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The humic substances segment under active ingredients held 34.7% of the global biostimulants market share in the year 2018. The biostimulants cost-effective nature has resulted in their rapid adoption by producers and farmers across the world. Fortune Business Insights, in a report, titled, “Biostimulants Market Size, Share and Industry Analysis By Source (Microbial and Non-microbial), By Active Ingredients (Seaweed Extracts, Humic Substances, Vitamins & Amino Acids, Microbial Amendments, and Others), By Application (Foliar Treatment, Soil Treatment, and Seed Treatment), By Crop (Row Crops, Fruits & Vegetables, Turf & Ornamentals), and Regional Forecast 2019-2026,” the global biostimulants market was valued at US$ 2.24 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 5.69 Bn by the end of 2026, thereby exhibiting a CAGR of 12.4% in the forecast period (2019-2026).
The growing importance of Natural Plant Growth Promoting Products to Aid in Growth of the Global Market
The report states that there has been a rise in the demand for eco-friendly and sustainable agricultural products amongst the farmers, across the world. This is one of the major factors that are likely to boost the global biostimulants market growth during the forecast period. Biostimulants are often considered to be a beneficial tool for the development of sustainable products that aid in agricultural processes. Moreover, there are ongoing concerns in several nations regarding the excessive usage of synthetic pesticides and fertilizers that have the tendencies to cause damage to the soil biomass and environment. The trend of cultivating high-value crops is also increasing day by day. Additionally, the rising adoption of eco-friendly agricultural products having natural origin is to propel the global biostimulants market growth in the coming years.
Capability to Maximize the Production Efficiency of Numerous Crops to Drive the Foliar Treatment Segment
The report classifies the global biostimulants market on the bases of application, crop, source, active ingredient, and geography. In terms of application, the market is further grouped into seed treatment, soil treatment, and foliar treatment. Amongst these, in 2018, the foliar treatment segment had acquired a share of 68% in the global market. The segment is expected to remain in the leading position throughout the forecast period, with a staggering CAGR of 12.5%. This will occur because unlike the other two application methods, foliar sprays are extremely convenient to apply on foliage and leaves and they are very effective in producing high-value crops.
Expanding Area under Organic Crops to Favor Growth in Europe
The global biostimulants market is geographically divided into the Middle East and Africa, Asia Pacific, Latin America, North America, and Europe. Amongst these regions, Europe was in the dominant position in the year 2018. Fortune Business Insights predicts that the region will retain its position throughout the forecast period. This is because the governments in this region are promoting the usage of sustainable farming methods, tools, and substances. Furthermore, the demand for organic food is rising day by day in this region. Combined with this, awareness programs regarding the hazardous nature of chemical-infused pesticides and other similar agricultural products are likely to contribute to the market growth in the coming years. Germany, followed by Italy and France will lead the biostimulants market as the fruits and vegetable segment is projected to be one of the most significant consumers of biostimulants in the region in the forthcoming years.
Fortune Business Insights has profiled some of the prominent companies operating in the global biostimulants market;
Browse Research Summary: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
The global biostimulants market can be segmented into:
By Active Ingredients