Bio stimulant is a substance that is neither a plant nutrient nor pesticide, however it has positive impact on plant health. It is an organic material that, when applied in small amount, improves plant growth and development such that the response cannot be attributed to application of traditional plant nutrients. Bio stimulants are mixture of microorganisms, enzymes, seaweed extracts, plant hormones, and trace elements. They may increase water-holding capacity, increase antioxidants, nutrient availability, enhance metabolism, and increase chlorophyll production of the plants.
Increasing focus on improving crop productivity and rapid changes in climate due to global warming affecting crop yield are key factors boosting growth of the global biostimulants market. In addition, eco-friendly nature of bio stimulants, easy availability, and government subsidies on biological agrochemicals are major factors expected to drive growth of the global bio stimulants market over the forecast period.
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However, lack of awareness about benefits of bio stimulants is a key factor restraining growth of the global biostimulants market. Additionally, high cost involved in R&D activities for bio stimulants is a major factor hampering growth of the global bio stimulants market over the forecast period.
The global biostimulants market is segmented on the basis of active ingredient, form, crop type, application method, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is a dominant player in the global biostimulants market followed by North America and accounts for highest market share as compared to that of markets in other regions. This can be attributed to strict government regulations regarding food safety and high investment in R&D activities by prominent
manufacturers in the region. The market in Asia Pacific is projected to expand with the highest CAGR of X.X%, owing to increasing government support for sustainable farming and availability of products at lower costs in the region. Moreover, rising demand for biostimulants in countries such as Mexico and Brazil is expected to offer better growth prospect for markets in the Latin America and Middle East and Africa region over the forecast period.
Prominent players in the global biostimulants market include Isagro, Arysta LifeScience Corporation, Valagro, BASF SE, Monsanto, Koppert B.V., Biolchim SPA, Biostadt India Limited, and Italpollina S.p.A.
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