Biostimulants Market on the Rise: $9.62 Billion Value and 14.18% CAGR by 2032
Research Reports
Jun 25, 2024
Biostimulants represent a transformative advancement in agricultural technology, promoting sustainable farming practices. These products, comprising natural and synthetic substances, enhance plant growth, nutrient uptake, and resistance to environmental stresses, leading to improved crop yields and quality. The biostimulants market has experienced significant growth in recent years, driven by the increasing demand for sustainable agricultural solutions and the pressing need to enhance food production without further degrading the environment.
The global Biostimulants Market is set for significant growth, with a projected CAGR of 12.05% from 2023 to 2032. The market, valued at USD 2,973.6 million in 2023, is expected to reach USD 9,622.5 million by the end of the forecast period.
Key Growth Drivers
- High-Value Crop Demand and Organic Agriculture: Increasing demand for high-value crops and a shift towards organic farming are major drivers. The preference for sustainably produced, healthy food with minimal chemical residue has surged, prompting a move away from chemical fertilizers towards organic practices.
- Government Initiatives: Various governmental initiatives and regulations promoting environmentally friendly products bolster the market. According to FiBL-IFOAM-SOEL surveys, organic farming is practiced in 187 countries, with 3.1 million organic farmers managing 72.3 million hectares by the end of 2019.
Despite these drivers, market growth may be hindered by limited farmer awareness and the need for more effective regulations. However, the market presents lucrative opportunities for players due to the growing demand for biostimulants.
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Market Synopsis
According to MRFR analysis, the global biostimulants market is projected to reach USD 9,622.5 million by 2032, growing at a CAGR of 12.05%.
Biostimulants, derived from plants, animals, and microbes, are non-toxic substances known for their targeted, less toxic nature. They play a crucial role in sustainable agriculture by reducing pollutants and enhancing crop resilience to environmental stresses. The increasing concerns about organic farming have significantly boosted the demand for biostimulants globally.
COVID-19 Impact
The COVID-19 pandemic disrupted the biostimulants market’s supply chain, impacting manufacturers, distributors, and consumers. Lockdowns and border closures affected the agricultural supply chain, highlighting the industry’s dependency on global logistics for raw materials and finished products. Despite these challenges, the pandemic underscored the importance of biostimulants in sustainable agriculture.
Competitive Landscape
The biostimulants market is highly competitive, with key players employing strategies like expansions, acquisitions, and product launches to strengthen their market positions. The growth of market players is influenced by market conditions, government support, and industry developments.
Market Segmentation
By Active Ingredient
- Humic Substances: Includes humic acids and fulvic acids, which enhance crop tolerance to abiotic stresses and improve nutrient efficiency.
- Seaweed Extracts: Used primarily in horticulture for plant growth and stress tolerance.
- Microbial Amendments: Living microorganisms that enhance nutrient availability to plants.
- Amino Acids: Derived from plant and animal proteins, they improve plant productivity under stress.
- Others: Includes chitin, chitosan, and plant extracts.
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By Mode of Application
- Foliar Treatment: Application on leaves to absorb nutrients via diffusion.
- Soil Treatment: Direct application to soil, primarily absorbed by roots.
- Seed Treatment: Treatment of seeds to enhance resilience and root development.
By Crop
- Fruits & Vegetables: Enhances growth, nutrient absorption, and fruit quality.
- Cereals & Grains: Improves growth and productivity, especially in crops like rice.
- Oilseeds & Pulses: Used in crops like soybean, chickpeas, and lentils.
- Others: Includes turf, ornamentals, and plantation crops.
By Region
- North America: Includes the US, Canada, and Mexico. Fertilizer prices have significantly increased, driving the demand for biostimulants.
- Europe: Countries like Germany, the UK, and France are witnessing increased biostimulant use, supported by the European Innovation Partnership for Agricultural Productivity and Sustainability (EIP-AGRI).
- Asia-Pacific: Countries like China, India, and Japan are experiencing regulatory changes and increased demand for biostimulants.
Key Players
Bayer AG (Germany), Koppert (Netherland), BASF SE (Germany), Syngenta (Switzerland), UPL Ltd (India), IsagroSpA (Italy), Valent Biosciences Corp (US), Eastman Chemical Company (US), Isagro (Italy), Valent Bioscience Corp (France)
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