February 21, 2024
Biostimulants Market

Biostimulants Market Is Estimated To Witness High Growth Owing To Advancements In Biotechnology

Biostimulants are specialty products containing substances that, when applied to plants or the rhizosphere, stimulate natural processes to enhance or benefit nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop quality. The demand for biostimulants is growing due to benefits such as bolstering yield and quality, enhancing plant health and nutrition, improving stress tolerance and overall sustainability of agriculture.

The Global Biostimulants Market is estimated to be valued at US$ 3729.34 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the Biostimulants market are Bayer CropScience AG, Groupe Limagrain, Syngenta AG, BASF SE (Nunhems BV), Rijk Zwaan Zaadteelt En Zaadhandel BV, Sakata Seed Corporation, UPL Limited (Advanta Seeds International), Takii & Co. Limited, East-West Seed International Ltd, Enza Zaden BV, Bejo Zaden BV, and Namdhari Seeds.

Key opportunities: Growing consumer demand for organic food and nutrition-rich produce is propelling the demand for sustainable agricultural practices using biostimulants. Furthermore, advancements in biotechnology are facilitating development of more effective biostimulant formulations.

Technological advancements: Developments in biochemical pathways targeted by biostimulants and gene expression profiling are enabling precision farming using biostimulants tailored for specific crops, soils and climatic conditions. For instance, RNA sequencing is allowing identification of plant response pathways impacted by seaweed extracts used as biostimulants.

Market Drivers

Stringent regulations on agrochemicals: Growing environmental and health concerns regarding synthetic agrochemicals are driving replacement demand for more sustainable biostimulant products. For instance, the EU’s Sustainable Use Directive aims to reduce pesticide dependency by 50% by 2030. This is fueling adoption of biostimulants as a natural substitute.

Expansion of arable land: Rapid global population growth is increasing pressure to boost agricultural productivity from existing arable land. At the same time, arable land area per capita is declining. This is augmenting the role of biostimulants in driving higher crop yields to ensure food security.

Current challenges in the Biostimulants Market

The Biostimulants Market Growth  is currently facing various challenges which need to be addressed in order to ensure sustainable growth in the future. One of the key challenges is lack of universal regulations regarding the definition and labeling of biostimulant products. There are varying regulations in different countries and regions which makes it difficult for manufacturers to market their products globally. Moreover, the claims made by different companies regarding the benefits of their biostimulant products also need to be standardized. Another major challenge is the limited awareness among farmers about the use and benefits of biostimulants. Traditional fertilizers are still more popular which restricts the adoption of new biostimulant technologies. High prices of certain innovative biostimulant varieties is also a hindrance for widespread use in the agricultural industry. Overall, lack of universal standards and guidelines continue to hold back the growth potential of the biostimulants market.

SWOT Analysis

Strength: Biostimulants provide a sustainable and eco-friendly solution to enhancing crop yields. They help reduce the usage of chemical fertilizers.

Weakness: High research and development costs incurred in innovating new biostimulant formulations. Lack of global regulatory framework leads to confusion in the market.

Opportunity: Increasing consumer demand for organic and quality farm produce acts as a driver. supportive government initiatives and subsidies boost adoption.

Threats: Threat from emergence of alternative eco-friendly fertilizers and agrochemicals. climatic changes impact crop requirements negatively.

Geographical regions with market concentration

Europe currently dominates the biostimulants market, both in terms of value and volume. Countries like Italy, France, Germany are major markets due high usage of biostimulants in vineyards and other cash crops. North America is another leading region supported by increased awareness among farmers and conducive regulatory environment in the US and Canada. Rising exports has made South America an important geographical region for biostimulants industry. Brazil and Argentina account for a major share in the Latin American market.

Fastest growing region

The Asia Pacific region is expected to witness fastest growth over the forecast period in the global biostimulants market. Factors such as increasing cultivation of high-value crops, large cultivable land, and supportive government policies are driving the demand. Countries like India, China, and Japan are projected to be highly lucrative sub-regions. Similarly, growth in Middle East and Africa is also projected to be faster than global average, led by initiatives to boost sustainable agriculture in countries like Turkey, South Africa, and GCC nations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it