Amino Acid for Agriculture Market: Introduction
In terms of value, the global amino acid for agriculture market is anticipated to expand at a CAGR of 6% from 2020 to 2030 and reach US$ 1 Bn by 2030. Asia Pacific dominated the global amino acid for agriculture market in terms of volume in 2019. It is estimated to be the leading region of the global amino acid for agriculture market during the forecast period. The growth of the agriculture industry is projected to offer lucrative opportunities for amino acids in near future. This is estimated to boost the global amino acid for agriculture market in the near future.
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Amino Acid for Agriculture Market: Key Drivers and Restraints
The expansion of the organic food industry, which represents just 1.2% of the world’s farmland, is a key factor driving the global amino acid for agriculture market. The production of eco-friendly crops is essential in the current scenario. Amino acids are non-toxic and eco-friendly. They play an important role in the development of sustainable agricultural products. Amino acids also offer excellent performance efficiency in terms of crop yield and crop protection. They are effective alternatives to chemical-based agricultural products. This is anticipated to drive the global amino acid for agriculture market in the near future. Biostimulants such as amino acids are expected to contribute significantly to the rising demand for sustainable agriculture during the forecast period. According to a research conducted by the European Biostimulant Industry Council (EBIC), the use of biostimulants along with fertilizers is anticipated to increase fertilizer efficiency by minimum 5% (may rise as high as 25%). Furthermore, savings of 10% to 15% over the use of pesticides have been registered after using biostimulants. Hence, rise in adoption of biostimulants, owing to its various advantages, is estimated to boost the global amino acid for agriculture market.
Biostimulants such as amino acid for agriculture can alter the hormonal status of a plant and exert significant influence over its overall growth and vigor. Biostimulants help regenerate crop foliage damaged by pesticides, frost, or storm. They foster growth and development of plants throughout the crop lifecycle (from seed germination to plant maturity). Thus, usage of biostimulants such as amino acid for agriculture is likely to be an eco-friendly solution to promote the agricultural yield. The time required to obtain end-results with biostimulants is much higher than that with traditional agrochemicals. Biostimulants cannot be employed in applications that require immediate results. Therefore, popularity of a broad range of traditional agrochemical products is negatively impacting the penetration of amino acid for agriculture products sector in plant growth and crop protection applications. Thus, reluctance in adoption of advanced products among farmers is a major restraint of the global amino acid for agriculture market.
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Amino Acid for Agriculture Market: Key Segments
Based on product, the glutamic acid segment held a major share of the global amino acid for agriculture market in 2019. This trend is anticipated to continue during the forecast period. Glutamic acid occupies a central position in amino acid metabolism in plants. It plays a fundamental role in the process of formation of vegetative tissue and chlorophyll synthesis in plants. It also improves photosynthetic activity in plants and is an effective chelating agent. This is anticipated to augment the glutamic acid segment of the global amino acid for agriculture market. Based on source, the animal-based segment constituted a large share of the global amino acid for agriculture market in 2019. This trend is estimated to continue during the forecast period. On the other hand, the plant-based segment of the global amino acid for agriculture market is projected to expand at a rapid pace during the forecast period.
Competition Landscape of Amino Acid for Agriculture Market
Key manufacturers operating in the global amino acid for agriculture market include SICIT Group S.p.A., Jiloca Industrial, S.A., Futureco Bioscience S.A., Union Chemicals Co. LLC, Chaitanya Biologicals Pvt. Ltd., and ADLER AGRO.