The global Biostimulants Market Share, size was valued at USD 3.64 billion in 2023. The market is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, exhibiting a CAGR of 11.69% during the forecast period. Europe dominated the biostimulants market with a market share of 39.29% in 2023. Fortune Business Insights™ mentioned this in a report titled, “Biostimulants Market, 2024-2032.”
Biostimulants are compounds that increase nutrient uptake, boost plant growth, and increase stress tolerance, which raises agricultural yields and improves crop quality. Biostimulants are being used by farmers more and more to increase crop productivity and profitability. Numerous biostimulants are suitable with organic farming methods because they come from natural sources. They provide organic farmers with useful instruments to raise crop resilience and yield while upholding the requirements of organic certification. Biostimulant cultivation is the practice of applying chemicals or microbes to plants to enhance crop quality, abiotic stress tolerance, and nutrition efficiency. increased concerns about the environment and climate, a shift toward sustainability, and increased interest in organic farming are all contributing to the market's expansion.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
Segments
Improving Biochemical and Physiological Properties of Crops to Encourage Non-Microbial Segment Growth
Based on the source, the market is split into microbial and non-microbial sectors. The non-microbial sector leads the market and is expected to grow at a significant rate throughout the course of the projected period. The growth of this segment is attributed to the expanding biochemical and physiological features of crops.
Expanding Worldwide Seaweed Farming to Drive Seaweed Extracts Market Growth
Based on the active ingredient, the market is divided into categories such as humic substances, seaweed extracts, vitamins & amino acids, microbial amendments, and others. Due to the growth of seaweed agriculture, the seaweed extracts segment is currently dominating the market.
Elevated Foliar Spray Efficiency in Strengthening Plant Health Extension of the Foliar Application Domain
Based on application, the market is split into three segments: foliar application, soil treatment, and seed treatment. Foliar spray has been so effective at improving plant health that it has held the largest proportion of the biostimulants market.
Increased Use of Greenhouse Vegetable Production to Support the Row Crops Segment's Growth
Depending on the kind of crop, the market is separated into sections for grass and ornamentals, fruits and vegetables, row crops, and other categories. Over the course of the projection period, the row crops category is expected to dominate the market due to the rising demand for high-value crops and the growing use of greenhouse vegetable production.
Geographically speaking, the market is investigated in North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Report Coverage
The Biostimulants Market report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Raising Knowledge About Chemical-Based Fertilizers' Environmental Effects to Accelerate Market Growth
As more individuals become aware of the negative consequences of synthetic plant protection products and fertilizers based on chemicals, the market for biostimulants is expanding. Farmers are searching for more natural and sustainable ways to develop their crops, which has led to an increase in the popularity of biostimulants. This is due to the fact that biostimulants promote market expansion since they are more suited to the growth of target crops and plant pests.
However, the lack of regulations governing the commercialization of biostimulants may prevent the industry from growing.
Regional Insights
Establishment of Numerous Governmental Agencies to Promote European Market Development
Europe held the largest market share and contributed USD 1.43 billion to the biostimulant industry in 2023. The growth of a number of government agencies, such as the European Biostimulants sector Council and the Biostimulants Associations of ACI, is recognized as having contributed to and is currently driving the expansion of the regional sector.
Asia Pacific is expected to experience significant growth during the predicted period. The increase in Asian manufacturers' dependence on premium agricultural products to fuel the growth of the local market explains the development.
Competitive Landscape
Expanding Major Players Prioritize New Product Launches to Support Market Growth
The market has a lot of competition because there are big companies in it. The market is growing as a result of these big businesses placing more of an emphasis on innovation and bringing new products to market to meet farmer requests for more resilient crops and efficient use of nutrients.
Key Industry Development
December 2023 – Leading family-owned biostimulus manufacturer in the United States, Agro-K, was purchased by Rovensa Group, one of the top producers of agricultural inputs. The acquisition will provide a superior array of supplementary solutions and bolster Rovensa's biostimulant portfolio in the United States.
List of Key Players Present in the Report:
- Bayer AG (Germany)
- Syngenta AG (Switzerland)
- UPL Limited (India)
- Gowan Group (U.S.)
- BASF SE (Germany)
- Marrone Bio Innovations (U.S.)
- SEIPASA S.A. (Spain)
- I. Industries (India)
- Novozymes A/S (Denmark)
- Koppert Biological Systems (Netherlands)
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