by The global Biostimulants Market is estimated to be valued at US$ 3237.27192 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are agricultural inputs that help plants utilize nutrients fully and improve tolerance to environmental stressors for optimal growth. They contain active substances like humic acids, amino acids, fulvic acids, and protein hydrolysate which when applied to plants enhances their nutrient uptake, growth rate, and productivity. Biostimulants improve soil structure and fertility along with providing enhanced tolerance against drought and insects. Their usage reduces a farmer’s dependence on chemical fertilizers thereby promoting sustainable agriculture.
Market key trends:
Environmental safety – There is a growing demand for environmentally sustainable farming practices across the globe due to increasing concerns over use of agrochemicals. Biostimulants provide a natural alternative to chemical fertilizers for improving crop yield. They enhance nutrient absorption capacity of plants without leaving residues. This helps maintain ecological balance and safety for food production.
Increasing organic cultivation- The organic food market continues expanding rapidly driven by consumer preference for chemical-residue free produce. Biostimulants play a vital role in organic farming by facilitating nutrient availability from organic sources for robust plant growth. Their adoption rate is rising among organic farmers globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the biostimulants market is moderate. New companies need significant capital to build R&D infrastructure and farming distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the biostimulants market is high. Buyers have numerous options available from different manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Large manufacturers source raw materials from several suppliers.
Threat of new substitutes: The threat of substitutes is low. No direct substitute exists for biostimulants which improve crop yield.
Competitive rivalry: The competitive rivalry is high among the established players.
Key Takeaways
The global Biostimulants Market Growth is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing awareness about sustainable agricultural practices.
Regional analysis: North America dominates the biostimulants market currently,owing to presence of major players and growing acceptance of organic farming practices. Asia Pacific is expected to be the fastest growing market due to rise in population and arable lands.
Key players: 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 players are focusing on new product launches and expanding their regional presence through collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
