Biostimulants Market

Global Biostimulants Market Size (2023 to 2028)

The size of the biostimulants market is expected to grow at an annual progression rate (CAGR) of 10.9% between 2023 and 2028.

Biostimulants are additives or microorganisms of natural origin that are applied to crops to improve nutritional efficiency, tolerance to abiotic stress, and crop quality. This fertilizer is most useful in promoting the assimilation, transfer, and use of nutrients. Biostimulants are applied to seeds, soil, plants, and other substrates to stimulate natural processes in plants. Its objective is to develop the efficiency of the use of nutrients in plants. Biostimulants improve crop yield, quality, vitality, and resistance to abiotic stress.

They include various formulations of substances, microorganisms, and compounds that are applied to soil or plants. They favor plant development throughout the life cycle, from seed germination to crop maturation. Biostimulants differ from conventional pesticide solutions like pesticides and fertilizers. It works for the vitality of plants but is not designed for use against pests or diseases. They are applied to oilseeds and plants such as legumes, cereals and cereals, fruits and vegetables, lawns, and ornamental plants. There are several ways to apply biostimulants to plants, including foliar treatment, soil treatment, and seed treatment.

Biostimulants Market Drivers:

The biostimulants market is primarily driven by the increasing need to support crop growth due to strong market demand for high-value-added crops around the world and abiotic stresses from changing weather conditions.

The global biostimulants market is expected to see significant growth during the outlook period as global demand for green agricultural products increases. Factors such as increased ecological concerns due to the overuse of synthetic pesticides, increased need for high-priced crops, and reduced availability of arable land are supposed to drive growth in the global biostimulants market during the outlook period. Biostimulants help in the development of microorganisms, improve the absorption of nutrients by plants, increase antioxidant activity and reduce the stress of plants against the environment and various diseases. The growing awareness of the benefits of biostimulants, especially among farmers in the Asia Pacific region, is another factor driving the growth of the market under study.

The market is also growing as the adoption of sustainable farming methods increases. Increasing food consumption driven by population growth has prompted the agricultural industry to support the demand for biostimulants. However, some problems, such as loss of production and land degradation due to salinity, are some of the concerns of the agricultural industry. This has increased the demand for crop growth promoters. Excessive use of synthetic pesticides, reduced availability of arable land, increased demand for high-value-added crops, and increased ecological concerns driven by greater adoption of organic agricultural products are foreseen to boost the global market for biostimulants during the conjecture period.

The global biostimulants market is determined to expand at a significant rate during the foreseen period as global demand for green agricultural products increases. Biostimulants are used as effective tools for the development of sustainable agricultural products. Another important factor influencing market growth is the introduction of sustainable agriculture to protect the environment from adverse impacts. In addition, the increasing need for food and the limited availability of arable land as a result of the rapid growth of the world population are other engines of growth. Biostimulants improve crop yields to meet the growing need for food around the world. Other factors, including various innovations in the field of agricultural sciences and extensive research and development (R&D) activities, are estimated to further advance the market. The increasing focus on increasing the productivity and quality of crops is driving a hike in demand for biostimulants in the market. Furthermore, increasing demand for high-yield and quality crops and a high contribution to sustainable agriculture are expected to drive market growth.

Biostimulants Market Restraints:

Lack of knowledge about the benefits of using biostimulants among farmers is estimated to act as a major impediment to the growth of the global biostimulants market. Besides in addition to the limited knowledge of these substances and the high cost of research and development, they also hinder the growth of the biostimulants industry. Increasing government regulations and restrictions on the use of chemical pesticides limit the use of chemical fertilizers and stimulants worldwide, and the use of biofertilizers is further encouraged.

Impact of COVID-19 on the global biostimulants market:

The agricultural industry has witnessed the worst impact of the Coronavirus, owing to the strict lockdown conditions that made laborers go back to their hometowns and halt their activities for some period. This had a direct impact on the biostimulants market in terms of declined sales. However, the rising need for natural chemicals is supposed to boost the demand for biostimulants post-COVID-19.

REPORT COVERAGE:

This market research report on the global biostimulants market is segmented and sub-segmented into the following categories.

Biostimulants Market – By Ingredients:

• Fluvic Acid
• Protein hydrolysates
• Seaweed Extracts
• Amino Acid
• Humic Acid

Biostimulants Market - By application:

• Seed
• Foliar
• Soil

The world market for biostimulants has been segmented into oilseeds and legumes, landscape, fruits and vegetables, grass, grains and cereals, and ornamental flowers. In terms of sales and volume, the fruit and vegetable segment had a significant share of the global market in 2020 is estimated to expand at a great pace during the projection period. The cereals and grain sector is also expected to expand significantly in this period.

Biostimulants Market – By Crop:

• Fruits And Vegetables
• Cereals And Grains
• Turfs And Ornaments

Biostimulants Market – By Region:

• North America
• Europe 
• Asia Pacific
• Latin America 
• Middle East and Africa 

Europe dominated the global biostimulants market in 2020. This region is anticipated to create favorable opportunities soon. The application of strict regulations on the approval of pesticides in Europe, which cause the harmful effects of chemical-based agricultural products, will drive demand for biostimulants. The growing need for organic food is expected to increase the demand for biostimulants in Europe between 2021 and 2027. During the prediction period, Germany led the biostimulants market in Europe, followed by France and Italy. The Asia Pacific region is expected to witness promising growth during the forecast period due to the presence of several agriculture-led economies such as India, China, and Australia. Asia Pacific countries vary widely in income levels, spending capacity, and food consumption habits. The agricultural sector in the region is showing steady growth and the population is highly dependent on the agricultural sector. This provides profitable growth opportunities for the biostimulants market.

KEY MARKET PLAYERS:

Key players in the global biostimulants market include Arysta LifeScience, Biolchim S.p.A, Biovert SL, BASF, Stollerare, ILSA S.p.A, Italpollina, Bayer, Koppert B.V., Desarrollo Agrícola y Minero, and Agrichem, are playing a dominated role in the global biostimulants market.

RECENT KEY DEVELOPMENTS IN THE MARKET:

• In February 2019, UPL (India) acquired Arysta LifeScience Corporation (USA), which is part of Platform Specialty Products Corporation (USA). The acquisition allowed the company to expand its presence in the biology market and expand its geographic footprint.
• In April 2018, BASF SE agreed to acquire an additional seed and crop protection business from Bayer. This agreement allows the company to strengthen its crop protection portfolio and enter the seed market.
• In May 2018, Arysta Lifescience acquired Etec Crop Solutions, which is a New Zealand-based company. Through this acquisition, the company aims to improve its application in the specialty sector through the innovation of phytosanitary products and biostimulants.