The Asia-Pacific biostimulants market is predicted to record a CAGR of 15.2% during the forecast period, 2020-2025. An increase in the demand for quality agricultural products and organic produces and the increasing need for high productivity and yield are expected to increase the consumption of biostimulants in Asia-Pacific, especially in China, India, and Japan. These Asian countries demonstrate a high consumption rate for the products, given their competitive and growing agriculture sector. The regional market constitutes 20% of the global plant biostimulant market. The low toxicity levels and superior efficiency have instigated a speedy approval of the products. Therefore, unlimited opportunities are available in the Asia-Pacific market scenario for the implementation of biostimulants.
Key Market Trends
Growing Demand to Enhance Yield and Productivity
Agriculture is a critical sector for the livelihood of individuals and the stability of the overall global economy. Meeting the food needs and their productivity requirements in the future are of tremendous importance, because of the increasing global population. This can be achieved through a set of innovations and technologies that have recently come up in support of the agricultural sector; one among them is using biostimulants to boost agricultural production. The use of biostimulants results in improved plant productivity, as they help in the overall nutrient uptake of the plant, without affecting the environment. Plant biostimulants contain beneficial microorganisms, which when applied to the plant, enhance nutrient uptake, improve tolerance to abiotic stress, and overall crop growth. The growing concern on environmental health is anticipated to aid in the growth of the market studied over the forecast period. Plant biostimulants are treated as an alternative to chemical intake in the agricultural lands.
China Dominates the Biostimulants Market in Asia-Pacific
China forms the largest market for plant biostimulants in Asia-Pacific, with a market share of 33.0%. The increasing population (particularly the middle-class consumers), growing interest in sustainability, and the popularity of organic farming have created an attractive market for plant biostimulants in the country. China is a leader in terms of the development and deployment of biostimulants, especially since the country is the largest national consumer of fertilizers. Around 13.0% of the plant biostimulant market in China is occupied by protein hydrolysates, and the segment is expected to record faster growth during the forecast period.
The Asia-Pacific biostimulant market is highly fragmented, with various small- and medium-sized companies and a few big players, resulting in stiff competition in the market. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market. North America and Europe are the two regions showing maximum competitor activities, whereas major players like Valagro, Biostimulant, and BASF AG are the dominant players in the Asia-Pacific market.
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