The biostimulants market includes various biological and chemical compounds that enhance plant growth and nutrient uptake. Biostimulants improve crop quality and yield by modifying physiological processes without being nutritionally essential to plants. They are used to boost plant growth, induce resistance to biotic and abiotic stress, improve soil characteristics, and increase crop quality. Biostimulants are applied to seeds, soil, or foliage and improve nutrient use efficiency, allowing plants to grow under stressful conditions. Rising awareness regarding the usage of sustainable agricultural practices has boosted the adoption of biostimulants as an alternative to chemicals.
The global biostimulants market is estimated to be valued at US$ 3237.27 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The biostimulants market is expected to be flourished by growing organic farming practices globally. Organic farming prohibits the use of synthetic inputs and focuses on practices that maintain soil health, conserve water and enhance biodiversity. The demand for organic food products is increasing due to rising health consciousness among consumers regarding food toxicity and associated diseases. Moreover, food safety issues related to the excessive use of agrochemicals is shifting more farmers towards sustainable agricultural methods including organic farming techniques. This is positively impacting the adoption of biostimulants which act as a substitute for chemical fertilizers and related yield boosters. Developing markets of Asia Pacific and Latin America has emerged as primary revenue generators for the biostimulant manufacturers owing to increase in awareness regarding environmentally sustainable agricultural practices and farm subsidies by the governments in these regions to promote natural farming techniques.
Segment Analysis
The global biostimulants market is segmented on the basis of crop type, active ingredient, application method and form. The crop type segment is further divided into row crops, fruits & vegetables, turf & ornamentals and other crop types. Fruits & vegetables dominate the crop type segment owing to increasing demand for nutritious fruits and vegetables and need to boost crop yields through sustainable agricultural practices.
PEST Analysis
Political: Governments in many countries are promoting the use of biostimulants as they are more environment friendly than agrochemicals for sustainable agriculture. They offer support through subsidies and favorable regulations.
Economic: Increasing global population is putting pressure on agriculture to boost crop productivity through sustainable means. High food demand and rising disposable income is propelling the biostimulants market growth.
Social: Consumers are increasingly preferring nutritious fruits and vegetables and demanding safe food produced through organic and environment friendly practices. This is generating demand for biostimulants.
Technological: Leading players are focusing on R&D to develop new proprietary formulations and delivery methods for biostimulants. Digitization and precision farming is also helping in effective application of biostimulants.
Key Takeaways
The Global Biostimulants Market Growth is expected to witness high in the forecast period of 2023 to 2030 supported by various growth drivers. The global biostimulants market is estimated to be valued at US$ 3237.27 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America dominates currently owing to high awareness and extensive usage of biostimulants among farmers. Europe follows closely due to stringent regulations promoting sustainable agriculture.
Key players operating in the biostimulants market are Acadian Seaplants Limited, Biolchim S.p.A, Ilsa S.p.A, Italpollina S.p.A, Koppert Biological Systems, Novozymes, OMEX Agrifluids Ltd, Valagro S.p.A and Haifa Group. The key players dominate primarily through their proprietary formulations, distribution networks and continuous innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it