The total food safety testing market is anticipated to reach USD 3.6 billion by the end of 2023, growing at a CAGR of 10.8% from 2018-2023. The bio-stimulant market is majorly driven by the increasing adoption of eco-friendly and organic food products in the market. Some of the other factors contributing towards the growth are growing focus on enhancement of yield and productivity per hectare and implementation of precise farming. Additionally, the strong product portfolio and enhancement of market portfolio in developing region create great opportunities for bio-stimulants.
However, the availability of substitutes, expensive research and development activities, lack of awareness among farmers and time consuming process hampers the growth of bio-stimulants market. Additionally, the adoption of plant phenotyping and focus on farm profitability are the major trending issues that are responsible for increasing the adoption of bio-stimulants by the farmers.
The bio-stimulants market is segmented on the basis of crop type, form, active ingredients, applications and geography. On the basis of crop type, the market is further fragmented into cereals, oil seeds, turfs & ornamentals, fruits & vegetables and others. Among which, cereals segment has the largest market share, which is due to the increased production of food grains in order to feed the elevating population, adoption of sustainable farming practices due to the availability of limited land and water and the positive effect of bio-stimulants against abiotic stress.
On the basis of form, the bio-stimulant market is categorized into dry and liquid bio-stimulant. The dry formulation of bio-stimulant is recorded to have largest market share in the base year. Factors like easy handling and transportation, improvement in photosynthesis coupled with lateral but development process, delaying of aging process of plant tissues and promotion of cell division and plant respiration activity results in increased demand of dry form of bio- stimulant in the market.
The active ingredient category of bio-stimulants market is fragmented into humic acid, fulvic acid, trace minerals, seaweed extracts, microbial soil amendments, vitamins, amino acids, chitin & chitosan, protein hydrolysates, and others. The seaweed extracts segment holds the largest market share and is expected to grow with the same pace during the forecast years. It may be due to the benefits of extract based ingredients in terms of aeration and advanced soil structures, elevation of seed germination processes, and growing of biotic and abiotic tension resistant yield.
On the basis of application, the bio-stimulant market is categorized into foliar treatment, seed treatment, soil treatment, potassic, and others. The foliar segment holds the largest market share, owing to the efficiency of foliar sprays for instant results, enhanced productivity factor, high rate of absorption and enhanced farming technologies.
Geographically, the bio-stimulant market is divided into North America, Europe, Asia and ROW. Among all, Europe, followed by Asia, is expected to dominate this market. Factors like growing awareness about susceptible farming, increasing demand of important fruit and field crops, strict rules on environmental safety, and increasing capital investments in research and development activities are responsible and boosting the growth of bio-stimulants market.
The key players operating in this industry are Arysta Life science Limited, Biolchim S.P.A., Biostadt India Limited, Isagro S.P.A., Italpollina S.P.A., Lida Plant Research S.L., Monsanto Company, Novozymes A/S, Syngenta Ag, and Valagro S.P.A.