Published on : Mar 09, 2016
Demand for biostimulants has impressively increased over the last few years. With population around the world rising at a fast pace, the demand for food has increased significantly in response. This in turn has been fuelling demand from the biostimulants market. Biostimulants are naturally occurring substances comprising of diverse formulations of micro-organisms and compounds. These substances are usually applied on seeds and plants to make them more tolerant to abiotic stress and improve their overall yield and quality.
Over the last few years the application of biostimulants has increased substantially. According to market surveys, between 2011 and 2014, biostimulants applications have increased from 15% to 20%. The growing awareness of biostimulants has been fuelling its demand from the agricultural sector.
Global Biostimulants Market to Benefit from Increased Government Spending
Due to its inherent benefits, biostimulants are considered crucial for improving the overall yield per hectare. Governments around the world, having identified the significance of biostimulants in improving the overall food produce, have implemented favorable strategies to boost biostimulants production. Furthermore, the market has been also capitalizing on the increased government spending on agriculture. With growing awareness about the environment-friendly attributes and organic origin of biostimulants, the demand from the biostimulants market is anticipated to increase further.
Absence of Proper Regulatory Framework Hampers Market
Despite witnessing robust growth in demand, the global market for biostimulants is likely to be hampered by the lack of technological advances in the field. Additionally, the market at present has no regulatory frameworks, which also hinders its growth. However a couple of organizations promoting the use biostimulants are looking to frame regulatory policies to help mitigate the restraint. Furthermore, growth of the global market for biostimulants is also hampered by the high cost of research and development. Lack of awareness regarding the benefits offered by biostimulants also adversely impacts the overall growth of the market.
APEJ to Exhibit CAGR of 13.5% between 2015 and 2025
Regionally, the global market biostimulants is spread across Asia Pacific excluding Japan (APEJ), North America, Eastern Europe, Western Europe, Latin America, Japan, and the Middle East and Africa. Of these, Western Europe held the largest share in the global market for biostimulants in 2014, accounting for over 30%. However, the APEJ market for biostimulants market is expected to exhibit the fastest CAGR of 13.5% between 2015 and 2025.