Global Bio-stimulant Market Overview
Bio-stimulants are microbe based agricultural products which stimulate crop vigor, yields, quality and tolerance of abiotic stresses. These stimulants are derived from various micro-organisms and also includes formulation of compounds and substances. Application of bio-stimulants in plants helps the plants to grow in an organic manner, preventing the utilization of chemical pesticides.
Bio-stimulants acts a catalyst in overall plant developmental stages which results in improved uniformity and crop quality. It helps a plant to combat with a spectrum of environmental stresses. The working mechanism of bio-stimulants is completely different as compared with the standard fertilizers and provides essential nutrients for plant metabolism. The metabolic pathways are deeply associated with the overall plant development. Bio-stimulants upregulates gene expression which influences overall shoot and root development, cell division and reproductive development.
Market Size and Forecast
The global bio-stimulants market is experiencing vibrant growth on the back of rising crop production, increasing preferences for organic farming methods as well as for the demand for greater production of crops to meet the demand supply gap and avoidance of food shortage. As per the statistics by Foreign Agricultural Service (FAS), production of wheat, coarse grains, rice and milled, oil seeds and total grains for the period 2016-17 were recorded as 756.5 million metric tons, 1413.7 million metric tons, 490.8 million metric tons, 572.8 million metric tons, and 2661 million metric tons respectively. CLICK TO DOWNLOAD SAMPLE REPORT
The global bio-stimulants market is anticipated to record a CAGR of around 13% over the forecast period 2018-2027, with a market valuation of USD 2.25 billion in the year 2018. Concern for decreasing arable land, which is anticipated to impact the crop yield around the globe is considered to be the key driving factor behind the use of pesticides in crop farming. Application of bio-stimulants helps to mitigate such concern by increasing the overall crop productivity in the limited available land resources. As per the statistics provided by The World Bank, arable land decreased from 0.198 hectares per person in 2012 to 0.193 hectares per person in 2016.
The market is segmented by application into soil, seed and foliar, out of which, foliar segment is anticipated to hold the largest market share. While treating the plant with the help of bio-stimulants by foliar application, the plants absorb the nutrients in a much easier manner. Plant pores or stomata present in the leaves absorb the nutrients much faster than the roots. Spraying the bio-stimulants in the leaves of the plants thereby proves to be an efficient application procedure.
Expansion Of Organic Food Industry
Growing concerns for health diseases is helping to shift the preferences of consumers to organic food products. Consumers tend to buy organic food, which is also raising the demand amongst food producers to make it available across stores around the globe. According to United States Department of Agriculture, organic food products are available in nearly 20, 000 natural food stores and in nearly 3 out of 4 conventional grocery stores. Moreover, the statistics also stated that organic sales accounted for over 4% of total U.S. food sales. Bio-stimulants promotes microflora of the soil and helps for the organic growth of crops. The rising demand for organic crops around the globe is anticipated to raise the demand for greater consumption of bio-stimulants. Such a factor is anticipated to drive the growth of the global bio-stimulants market. According to the Soil Association of the United Kingdom, sales of organic products in the United Kingdom grew Y-o-Y with +4.5% in the year 2012 to +5.3% in the year 2018.
Growing Concerns For The Environment
Trending concerns for the environment globally is raising the need for the practice of sustainable agriculture methods. Rising stringent norms by the government and the restriction in the utilization of chemical pesticides is limiting the utilization of chemical fertilizers and stimulants across the globe and further encouraging the application of biofertilizers. Furthermore, frequent application of chemical based agricultural products has led to the depletion of the soil fertility as well as in the nutrient content. Owing to such a factor, farmers are increasingly preferring for bio-stimulants so as to prevent from such degrading activity and thereby produce a healthy yield.
Lack Of Awareness Amongst Farmers
Lack of knowledge in the benefits of the utilization of bio-stimulants amongst the farmers is anticipated to act as the key restraint factor towards the growth of the global bio-stimulants market.
By Active Ingredient
By Crop Type
On the basis of regional analysis, global bio-stimulants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is anticipated to hold the largest market share on the back of stringent rules on environmental safety followed by the active support for organic farming. Furthermore, Asia-Pacific region is expected to grow rapidly in the forecast period for the presence of nations, such as, India, China and Australia among others, whose economy is based on agriculture.
Global bio-stimulants market is further classified on the basis of region as follows:
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization