Accounted for nearly $3 billion en 2016, worldwide biostimulants sales are expected to reach $5 billion in 2023, according to an analysis from Orbis Research.
This analysis shows that Western Europe accounts for the largest share of the global market (30%) followed by North America. However, the Asia Pacific region is expected to be the fastest growing market in the years ahead. This will result from a strong pressure to improve cereals and oilseeds productivity.
Biostimulants are used with a large spectrum of crops, but row crops such as corn and soybean dominate the market. They are followed by the fruits and vegetables segment and the ornemental crops segment.