SAN FRANCISCO, Aug. 4, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Plant Biostimulants - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: April 2021
Executive Pool: 494
Companies: 126 - Players covered include Acadian Seaplants Limited; Agrinos AS; Bayer; Biolchim S.p.A; Biostadt India Limited; Ilsa SpA.; Isagro; Italpollina spa; Koppert Biological Systems; Novozymes A/S; UPL; Valagro and Others.
Coverage: All major geographies and key segments
Segments: Active Ingredient (Amino Acid, Humic Acid, Fulvic Acid, Seaweed Extracts, Protein Hydrolysates, Other Active Ingredients); Crop Type (Row Crops & Cereals, Turf & Ornamentals, Fruits & Vegetables, Other Crop Types); Application (Foliar, Soil, Seed)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Rest of Europe; Asia-Pacific; Latin America; Argentina; Brazil; Colombia; Mexico; Rest of Latin America; Rest of World.
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Global Plant Biostimulants Market to Reach $4.1 Billion by 2026
Amid the COVID-19 crisis, the global market for Plant Biostimulants estimated at US$2.3 Billion in the year 2020, is projected to reach a revised size of US$4.1 Billion by 2026, growing at a CAGR of 10.2% over the analysis period. Amino Acid, one of the segments analyzed in the report, is projected to record a 8.9% CAGR and reach US$973.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Humic Acid segment is readjusted to a revised 9.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $439.8 Million in 2021, While China is Forecast to Reach $453.5 Million by 2026
The Plant Biostimulants market in the U.S. is estimated at US$439.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$453.5 Million by the year 2026 trailing a CAGR of 13.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 9.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.7% CAGR.
Factors driving growth of biostimulants are manifold. These can be categorized broadly under two groups – those related to the general agriculture industry and the other distinctive to the sector itself. The drive to promote sustainable agriculture is providing the necessary fillip for organic products such as biostimulants, which relates to expanding efficiency of resource utilization and increasing productivity. Specific to the biostimulants industry are factors such as expansion of these products to new application and geographic areas and growing interest in R&D of biostimulants. Use of biostimulants, along with research around it, is spreading from countries and applications where they pioneered to new crop production areas and new geographies. From horticulture that had traditionally been the pioneering application, biostimulants are now being increasingly used in agriculture crops. Besides, even conventional production methods are seeing the inclusion of biostimulants that were once largely restricted to organic production methods.
Constellation of factors such as growing demand for food, need for enhancing yield, and stricter regulations on agricultural practices have prompted companies to invest more in biostimulants. The market growth is credited to the pressing need to satiate food demand for burgeoning global population and create value for participants through the agricultural value chain. The adoption of plant biostimulants aligns with clear focus on sustainability, productivity and profitability. These products provide an effective and safe option for agriculture and the environment that holds potential to avoid or minimize soil fertility loss along with growing adoption across developed and developing economies. The market demand is also stimulated by increasing use of these products for row crops and availability of more effective products to fulfill specific agronomic requirements.
Fulvic Acid Segment to Reach $372.4 Million by 2026
In the global Fulvic Acid segment, USA, Canada, Japan, China and Europe will drive the 10.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$144.4 Million in the year 2020 will reach a projected size of US$296.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$38.7 Million by the year 2026, while Latin America will expand at a 10.9% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.