On account of the increasing need for non-toxic agricultural stimulants, the global biostimulants market offers commendable growth opportunities for market players. The most noticeable trend in the market is the formation of strategic alliances amongst market players. Established regional players are keen on partnering with global market players to gain a worldwide presence. Further, the stupendous market potential is attracting the entry of new players into the market. This is expected to fragment the market due to the presence of large-, small-, and medium-sized players. The renowned market players are Koppert Biological Systems, Italpollina spa,Agrinos, Biolchim S.p.A., Syngenta, Premier Tech Ltd., Valagro, Novozyme, Agricen, Agriculture Solutions Inc., and Kelpgrow. These market players are anticipated to invent a range of innovative business strategies that could give them an upper hand over competitors.
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A report by Transparency Market Research (TMR) makes projections about the fettle of the market during the period between 2017 and 2025. With a CAGR of 12.8% over this forecast period, the market is prophesied to be valued at US$5.93 bn by 2025 as compared to a market value of US$20.05 bn in 2016. Based on application, the market is segmented into cereals and grains, fruits and vegetables, oilseeds and pulses, and others. Amongst these, the market for fruits and vegetables reaped the highest growth rate in 2016 with a market share of 35%. The regional analysis of the market reveals that Europe has dominated other regions in the past years. The sale of biostimulants in the market is expected to retain the supremacy of the European region.
Biostimulants are produced from a range of compounds, plants hormones, microorganisms, and vital elements. This gives them the ability to enhance water retention in plants, discharge important minerals into the soil, and boost the production of antioxidants. All of these factors contribute to plant growth which in turn speeds up the yielding of crops. This is an important consideration in the agricultural industry where crop yield plays the central role in uplifting growth. This factor, along with a surge in the production of ornamental crops, fruits, vegetables, and turf, is propelling the market towards fruition. The exponential rise in population across the world is pressurizing the agricultural industry to accelerate the process of production. Owing to this pressing need, the market for bio stimulants has seen substantial growth in recent times. A complementary perk of biostimulants is their easy availability, which makes farmers resort to it more often than synthetic stimulants.
The total cultivable land across the globe is getting scantier by the day. To add to the adversities of the agricultural industry, the global population has touched an all-time high. These factors together make it integral for the industry to optimize the production of crops by deploying all possible resources that accelerate crop growth. Hence, the demand for biostimulants is gaining momentum in the current times, and the market is expected to continue on a streak of progress.
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Although the market for biostimulants is witnessing sparks of commendable growth in recent times, the popularity of synthetic fibers could hinder the market. Market players are deprived of a large consumer base that unwarily uses synthetic fibers. Nevertheless, the ill-effects of synthetic fibers on the fertility of the soil has led agriculturists to discourage its usage. This is a positive growth prospect that is expected to bring biostimulants to the fore.
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