The plant biostimulant industry is in its nascent stage, and was valued at USD 1718.4 million in 2016. The global plant biostimulant market is projected to register a CAGR of 13.6% during the forecast period of 2018 2023. Europe is the largest segment of the market studied, and accounted for around 42.0% of the market studied.
Growing Organic Food Industry The Major Driving Force
Organic biostimulants are significant for the future of the agricultural industry, in terms of promoting organic practices. Biostimulants can enhance soil microflora, which in turn, help make the uptake of nutrients more efficient. Others increase antioxidant activity in plants, and boost internal defenses against environmental stresses and disease pressure.
Organic food and related agriculture now account for around 5.010.0% of the food market, varying from region to region. As organic food products are produced without using any kind of pesticides or fertilizers, the demand for plant biostimulants is on the rise. Consequently, the increasing popularity of organic farming drives the demand for biostimulants.
AsiaPacific to Witness the Fastest Growth
Increase in the demand for quality agricultural products, organic produces, and the increasing need for high productivity and yield are expected to increase the consumption of biostimulants in AsiaPacific, especially in China, India, and Japan. The AsiaPacific plant biostimulant market was valued at USD 356.0 million in 2016 and is expected to witness a CAGR of 15.2% during the forecast period.
China forms the largest market for plant biostimulants in AsiaPacific, with a market share of 33.0%. The increasing population particularly the middleclass consumers, growing interest in sustainability, and popularity of organic farming have created an attractive market for plant biostimulants in the country.
Key Developments in the Market
May 2017: Acadian Plant Health launched biostimulants and Acadian BioSwitch Technology in India
April 2017: Arysta LifeScience introduced four new biostimulants in Romania
March 2017: Marrone Bio Innovations launched Haven for sun stress reduction in crops
Key Players: ARYSTA LIFESCIENCE CORPORATION, BIOSTADT INDIA LTD., TRADEECORP INTERNATIONALS, TAMINCO
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Analysis on all the segments with conclusions
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