The global biostimulants market was valued at USD 3.64 billion in 2023. It is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, with a compound annual growth rate (CAGR) of 11.69%. In 2023, Europe held a dominant 39.29% share of the market, according to the report titled "Biostimulants Market, 2024-2032" by Fortune Business Insights™.
Biostimulants are composed of substances that stimulate plant growth, enhance nutrient uptake, and improve stress tolerance, resulting in higher crop yields and better quality. Farmers are increasingly turning to biostimulants to maximize crop productivity and profitability. Derived from natural sources, many biostimulants are compatible with organic farming practices, providing organic growers with effective tools to boost crop productivity and resilience while maintaining organic certification standards.
Biostimulants are substances that enhance crop quality and agricultural output by promoting plant growth, improving nutrient uptake, and increasing stress tolerance. As farmers seek to boost crop yields and profitability, biostimulants are becoming increasingly popular. Many biostimulants are derived from natural sources, making them compatible with organic farming practices. They provide organic farmers with effective tools to enhance crop productivity and resilience while adhering to organic certification standards. Biostimulant cultivation involves applying chemicals or microbes to plants to improve crop quality, resistance to abiotic stress, and nutrient efficiency. The market for biostimulants is expanding, driven by growing environmental and climate concerns, a shift toward sustainability, and increasing interest in organic farming.
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
The market for biostimulants is expanding as more individuals become aware of the negative effects of synthetic plant protection products and chemical-based fertilizers. Farmers are increasingly seeking natural and sustainable methods to enhance crop growth, leading to the rising popularity of biostimulants. These products are well-suited for promoting the growth of target crops and managing plant pests, contributing to market expansion.
However, the lack of regulations governing the commercialization of biostimulants could pose a challenge to the industry's growth.
Regional Insights
Establishment of Numerous Governmental Agencies to Promote European Market Development
In 2023, Europe held the largest market share in the biostimulant industry, contributing USD 1.43 billion. The growth of various government agencies, such as the European Biostimulants Sector Council and the Biostimulants Associations of ACI, has played a crucial role in driving the expansion of the regional sector.
The Asia-Pacific region is expected to experience significant growth during the forecast period. This development is attributed to the increasing reliance of Asian manufacturers on premium agricultural products to fuel the growth of the local market.
Competitive Landscape
Expanding Major Players Prioritize New Product Launches to Support Market Growth
The market is highly competitive due to the presence of major companies. These industry leaders are driving market growth by focusing on innovation and introducing new products that address farmers' demands for more resilient crops and efficient nutrient use.
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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