Biostimulants are agricultural inputs that enhance the crop's ability to utilize water and nutrients efficiently. They improve nutrient quality in plants by stimulating physiological and biological activity in the plants. They allow crops to develop faster under stressed conditions like drought or disease outbreaks. Thus, biostimulants help farmers improve yield performance and quality while reducing dependence on fertilizers.
The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increase in the global adoption of organic farming practices has accelerated the growth of the biostimulants market over the past few years. According to the Research Institute of Organic Agriculture, the global organic agricultural land has grown over 5 times between 1999 and 2018 to reach 71.5 million hectares. Organic farms prohibit the use of synthetic fertilizers and pesticides and rely more on biostimulant products to boost soil microbial activity and enhance crop yields. Biostimulants have thus emerged as an important input for organic farmers worldwide. As consumer demand for organic food rises, more farmers are expected to shift to organic practices which will drive further demand for biostimulants during the forecast period.
Segment Analysis
The biostimulants market is segmented by active ingredient, crop type, form, application method and region. Within active ingredient, the humic substances segment dominates as humic substances improve nutrient uptake, stimulate metabolic activities and regulate plant physiological processes. Within crop type, the fruits & vegetables segment dominates as biostimulants help fruits & vegetables improve their antioxidant properties, growth, yield and quality. Within form, the liquid segment dominates as liquid biostimulants are easy to apply and do not need further dilution. Within application method, the foliar treatment segment dominates as it is direct, non-invasive and speeds up effectiveness.
Key Takeaways
The Global Biostimulants Market Demand is expected to witness high growth. The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis related content comprises North America dominates the market due to expanded biostimulant product offerings from leading companies and adoption of advanced farming techniques.
Key players related content comprises Key players operating in the biostimulants market are BASF SE, Isagro, VALAGRO, Koppert Biological Systems, Bayer, Novozymes, Syngenta, UPL and Marrone Bio Innovations.
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