Valley Cottage, NY -- (SBWIRE) -- 11/02/2016 -- Demand for biostimulants is expected to surpass US$ 4 billion in revenues, according to a new research report by Future Market Insights (FMI). The report titled, "Biostimulants Market: Global Industry Analysis and Opportunity Assessment 2015-2025" forecasts the demand for biostimulants to expand at a CAGR of nearly 11% through 2025.

Biostimulants are finding increasing application in the agriculture sector owing to their environmentally-friendly and organic nature. Rising food demand is putting pressure on land and focus has shifted to enhancing the yield per hectare.

"Governments around the world are speeding up efforts to boost agricultural production. Use of biostimulants is being encouraged to improve the overall output, and this is expected to fuel demand in the near future", said the FMI analyst who compiled the report.

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Although FMI expects the demand for biostimulants to expand at a robust pace during the forecast period 2015-2025, certain factors can impede growth. "Lack of standardisation and slow pace of innovation are the key restraining factors for the global biostimulants market."

Foliar Dominant Application Segment for Biostimulants

Biostimulants are used in foliar, seed, and soil; among these, use of biostimulants is highest in the foliar segment, accounting for nearly one-third market share in 2014. On the basis of crop type, use of biostimulants is predominant in row crops, and fruits and vegetables. Application of biostimulants in turf and ornamental is at a nascent stage currently. FMI forecasts the turf and ornamental segment to expand at a CAGR of over 6% during 2015-2025.

Strong Demand for Acid-Based Biostimulants

Demand for acid-based biostimulants is higher than acid-based- and extract-based biostimulants, owing to easy availability of raw materials and higher efficiency. Biostimulants containing Vitamin B, chitin and chitosan are expected to gain traction during the forecast period.

Western Europe Most Lucrative Market

Western Europe is the largest market for biostimulants, accounting for over 30% market value share in 2014. Focus on enhancing yield per hectare coupled with government support are the key factors propelling the growth of the market in the region.

Asia Pacific Excluding Japan is emerging as a lucrative market for biostimulants. The agriculture sector in the region is witnessing a shift from traditional farming practices to use of technology and additives, owing to which biostimulants are expected to gain traction in the next decade.

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Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., BioAtlantis Ltd., Micromix Plant Health Limited, Trade Corporation International, Valagro S.p.A, Isagro S.p.A, Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S and The Dow Chemical Company.

Segmentation of the global biostimulants market:

By Application

Foliar
Soil
Seed

By Crop Type

Row
Fruits & vegetables
Turf & ornamental
Other crops

By Active Ingredient Type

Acid-based
Extract-based
Others

By Geography

Western Europe

EU-5 Countries
Nordic
BENELUX
Rest of Western Europe

North America

U.S.
Canada

Asia Pacific Excluding Japan (APEJ)

China
India
ASEAN
Oceania
Rest of APEJ

Latin America

Argentina
Brazil
Mexico
Rest of Latin America

Eastern Europe

Poland
Russia
Rest of Eastern Europe

Middle East and Africa

GCC
South Africa
Turkey
Rest of Middle East and Africa

Japan