Global biostimulants market forecast will be primarily driven by rising awareness pertaining to optimized agricultural yield and productivity coupled with exponential growth in the organic food industry. Rapid advances in sustainable farming techniques including increased plant tolerance and recovery from abiotic stress will positively influence the consumption of biostimulants.
Innovations in agricultural techniques owing to a growing need for sustainable farming practices coupled with the scarcity of resources, including land availability and water supply, will boost biostimulants industry scope. Increasing focus on revitalizing degraded soil paired with benefits such as enhanced nutrient uptake and plant growth will stimulate the product demand.
Acid-based biostimulants market size is expected to account for nearly 50% of the overall business share by 2024.
The use of acid-based products foster plants’ natural growth in soil and maximizes energy absorption during photosynthesis. Growing use of acid-based ingredients ensures better nutrient absorption, high yield, increased resistance to infections and extended shelf life, which will accelerate demand for the ingredient in the organic food sector.
Biostimulants market share from foliar spray application will witness lucrative growth since foliar feeding acts as a timely measure to prepare the crops for anticipated biotic or abiotic stress, such as drought, chill or hear stresses. High yield, higher test weight on gains, extended shelf life, better flavor and enhanced animal performance are some of the key factors propelling biostimulants industry outlook.
Surging demand for usage of hybrid seeds in the cultivation of various crops due to evolving food consumption trends of consumers will create new opportunities for seed treatment applications. The seed treatment segment is poised to register nearly 10% CAGR over the foreseeable timeline, with companies looking to offer new and sustainable products.
Row crops segment is estimated to register the highest growth over the analysis period. This growth can be attributed to increased production of food grains and oilseeds along with sustainable agricultural practices. Enhanced water absorption capacity and increased root length for optimized nutrient uptake coupled with healthy crop appearance will boost the product penetration and reinforce biostimulants market forecast.
Dry form biostimulants are water-soluble and contain humic acid, chelated iron, beneficial bacteria, amino acids, vitamins, minerals, dextrose and soluble sea kelp. These ingredients also deliver increased cell division & photosynthesis, lateral bud development as well as enhanced plant respiration and delay in ageing process of plant tissues. Dry form ingredients constituted 70% of the total biostimulants industry share in 2017.
Asia-Pacific (APAC) biostimulants market is anticipated to observe substantial gains owing to a large dependence on the agricultural sector and rising demand for agronomic products. Shifting trends from conventional farming practices towards the adoption of sustainable and technologically advanced additives in the agriculture industry will prove to be key factors driving the product demand. Increased food demand, particularly in China and India, coupled with growing focus on sustainable farming and enhanced productivity will fuel the consumption of biostimulants in the region.
Europe, led by Spain, holds one of the largest biostimulants market shares owing to an escalating demand for high-quality food, innovations in the agricultural and food industry, and technological advances in water and soil treatment. Growing consumption of major field crops and fruits such as apples, pears, peaches, cotton and corn will drive the regional growth.
