Science based regulatory framework provides great agricultural sustainability. Biostimulation, which is a way of modifying agricultural environment by stimulating existing components, is highly useful in the same regards. This innovative method has created a situation of healthy competition in the biostimulants market. Application of environment friendly biostimulation products increases crop yield and quality without damaging the soil. This green factor is the biggest reason that drives the market on global platform. The market is expected to increase at a rapid rate, owing to increasing global demands.
Segmentation in the biostimulants market makes the existing competition even more interesting. The basic segmentation divides the market based on the applications and types of active ingredients and the types of crops. Biostimulation products are either acid-based or extract based. Seaweed is a popular extract based product. Acid-based products on the other hand include amino acids, fulvic acid and humic acid. Both these types are ideal for row crops, vegetable fields, fruit crops, garden, turf and ornamental vegetation. Soils, seed and foliar are the three basic application areas of biostimulants.
According to the latest market trends, acid-based segment is leading the market with maximum applications and demands. However, the reports also claim that the extract-based segment is set to develop at a remarkable rate. Constant innovation of advanced methodologies and increasing importance of organic farming play key roles in the increasing size of the global market for these products. Positive impact on the crop yield is driving more and more farmers to use these products on regular basis, which is working in favor of the industry.
According to the forecasting reports, the market is projected to grow at an estimated CAGR of 12.5% for the next five years (2013 to 2018). At this rate, the global industry will reach past $2,241.0 million at the end of 2018. Europe is holding the front with maximum demands and consumption of biostimulation products. Spain is the biggest consumer of biostimulation products within Europe. However, North America accounts more than 20% of the global market share. Latin America and Asia Pacific regions are estimated to be the fastest growing regions in terms of rising demands and applications.
Attracting customers towards organic farming, making them understand the advantages of biostimulation and keeping up with the growing demand are some of the major challenges for the leaders in the industry, who are looking for greater opportunities for expansion.
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