by The biostimulants market is estimated to be valued at US$ 2,938.7 Mn in 2022 and is expected to exhibit a CAGR of 10.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are plant health technology products containing substances, microorganisms or complex extracts that enhance plant nutrition, growth processes and tolerance to abiotic stress. They are typically used in small quantities and work in synergy with fertilizers to enhance their efficiency. Biostimulants help improve crop quality attributes such as color, size, taste and storability, while also reducing fertilizer usage. They play a vital role in supporting sustainable agricultural practices and improving crop yield.
Market Dynamics:
Growing demand for sustainable agriculture – There is rising demand for agricultural products produced through sustainable and eco-friendly practices owing to worsening environmental impact of conventional farming techniques. Biostimulants help reduce dependence on synthetic fertilizers and pesticides, thereby supporting sustainable agriculture. This is expected to drive their adoption over the forecast period.
Improved crop yield – Biostimulants interact with physiological and metabolic plant processes to enhance mineral uptake, photosynthesis and nutrient utilization, resulting in improved plant resilience and increased crop yield. This offers economic benefits to farmers and boosts their use across various crop types including fruits & vegetables, cereals & grains, oilseeds & pulses and other crops.
Segment Analysis:
The biostimulants market is segmented by active ingredient, into humic substances, amino acids, fulvic acid, protein hydrolysates, seaweed extracts and other micronutrients. Among these, the seaweed extracts segment dominates the market and accounted for more than 30% share of the global biostimulants market in 2022. Seaweed extracts stimulate both root and shoot growth while improving overall plant health. It helps the plant in utilizing nutrients efficiently and boosting stress tolerance.
PEST Analysis
Political: The growing support from governments worldwide in the form of subsidies and favorable regulations for organic and sustainable farming is driving the adoption of biostimulants.
Economic: The rising demand for high-value and speciality crops is promoting the use of biostimulants as they help in increasing crop yield. Additionally, volatile agricultural commodity prices encourage farmers to use biostimulants to minimize risk.
Social: Growing health concerns among consumers regarding the use of synthetic chemicals in food production is fueling the demand for residue-free foods grown using natural products like biostimulants.
Technological: Advanced formulations of biostimulants that can deliver nutrients precisely as per the crop requirements and suit diverse soil and climatic conditions are expanding their application scope.
Key Takeaways
The global Biostimulants Market Insights is expected to witness high growth, exhibiting CAGR of 10.16% over the forecast period, due to increasing pressure on global food supply amid the rising population worldwide. The market size for biostimulants was valued at US$ 2,938.7 Mn in 2022.
Regional analysis: Europe dominated the biostimulants market in 2022 and is expected to maintain its lead over the forecast period. This is attributed to stringent regulatory framework for conventional crop protection products and higher adoption of organic and sustainable farming practices in the region. Asia Pacific is projected to be the fastest growing market for biostimulants, fueled by supportive government policies and growing awareness among farmers regarding their benefits.
Key players analysis: Key players operating in the biostimulants market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. These leading players are focusing on new product launches and expanding their geographic presence through partnerships and collaborations with regional players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
