The Business Research Company’s Biostimulants
Market covers market characteristics, size and growth, segmentation,
regional and country breakdowns, competitive landscape, market shares, trends
and strategies for this market.
The bio stimulants market
consists of sales of bio stimulants and related services. Bio stimulants
include diverse formulations of compounds and micro-organisms that improve crop
yields, quality and tolerance to abiotic stresses
Major players in the market are BASF, Valagro, Bayer, Koppert Biological
Systems and Italpollina.
Increasing focus of farmers to
improve crop quality and yield is driving the bio stimulants market. Excessive
use of chemical fertilizers and frequent cultivation has led to soil
degradation and crops produced in these conditions are devoid of nutrients. Bio
stimulants are eco-friendly and provide more nutritious food than chemical fertilizers.
The Food And Agricultural Organization (FAO) estimates that by the year 2050,
crop yield need to increase by 60% of what it was in the year 2007 to meet the
demand of increasing population. The need for improved yields and quality is
driving growth of the bio stimulants market.
Lack of awareness about bio
stimulants and its usage among farmers is acting as a restraint on the bio
stimulants market. Farmers are not aware of the benefits of bio stimulants and
continue to rely on chemical fertilizers for plant growth. For instance,
according to Biostadt India Ltd., only 40% of farmers in India are using bio
stimulants mainly due to lack of awareness.
Bio stimulants manufacturers are
forming strategic alliances with other companies in the bio stimulants market
to expand product portfolios and enter into new markets. Partners in strategic
alliances may provide resources such as distribution channels, funding,
manufacturing capacity, knowledge and others. For example, in 2018, COMPO
EXPERT GmbH, a manufacturer of bio stimulant has entered into a strategic
alliance with India based fertilizer manufacturing firm Transworld Furtichem
Pvt. Ltd. to manufacture environment friendly bio stimulants. In 2018, Compo
Expert also entered into a strategic partnership with PlantResponse.
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Europe was the largest region in
the bio stimulants market in 2018, followed by Asia Pacific and North America
respectively. This region is expected to remain the largest during the next
five years. The bio stimulants market in Asia Pacific is forecasted to register
the highest CAGR during 2018-2023.
View complete Report: https://www.thebusinessresearchcompany.com/report/biostimulants-global-market-report
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