The global biostimulants market is experiencing robust growth, with a report by SNS Insider revealing a market size of USD 3.85 billion in 2023. This value is projected to soar to USD 9.35 billion by 2031, at a compound annual growth rate (CAGR) of 11.8% over the forecast period (2024-2031).
Growing Demand for Organic Products and Sustainable Solutions
The expanding biostimulants market reflects a conscious shift toward sustainable agriculture. Consumers are increasingly demanding produce cultivated with minimal environmental impact. Biostimulants, derived from natural sources, enhance crop productivity while reducing reliance on synthetic chemicals. This aligns with the desire for less environmentally harmful agricultural solutions, creating a powerful market driver. The increasing adoption of organic farming is a key contributing factor, with India registering 2,664,679.54 MT of agricultural land under organic production in 2022/2023.
The global biostimulants market offers significant opportunities due to several contributing elements:
- Heightened Environmental Awareness- The harmful effects of conventional fertilizers and pesticides raise sustainability concerns, prompting farmers to seek eco-friendly alternatives like biostimulants.
- Focus on High-Value Crops- The rising demand for high-value crops further encourages growers to use biostimulants that potentially boost yield and quality.
- Abiotic Stress Management- Increasing abiotic stress (drought, salinity, etc.) underscores the need for biostimulants, which enhance plant resilience.
- Government Support- Multiple governments and regulatory bodies promote bio-based agriculture, boosting the biostimulants market with favorable policies and initiatives.
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Some of the Key Players Included are:
The major key players are BASF SE, Koppert B.V., Sapec Agro S.A., FMC Corporation, Isagro Group, Biolchim S.P.A., Novozymes A/S, Platform Specialty Products Corporation, Valagro SpA, Italpollina SAP, Biostadt India Limited, UPL Limited, Koppert, and other key players mentioned in the final report.
The biostimulants sector continues to innovate, as evidenced by these recent developments:
- In May 2023, Yara Internationallaunched a new global production facility purpose-built for biostimulants and specialty crop solutions.
- In March 2023, India witnessed the launch of Promalin, a cutting-edge biorational product from Sumitomo Chemical India Ltd., boosting biostimulant options.
- In January 2023, Sumitomo Chemical, Ltd. acquired FBSciences Holdings, Inc., signifying a major investment and commitment to the biostimulants sector.
- In June 2022, FMC Corporationintroduced “Biologicals by FMC,” solidifying their role in biological crop care with innovative biostimulants and bionematicides.
Segment Analysis
By Crop Type
Dominant Segment: Row crops & cereals (over 63.5% market share in 2023)
The rise in demand for crops like cotton, oats, barley, millets, and soybeans (all considered row crops) is driving this segment’s growth. These crops are cultivated in vast areas, offering significant potential for the biostimulants market globally. Biostimulants enhance these crops by increasing seed size, cell division, and overall yield. They achieve this by providing essential compounds like Indole-3-acetic acid, polyamines, and amino acids, which help overcome limitations in cell expansion and division.
By Mode of Application
Dominant Segment: Foliar treatment (over 80.4% market share in 2023)
The surging use of foliar treatment in plant care is the primary driver of this segment’s dominance. Biostimulants applied through foliar treatment are typically in liquid form for easier application to leaves, facilitating faster nutrient absorption. This method promotes cellular activity and enhances overall nutrient uptake by the plant. The key active ingredients used in foliar applications include IPA, Glycine betaine, and chelated nutrients. The rapid nutrient absorption and resulting benefits solidify foliar treatment as the leading application method in the global biostimulants market.
By Active Ingredients
- Seaweed Extract
- Acid Based
- Humic Substances
- Microbial
- Others
By Crop Type
- Fruits & Vegetables
- Row Crops & Cereals
- Oilseeds & Pulses
- Turf & Ornamentals
- Others
By Formulation
- Dry
- Liquid
By Mode of Application
- Foliar Treatment
- Seed Treatment
- Soil Treatment
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Impact of Global Crises
The ongoing Russia-Ukraine War has significantly disrupted global supply chains, particularly those associated with agricultural commodities and inputs. Russia and Ukraine are key exporters of wheat, sunflower oil, barley, corn, and fertilizers. The war has caused severe blockages in export routes, sanctions, and logistical disruptions, contributing to soaring prices of these commodities. This has severe implications for the biostimulants market, as rising fertilizer prices translate to higher production costs for farmers. The conflict also increases the urgency for alternative, sustainable farming practices that reduce reliance on traditional fertilizers, potentially stimulating demand for biostimulants as a viable solution for boosting crop yields and resilience.
Regional Landscape
Europe dominated the biostimulants market with a revenue share of over 39.8% in 2023. This is attributed to supportive regulations encouraging organic food production, along with Germany’s role as a major producer of protein crops and rapeseed. he high demand for rapeseed in Germany and its limited domestic supply necessitate the use of biostimulants to improve crop yields and meet industry requirements. The Asia Pacific region follows closely, driven by large agrarian economies like China, India, and others. Rising incomes and changes in consumption patterns favor organic and sustainable farming, creating significant opportunities for biostimulant products.
Key Takeaways for the Biostimulants Market Study
- The Russia-Ukraine War exemplifies how conflicts significantly impact prices and access to fertilizers, influencing biostimulants’ value proposition.
- Market expansion is sensitive to broader economic trends – a slowdown may create hurdles for biostimulant adoption.
- Regions with policies promoting organic and sustainable agriculture witness higher biostimulant demand, showcasing the impact of governmental support.
- Emphasizing the long-term benefits of biostimulants for soil health, resource efficiency, and climate resilience will resonate with environmentally-conscious consumers and producers.
Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Biostimulants Market Segmentation, By Active Ingredients
- Biostimulants Market Segmentation, By Crop Type
- Biostimulants Market Segmentation, By Formulation
- Biostimulants Market Segmentation, By Mode of Application
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Use Case and Best Practices
- Conclusion
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