LONDON, Oct. 10, 2019 /PRNewswire/ — Bio stimulants manufacturers are forming strategic alliances with other companies in the bio stimulants market to expand product portfolios and enter into new markets. Partners in strategic alliances may provide resources such as distribution channels, funding, manufacturing capacity, knowledge and others. For example, in 2018, COMPO EXPERT GmbH, a manufacturer of bio stimulants, entered into a strategic alliance with India-based fertilizer manufacturing firm, Transworld Furtichem Pvt. Ltd., to manufacture environment friendly bio stimulants. In 2018, Compo Expert also entered into a strategic partnership with PlantResponse. Place a DIRECT PURCHASE ORDER Of Complete Report With TOC @ https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2516
Major players in the global biostimulants market are BASF, Valagro, Bayer, Koppert Biological Systems and Italpollina. In April 2019, Italpollina Inc. acquired Horticultural Alliance Inc. Horticultural Alliance Inc. is a manufacturer of mycorrhizal inoculants, beneficial bacteria, and bio stimulants and water management gels. Horticultural Alliance Inc. was founded in 1997 and is headquartered in Sarasota, USA.
The Need To Improve Crop Quality Will Drive The Biostimulants Market
Bio stimulants include diverse formulations of compounds and micro-organisms that improve crop yields, quality and tolerance to abiotic stresses. The global biostimulants market ( https://www.thebusinessresearchcompany.com/report/biostimulants-global-market-report
) was valued at about $2.26 billion in 2018, and is expected to grow to $3.55 billion at an annual growth rate of nearly 12% through 2022. Increasing focus of farmers to improve crop quality and yield is driving the bio stimulants market. Excessive use of chemical fertilizers and frequent cultivation has led to soil degradation, and crops produced in these conditions are devoid of nutrients. Bio stimulants are eco-friendly and provide more nutritious food than chemical fertilizers. The Food And Agricultural Organization (FAO) estimates that by the year 2050, crop yield needs to increase by 60% of what it was in the year 2007, to meet the demand of the increasing population. The need for improved yields and quality is driving growth of the bio stimulants market.
Lack Of Awareness Will Hinder Biostimulants’ Market Growth
Lack of awareness about bio stimulants and its usage among farmers is acting as a restraint on the bio stimulants market growth. Farmers are not aware of the benefits of bio stimulants and continue to rely on chemical fertilizers for plant growth. For instance, according to Biostadt India Ltd., only 40% of farmers in India are using bio stimulants, which is mainly due to lack of awareness.
Europe was the largest region in the bio stimulants market in 2018, followed by Asia Pacific and North America respectively. This region is expected to remain the largest during the next five years. The bio stimulants market in Asia Pacific is forecast to register the highest annual growth rate during 2018-2023.
Regulatory Bodies In The Biostimulants Market
Manufacturers of bio stimulants globally are governed by various regulations related to quality and safety of bio stimulant products. For instance, in the UK and Ireland, manufacturers selling mixtures of bio stimulants with nutrients must comply with the Fertilizer Regulation 1991 No 2197 and Regulation 2006 No 2468. Bio stimulants are marketed either as EC fertilizers or non-EC fertilizers; wherein it is mandatory to declare the nutrient content. Under the Regulation 2006 No 2468, manufacturers are required to adhere to provisions relating to identification, marking, labelling and packaging of EC fertilizers before marketing them commercially.
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