulant usage and its benefits. Infoholic Research forecasts that the market of biostimulants products will reach $5.33 billion by 2025, growing at a CAGR of 11.6% during the period of 2019–2025.
The market competition is expected to remain relatively balanced with multinational companies carrying a smaller portfolio and specialized manufacturers gaining share in the peripheral markets. Few of the major active companies in the global biostimulants market are BASF SE, Bayer AG, Syngenta Group, FMC Corporation, Valagro, Adama Ltd., Solvay, Ajinomoto Co. Inc., Stroller Group, Koppert Biological Systems, and Lallemand Inc.
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The study produced by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. The market for biostimulants has been analyzed based on application mode types – foliar, soil, and seeds; based on active ingredients – amino acid & derivatives, humic acid & fulvic acid, seaweed extracts, microbial amendments, and others; and based on crop segments – fruits & vegetables, cereals & grains, turf & ornamental, pulses & oilseeds, and other crops. Further, it covers an in-depth analysis of each type and application along with forecasting and trends analysis in the global biostimulants market.
– Ankur Kalra
Chemicals Research – Manager