The global biostimulants market 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.
Biostimulants are substances or microorganisms applied to plants that help enhance nutrition efficiency, crop quality, and abiotic stress tolerance. The rising adoption of organic farming, the shift toward sustainability, and increasing climatic and environmental concerns are boosting the market growth.
The COVID-19 pandemic negatively impacted the market. The increased supply chain disruptions and decreased sales of the key market players during the COVID-19 pandemic hindered the market growth.
Fortune Business Insights™ mentioned this in a report titled, “Biostimulants Market, 2024-2032.”
Information Source: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
Segments
Improving Biochemical and Physiological Traits of Crops to Boost Non-Microbial Segment Growth
By source, the market is classified into microbial and non-microbial. The non-microbial segment leads the market and is expected to grow significantly during the forecast period. The segment’s growth is attributed to the improving biochemical and physiological traits of crops.
Rising Seaweed Cultivation Globally to Drive Seaweed Extracts Market Growth
Based on active ingredient, the market is divided into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others. The seaweed extracts segment is dominating the market due owing to the growth in the cultivation of seaweed.
High Effectiveness of Foliar Spray to Improve Plant Health Augment Foliar Application Segment Expansion
By application, the market is classified into foliar application, soil treatment, and seed treatment. The foliar application segment held the largest part in the biostimulants market share due to its high effectiveness of foliar spray in improving plant health.
Increasing Adoption of Greenhouse Vegetable Production to Drive Row Crops Segment Growth
Based on crop, the market is categorized into row crops, fruits and vegetables, turf & ornamentals, and others. The row crops segment is projected to dominate the market during the forecast period owing to increasing adoption of greenhouse vegetable production and rising demand for high-value crops.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The 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
Increasing Awareness Regarding Environmental Impact of Chemical-Based Fertilizers to Boost Market Growth
The increasing awareness regarding the negative impact of synthetic plant protection products and chemical-based fertilizers boosts the biostimulants market growth. Farmers are increasingly seeking natural and eco-friendly options to produce crops, which is boosting the adoption of biostimulants as they are eco-friendly in nature and more specific to the growth of target crops and plant pests, boosting market growth.
However, the lack of regulations related to the commercialization of biostimulants may hinder the market growth.
Regional Insights
Formation of Many Government Organizations to Aid Market Growth in Europe
Europe accounted for USD 1.43 billion and held the largest biostimulants market share in 2023. The growth is attributed to the formation of many government organizations, such as ACI’s Biostimulants Associations and the European Biostimulants Industry Council which is driving the market expansion in the region.
Asia Pacific is expected to experience significant growth during the forecast period. The growth is attributed to the increasing adoption of quality agriculture products by Asian manufacturers to boost the market growth in the region.
Competitive Landscape
Growing Key Players Focus on New Product Launches to Aid Market Expansion
The market is highly competitive based on the presence of key market players. The growing focus of these key players on innovation and new product launches in the market to meet the demand of farmers to raise crop resilience and nutrient use efficiency, further aiding market expansion.
Key Industry Development
December 2023 – Rovensa Group, one of the leaders in agricultural inputs, acquired Agro-K, a leading family-owned biostimulus producer in the U.S. The acquisition will strengthen the biostimulant portfolio of Rovensa in the U.S. and offer a high-quality portfolio of complementary solutions.
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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