Biostimulants Market is predicted to reach USD 9622.5 million at a CAGR of 12.5% during the forecast period 2023-2032

Biostimulants Market is predicted to reach USD 9622.5 million at a CAGR of 12.5% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Biostimulants Market”.


Global Biostimulants Market


The global biostimulants market is projected to witness significant growth during the review period, exhibiting a CAGR of 12.05%. The market was estimated to be USD 2,973.6 million in 2023 and is expected to reach a value of USD 9.622.5 million by the end of the forecast period (2023-2032).


The major growth drivers are the high demand for high-value crops and organic agriculture along with government initiatives and rules to support environmentally friendly products. The desire for healthy food produced sustainably and with minimal chemical residue has increased in recent years. Due to increased awareness, conventional farming practices that mainly rely on chemical fertilizers are being replaced with organic farming practices in an effort to support the organic food business. According to FiBL-IFOAM-SOEL surveys, organic farming is practiced in 187 nations, and as of the end of 2019, 3.1 million organic farmers were in charge of 72.3 million hectares of agricultural land. However, the lack of awareness among farmers and effective rules and regulations for biostimulants may limit market growth. The products are expected to create lucrative growth opportunities for players operating in the biostimulants market during the forecast period.


Market Synopsis


According to the MRFR analysis, the global Biostimulants market size is projected to reach USD 9622.5 million by 2032 at a CAGR of 12.05%.


Biostimulants are non-toxic substances and chemicals derived from plants, animals, and bacteria such as canola. Biostimulants are considered for their characteristics such as less toxicity, and more target specific inherent. These are the biological agents apparently utilized for controlling the pest. The production of biochemicals is comprised of microbial pathogens like bacteria, fungi, and other natural substances that kill pests. Considering the sustainability of agriculture, biostimulants play a crucial role. Owing to the various benefits like fewer pollutants, toxicity containment has derived the growth of biostimulants in the global market. The enlarged agriculture market has been an important application area for biostimulants. Additionally, the growing concerns about organic farming have boosted the demand for biostimulants globally. These changing consumer preferences have created a large market for pesticides in agricultural countries like India. For Instance, according to the study biopesticide sector accounts for more than 15% of the total insecticides sector globally. Hence the growing utilization of biostimulants shows the augmented market demand.


COVID-19 Impact on Biostimulants Market


The supply chain of the biostimulants market comprises manufacturers, distributors, and consumers. The COVID-19 pandemic has impacted the agricultural supply chain, as many countries were under lockdown and sealed their borders to curb the spread of the virus. Every area of the economy has experienced development since the COVID-19 outbreak, and the agriculture supply chain is no exception. The pandemic crisis had an increasing influence on global commerce and supply chains as the world economy tries to cope with it, and this is due to the rapidly declining global investment flows. The manufacturing of biostimulants involves assembling certain materials to produce the final product. These materials are sourced within a certain country or from several countries across the world. There are certain raw materials that are imported from different countries and continents and the finished products are again transported to domestic retailers or exported to different countries. Thus, the dependency on logistics for the import and export of raw materials and finished products has caused severe disruption in the procurement of raw materials.


Access full report @ https://www.marketresearchfuture.com/reports/biostimulants-market-2770


Competitive Landscape


The global biostimulants market is projected to witness significant growth during the forecast period, exhibiting a CAGR of XX%. The major growth drivers are the high demand for high-value crops and organic agriculture along with government initiatives and rules to support environmentally friendly products. However, the lack of awareness among farmers and effective rules and regulations for biostimulants may limit market growth. The products are expected to create lucrative growth opportunities for players operating in the biostimulants market during the forecast period. Nevertheless, the significant growth of the geriatric population and the rising e-commerce sales in the biostimulants industry are expected to create lucrative opportunities for the players in the global market. The global biostimulants market is highly competitive, with key industry players adopting various strategies such as expansions, acquisitions, and product launches to strengthen their market positions. Most companies in the market focus on expanding operations across regions, augmenting their capabilities, and building strong partnerships. The growth of market players is dependent on market conditions, government support, and industry development.


Segmentation


By Active Ingredient



  • Humic Substances: The humic substances used in biostimulants include humic acids, fulvic acids, and humin. Fulvic acids are smaller molecules than humic acids which helps them in passing through the micropores present in plant membranes. The humic acids are soluble at alkaline PH and insoluble at acidic pH whereas the fulvic acids are soluble at both alkaline and acidic pH. This type of active ingredient helps in increasing the tolerance of crops to abiotic stresses like heat, drought, temperature, and salt stress apart from enhancing the fertilization efficiency of macronutrients like phosphorous, nitrogen, and potassium.

