ID: MRFR/AGR/2053-CR | 170 Pages | Published By Sakshi Gupta on February 2021
Biostimulants Market Size is anticipated to reach USD 6.65 billion by 2030, registering a CAGR of 10.10% during 2022-2030.
Global Biostimulants Market Research (MRFR Insights)
The biostimulants market size is projected to register 5.61 billion with a CAGR of 10.10% from 2022 to 2030. This is due to growing instances of soil degradation, stringent laws on the use of chemicals in farming, and the need for sustainable & eco-friendly alternatives to promote agricultural development and output. Biostimulants are any mixes of microorganisms given to plants to increase food productivity, abiotic stress resilience, crop quality, elements, and aggregates while ignoring healthy material. Food and agricultural production frameworks worldwide are facing enormous challenges due to expanding food interest for a growing population, rising yearning and hunger, negative environmental change consequences, overexploitation of natural assets, biodiversity loss, and food misfortune and waste. There is a growing demand for food delivered more sustainably, with less designed synthetic components and more natural ingredients. As a result, biostimulants are assisting in sustainably fixing this issue by providing pressure security and stimulating plant development. Because of rising awareness about the hazardous, long-term impact of artificial chemicals used for plant development, the requirement for the product is increasing as the population rapidly grows. Thus, rising demand for organic and natural items is boosting the growth of the biostimulants market.
COVID-19 Impact Analysis
The COVID-19 outbreak has had an impact on a variety of industries around the world. Due to the lockdown period, COVID-19 has had an impact on the market in all regions. Companies in the market are stepping up efforts to assess better the effect of the COVID-19 pandemic on inventories to control production volumes and adapt production levels to changing demand in specific locations. Manufacturers are altering their supply chains to ensure the availability of end-user goods or intermediates. Manufacturers in the biostimulants industry focus on managing stocks and flow with great flexibility to build resistance to the pandemic's problems.
Biostimulants Market Dynamics
The industry's expansion is being fuelled mostly by deteriorating soil conditions and increased demand for organic and high-quality products. Furthermore, because of its ability to increase crop output, there is an increasing desire for sustainable and eco-friendly alternative options. This, in turn, is expected to increase demand for biostimulants during the forecast period. Biostimulants are any compounds or microbes supplied to plants to improve sustenance efficiency, abiotic stress tolerance, crop quality, features, and phenotypes, regardless of nutritional content. For instance, in 2021, Acid-based biostimulants were the dominant active component sector. Products based on fulvic, humic, and amino acids are included in the acid-based sector. Amino acids are important inducers of phytohormones, which aid in seed germination and stimulate plant metabolic activities.
Biostimulants Market Drivers
Demand for biostimulant products is being driven by modern agricultural practices
Biostimulants are promoted as plant growth stimulators. Because agricultural biostimulants help increase root biomass, nutrient uptake, and enzymatic activity, companies in the industry are expanding their production capacity. Biostimulants rich in minerals, plant hormones, amino acids, and other nutrients are becoming more widely available. Sustainable environmental systems are at the heart of modern farming methods. Companies in the market are increasing their product output capacity to avoid the expenditures and time-consuming efforts connected with traditional breeding programs for improving plant health.
Lack of restrictions related to the product's commercialization may impede the market's development and expansion during the projection period in many emerging markets. Lack of trust in new products, a lack of understanding of quality products, and a lack of consistent regulatory and supportive policies for networks all restrain the market's expansion.
Lack of evidence in biostimulant mechanisms affects agricultural product development. Even though corporations invest each year in developing new products to incorporate biostimulants into agriculture, there is a shortage of information concerning the mechanism of biostimulants to maximize genuine gains. Because of the significant number of chemicals that can be employed as biostimulant raw materials, such as seaweed extracts and plant hormones, there is a need to investigate the underlying mechanisms responsible for these effects.
By Active Ingredients Insights
The biostimulants market segmentation, based on active ingredients, is humic substances, humic acid, microbial amendments, fulvic acid, trace minerals, seaweed extracts, amino acids, and other active ingredients (including vitamins and polysaccharides). The biostimulants market growth was prominently high under the microbial amendments segment in 2021 owing to the increasing usage of bacteria, yeasts, and fungi as a biostimulant in plants to promote nutrient absorption capacity and production.
