A rising demand for organic products amongst consumers is emerging as a convenient solution to eradicate consumption of contaminated and synthetic agriculture produce, thereby acting as a significant growth driver for the bio stimulants market. Due to expanding population, and incessant deforestation, soil health has suffered majorly owing to repeated erosion. Moreover, the global demand for food supplication has increased manifold, thereby generating an increased demand for bio stimulants, thus it assist in improving crop yield and making plants less susceptible to abiotic stress. Another significant growth driver for the market is increasing acceptance from environmental non-profitable organisations worldwide which are collectively popularising the idea of elevating application of bio stimulants to farming practices in accordance with usage of natural products in agriculture.. These factors will influence the market growth throughout the forecast period 2018-2023, in which the market will witness a growth at a CAGR of 12.3%. By the end of 2023, the bio stimulants market revenue will be approximately $4.4 billion.
The report is titled ‘Bio Stimulants Market: By Active Ingredient (Acid based, Extract Based); By Method of Application (Soil, Seed, Foliar); By Crop Type (ROW Crops, Fruits and Vegetables); By Geography - Forecast (2018-2023).’ In this report, the analyst has focused on providing a detailed analysis of market growth factors such as a noticeably rising trend of organic produce consumption that is driving agricultural producers to practice environment safe methods in farming.
Bio Stimulants Market: Regional Analysis
Europe has been identified as the key region in the bio stimulants market with an evaluated revenue of $863.75 million in 2018. The major reason supporting the regional growth is rising preference for organic fruits and vegetables amongst European consumers. . Additionally, European Union’s stringent regulations on environmental safety pertaining to agriculture act as an additional growth factor. The EU has come up with a Common Agricultural Policy (CAP), an environmental law that accommodates around 22 different countries to ensure sustainable agricultural productivity in Europe in accordance with environment conservation.
Bio Stimulants Market: Trends and Opportunities
- Increasing population holds tremendous opportunities for the bio stimulants market growth. As per a research paper titled ‘The future of food demand: understanding differences in global economic models,’ published on the Wiley Online Library, global demand for food is expected to grow between 59-98% by 2050. Hence, increasing global food demand expanding at this rate, will create a demand for increasing food production at a large scale.
- Increasing arable land globally will also contribute towards market growth. According to the Food and Agriculture Organisation, arable land would expand by 70 million hectares by the end of 2050. Farmers in countries such as Nigeria, Lithuania, Brazil, and others are constantly ploughing their lands to expand crop production.
Agriculture around the world has improved considerably ever since the advent of bio stimulants, owing to the efforts made by the key players of this market. These companies include Agrinos Group, Arysta Lifescience Corporation, BASF SE, Biostadt India Limited, Isagro S.P.A., Italpollina S.P.A., Koppert BV, Novozymes A/S, Taminco Corporation, and Valagro SPA.
- Agrinos Group entered into a partnership with Krishi Rasyan Pvt. Ltd. in June, 2017 for delivering efficient crop solutions to farmers of northern India.
- BASF SE partnered with PI Industries in May, 2017 to help Indian farmers to broaden their portfolio of crop protection solutions.
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