  • Seaweed Extracts: Seaweed extracts, a natural bioactive material and are available in soluble powders or liquid form derived through various extraction processes like physical and chemical methods. Biostimulants made of seaweed extracts are majorly used in plant growth and tolerance against abiotic stresses in horticulture crops.

  • Microbial Amendments: Microbial amendments are living microorganisms that can colonize the interior of the plant or rhizosphere when applied to soil, seeds, or plant surfaces. They help in plant growth and development by boosting the supply or availability of primary nutrients to the host plant.

  • Amino Acid: Amnio acids are used in the preparation of biostimulants that are obtained by chemical synthesis or enzymatic hydrolysis from plant and animal proteins. As a biostimulant, it plays a vital role in enhancing plant productivity under stress conditions and various other functions specific to the type of amino acid.

  • Amino Acid: The others segment includes biostimulants that have chitin & chitosan and plant extracts as the active ingredient. Chitin and Chitosan are manufactured through chemical and biotechnological methods. The major use of chitosan-based biostimulants includes inhibition of microbial growth, for reducing disease incidence, and reduction of microbial membrane integrity.


By Mode of Application



  • Foliar Treatment: Foliar treatment of biostimulants is a mode of application of it over the leaves of the crops by using the liquid-based formulations. The foliar treatment is carried out by either spraying or drenching the biostimulants over the leaves and the mechanism involves the absorption of nutrients and other substance is by diffusion through cuticle, epidermal cell, and stomata of a leaf.

  • Soil Treatment: For soil treatment mode, the soil needs to be thoroughly prepared based on the type of control agent and the crop. The biostimulants are either directly applied to the soil by drenching or drip irrigation. The mode of absorption is primarily by the roots of the plants.

  • Seed Treatment: Seed treatment is a mode of application of biostimulants where the seeds are treated with biostimulants to counteract environmental stress like heat, drought, etc., at the time of sowing and germination. Also, the seed treatment helps in faster root development with the help of growth regulators like auxins and cytokinins present in the biostimulant.


By Crop



  • Fruits & Vegetables: Biostimulants are majorly used for the growth and development, enhancement of saline tolerance, ability to absorb nutrients and water, induce flowering, and improvement in fruit quality in the fruits & vegetables crops.

  • Cereals & Grains: The cereal & grains segment includes usage of biostimulants in crops including corn, wheat, barley, rice, etc., The seaweed extractbased biostimulants are used for the growth and productivity of rice crop, the regulators like auxins, cytokinin and gibberellins in seaweed extracts help in the development of the crop.

  • Oilseeds & Pulses: The oilseeds & pulses segment covers the application of biostimulants to crops like soybean, red gram, green gram, chickpeas, yellow peas, dry beans, lentils, soybean, peanut, castor, sunflower, safflower, etc.

  • Others: The other segment comprises application of biostimulants in turf & ornamentals, plantation crops, fiber crops, silage & forage crops.


By Region



  • North America: North America region includes the US, Canada, and Mexico. According to the World Bank data, the fertilizer price has increased more than 30% since the beginning of the year in 2022 and has seen an 80% increase during 2021 in comparison to the 2020 prices. It is expected that the US alone would witness a 12% increase in the prices of fertilizers in 2022 according to the American Farm Bureau Federation and USDA.

  • Europe: Europe region consists of Germany, the UK, France, Spain, Italy, and the Rest of Europe. The use of biostimulants in the European agriculture landscape is swiftly increasing and the European Commission with an aim to foster sustainable agriculture, uninterrupted supply of feed, food, and biomaterials has launched European Innovation Partnership for Agricultural Productivity and Sustainability (EIP-AGRI) in 2012. EIP-AGRI in line with the EU’s Farm-to-Fork and Biodiversity strategies carries out several activities which include inspirational ideas networks and investments in horizon projects.

  • Asia-Pacific: Asia-Pacific region consists of China, India, Japan and Australia & New Zealand, and Rest of Asia-Pacific. In April 2022, the Indian government created new regulation for biostimulants which has enlisted the requirement of testing of products and a license to sell in the country. The step is expected to create an opportunity for legitimate manufacturers to expand their business with products that meet the new standards and requirements.

  • Rest of the World: The rest of the world segment comprises South America, Middle East, and Africa. South America has been witnessing launch of new products including BoM-A Fit Soja biostimulant in Brazil developed by Elicit Plant for the soybean plant to overcome the lack of water in the soil in April 2022 and in 2020, Krilltech launched a combination product Arboline in Brazil which acts as a biostimulant and biofertilizer as well for the foliar application of vegetable crops.

Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Contact us and avail customized purchase options to meet your research needs. Get your queries resolved from an industry expert. Enquire before Buy

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.