By Crop Type Insights
The biostimulants market segmentation, based on crop type, is cereals & grains, oilseeds & pulses, fruits & vegetables, turfs & ornamentals, and others (forage and plantation crops). In 2021, the row crops segment accounted for the largest market share of the market. These crops provide beneficial growth chances for businesses and are widely produced across the globe over vast expanses of land.
By Mode of Application Insights
The market, based on mode of application, is divided into foliar treatment, soil treatment, and seed treatment. In 2021, the foliar treatment segment accounted for the largest market share of the market. This is due to the benefits of foliar treatment, which include faster nutrient absorption and greater cellular activity. Foliar treatment entails directly applying biostimulants to plant leaves to aid in rapidly absorbing nutrients from the surface.
By Form Insights
By form, the market is segmented into liquid and dry. The liquid category is anticipated to dominate the market due to several variables, including their ease of use and ability to combine with biopesticides and biofertilizers for the benefit of crops.
Global Biostimulants Market Share, by Region, 2021 (%)
Biostimulants Market Overview, by Region
By region, the biostimulants market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North American region accounted for the most extensive market share, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
North America dominated the market, with the highest market share in 2021. The US has a highly developed agricultural industry adapted to natural and organic farming methods. As a result, the region perceives a large intake of biostimulants. The country is acclimating to the product's use, mainly in the seed treatment application segment, to boost crop production and potency at an early stage of plant growth. The US uses biostimulants to promote balanced growth in the agriculture sector.
Asia-Pacific countries dominate the market, expected to register the fastest CAGR in the forecast period. Due to the presence of developing economies such as India and China, Asia-Pacific has the largest development potential. The company of rigorous rules prohibiting the use of artificial chemicals that harm soil quality has also aided market expansion. This is due to the growing population and strong demand for organic, fertilizer-free, and synthetic chemical-free vegetables.
Biostimulants Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as BASF SE; Isagro Group; Sapec Agro S.A.; Biolchim SpA; Novozymes A/S; Platform Specialty Products Corp. dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. Biostimulants firms are focusing on developing new and inventive methods to make facility assets and services relevant and necessary for improving customer experience, business administration, occupational physiology, and supporting their core business.
Prominent players in the biostimulants market research include BASF SE; Isagro Group; Sapec Agro S.A.; Biolchim SpA; Novozymes A/S; Platform Specialty Products Corp.; Valagro SpA; Koppert B.V.; Italpollina SAP; Biostadt India Ltd., among others.
Scope of the Biostimulants Market Segmentation
By Active Ingredients outlook
By Mode of Application outlook
By Form outlook
By Crop Type outlook
By Region outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the biostimulants market report segmented by active ingredients, mode of application, form, and crop type by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the biostimulants market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the biostimulants market growth
To find out the factors which are affecting the biostimulants market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 5.61 billion|
|CAGR||10.10% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Active Ingredients, Mode of Application, Form, Crop Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||BASF SE; Isagro Group; Sapec Agro S.A.; Biolchim SpA; Novozymes A/S; Platform Specialty Products Corp.; Valagro SpA; Koppert B.V.; Italpollina SAP; Biostadt India Ltd. and others.|
|Key Market Opportunities||The Biostimulant industry appears promising, with prospects in seed treatment, soil treatment, and foliar treatment.|
|Key Market Drivers||Demand for biostimulant products is being driven by modern agricultural practices.|
Biostimulants market is projected to grow at approximately 11.41% CAGR during the assessment period (2022-2030).
The market is expected to register a CAGR of ~10.10 % over the next 10 years, according to biostimulants market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
Europeholds the largest share in the global biostimulants market, followed by North America and the Asia Pacific, respectively.
North America held the largest share in 2021
The market size is expected to be USD 5.16 billion by 2030.
BASF SE; Isagro Group; Sapec Agro S.A.; Biolchim SpA, and Novozymes A/S are the major companies operating in the market.