An increase in the demand for highquality agricultural products and organic produce, coupled with a need for high productivity and yield, is expected to drive the consumption of biostimulants in APAC, particularly in China, India, and Japan. These countries have a competitive and growing agriculture sector, with a high rate of consumption for biostimulants. The APAC region currently constitutes 20 per cent of the global plant biostimulant market, with speedy approval of the products due to their low toxicity levels and superior efficiency. This creates unlimited opportunities for the implementation of biostimulants in the APAC market.
The APAC biostimulants market is predicted to record a compound annual growth rate (CAGR) of 15.5 per cent during the period of 2022-2027 according to the latest report by Mordor Intelligence. The APAC biostimulant market is highly fragmented, with a mix of small- and medium-sized companies and a few large players, leading to stiff competition. The fragmented nature of the market is largely due to the development of regional markets and the presence of local players in different parts of the world. North America and Europe, show the highest levels of competitor activity, while in the APAC market, major players such as Valagro, Biostadt, BASF AG, and Syngenta dominate.
Biostimulants are chemicals or microorganisms that help enhance the growth of the plant. They do not serve as a nutrient deficiency remedy. Instead, they increase nutrient availability, water-holding capacity, metabolism, and the production of chlorophyll. Owing to the increased importance of agriculture in their economies, India, Japan, and Australia are expected to witness rapid growth in the regional market.
Increased focus on sustainable production
This story is from the May 2023 edition of AgroSpectrum.
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This story is from the May 2023 edition of AgroSpectrum.
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