APAC biostimulants industry to observe a massive surge over 2017-2024, Global revenue to surpass USD 4 billion by 2024
An intense need to practice sustainable methods of farming to increase the crop yield for rapidly rising population will stimulate Biostimulants Market size over the coming years. According to the UN reports, the total food production needs to be raised by 50% by the end of 2024, to fulfill the demand of the global population, which is anticipated to hit 9.2 billion by 2050. Favorable government legislations encouraging the usage of biological agrochemicals in farming activities along with the growing consumer trend towards organic food consumption will beneficially leverage the business scope. As per Global Market Insights, Inc.,” Biostimulants industry value, which was estimated at USD 1.5 billion in 2016, is projected to surpass USD 4 billion by 2024.”
Europe Biostimulants Market Size, By Crop, 2016-2024 (USD Million)
Biostimulants are extensively used in seed treatment, foliar treatment, and soil treatment. Foliar treatment applications, which produced an income of more than USD 1.4 million for biostimulants market in 2016, are anticipated to register an annual growth of more than 10% over 2017-2024. Large-scale use of microorganisms in organic farming and the introduction of new farming techniques in agriculture to raise the crop production is expected to impel the industry revenue.
Biostimulants market share from soil treatment application is expected to exceed USD 400 million by 2024, subject to the product use to improve the soil texture and enhance the plant growth.
Taking into consideration the topographical trends, Asia Pacific biostimulants industry is anticipated to record a CAGR of more than 12.5% over the coming seven years, owing to the mounting need for improving the fertility of soil to fulfill the rising food demand. Promotion of ecofriendly agricultural activities by the regional governments will further contribute towards the revenue. India and China are expected to drive the regional growth.
MEA biostimulants market is projected to hit a revenue of USD 155 million by 2024, driven by the rise in non-traditional crop production for export in Europe and the U.S. Egypt, Saudi Arabia, and Tunisia are predicted to be the major regional revenue contributors.
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Europe industry, which contributed more than 36% towards the global biostimulants industry share in 2016, is forecast to make notable contributions towards the industry size in the future. High consumer demand for organic agro-based products coupled with strict norms addressing issues related to food safety will propel the growth.
Biostimulants are available in liquid and dry forms. Dry biostimulants market which generated a revenue of USD 1 billion in 2016 is expected to drive biostimulants market size over the coming years. Product’s capability to promote cell multiplication, improve respiration process in plants, delay plant aging, and make the process of photosynthesis faster will fuel the industry trends.
Liquid formulations which were valued at over USD 1.2 billion in 2016, are projected to grow at a CAGR of 12% over the coming seven years. Elongated shelf life and low cost of production will boost the product demand.
Based on active ingredients, biostimulants market is classified into extract based and acid based ingredients. Extract based ingredients, which contributed more than USD 550 million towards biostimulants industry size in 2016, are forecast to grow at a cumulative rate of 10.5% over the period of 2017-2024. Product’s ability to improve abiotic & biotic tension tolerance as well as enhance the growth of roots and seeds is expected to push the revenue.
Acid based ingredients are expected to contribute more than USD 2 billion towards biostimulants industry revenue by 2024, subject to easy availability of raw materials such as organic wastes and humic materials at lower costs.
Biostimulants are majorly used in the production of row and turf & ornamental crops. Turf and ornamental crops covered 11% of the overall industry and is anticipated to witness substantial gains over the coming timeframe. Rising consumer expenditure on leisure activities such as gardening, golf, turf sports, and nurseries will contribute remarkably towards the profits.
Row crops are foreseen to produce a revenue of greater than USD 2 billion by 2024.The revenue growth can be attributed to high food grain & oilseed production. The ability of biostimulants to improve crop protection at times of drought will further push the demand.
Market participants will adopt key growth strategies such as joint ventures, mergers & acquisitions, regional expansion, and strategic alliances to gain a competitive advantage in the global industry space. Artal Agronutrients, Ag Concepts, Cairochem, Valagro, Mahafeed Specialty Fertilizers Private Limited, Micromix Plant Health Limited, Lallemand Incorporation, Agrinos Incorporation, Evergrow, Agricultural Sciences Incorporation, and Seipasa S.A. are the key players of biostimulants industry.
Author Name : Dhananjay Punekar