(MENAFN- iCrowdNewsWire) The global is expected to reach USD 6.98 billion by 2026, according to a new report by Reports and Data. Growing shift towards adoption of organic farming is a major factor affecting market demand. Globally, countries have started realizing the need for a better plant nutrition and thus are shifting towards biostimulant for plant growth and nutrient absorption.
Government regulations to promote adoption of agricultural biostimulants are also a key factor influencing market demand. For instance: Recently, the Trump government passed the Farm Bill. Through the bill, the government has included plant biostimulant as an emerging technology for agriculture. The government promotes the adoption of biostimulant for enhancing nutrient uptake, nutrient efficiency, tolerance to abiotic stress, or crop quality and yield.
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Major Players Of This Market –
Agrinos AS, Italpollina SpA, Acadian Seaplants Ltd (ASL), Novozymes, Isagro S.p.A, Valagro, Syngenta, FMC Corporation, BASF, Monsanto Company and Arysta Life Science. BASF is a key player in the agricultural biostimulants market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range of agricultural biostimulants such as AgCelence and Abate Larvicides among others..
Further key findings from the report suggest
- Seed is projected to be the fastest growing application of the agricultural biostimulants. The segment is projected to grow at a CAGR of 15.7% in the forecast period. The role of biostimulant in the life processes of plants is to contribute to enhanced seed germination and accelerate biological activity of the crop. In agriculture, bio stimulants support in increased chlorophyll and carotenoids, enhancing root growth and boosting the antioxidant potential of plants.
- Asia Pacific market is forecasted to grow at a CAGR of 13.1% in the coming years. Australia is projected to be a key revenue generating country for the biostimulants market. There has been a significant adoption of organic farming in Australia. The area of pastoral land under certified organic management has increased since 2016 and has reached about 27million hectares. The number of certified organic primary producers has also increased to 2075.
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For the purpose of this report, Reports and Data have segmented global agricultural biostimulants market on the basis of type, application and region:
Type Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Acid-based
- Extract-Based
- Others
Application Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
Regional Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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