Biostimulants are formulations of naturally occurring substances that enhance plant growth when applied in small concentrations. They help increase crop quality and yields by stimulating metabolic processes in plants without compromising on sustainability. Biostimulants contain active natural substances present in raw plant extracts, humic substances, marine algae, beneficial microbes and other natural materials. They help plants assimilate nutrients and water more efficiently by enhancing photosynthesis and improving the tolerance of plants to stress factors like drought and disease.
Global biostimulants market was valued at US$ 2,938.7 Mn in 2022, and is estimated to exhibit a CAGR of 10.16%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,375.3 Mn by 2030.
Key Takeaways
Key players operating in the biostimulants are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S.
The rising Biostimulants Market Demand is driven by organic farming practices, improved soil fertility, and higher crop yields without synthetic fertilizers. Technological advancements are enabling crop-specific biostimulant formulations.
Market Trends
The market is witnessing increased adoption of seaweed extracts and microbial based biostimulants. Seaweed extracts contain polysaccharides and plant hormones that enhance plant growth. Microbial based biostimulants containing beneficial fungi and bacteria also aid in nutrient uptake and facilitate stress resistance in crops. Another key trend is the growing demand for foliar spray and soil-applied biostimulant products across horticultural and row crops.
Market Opportunities
The development of innovative bio-formulations specially targeted for major crops like fruits & vegetables, cereals & grains and turf & ornamentals will drive new revenue streams. There is also potential to tap demand in developing regions of Asia Pacific and Latin America where the concept of sustainble farming is gaining traction. Investment in R&D to develop biostimulants tailored for addressing site-specific needs of different climatic zones and soil types will further encourage adoption.
Impact of COVID-19 on Biostimulants Market
The COVID-19 pandemic has severely impacted the growth of the biostimulants market. The imposition of nationwide lockdowns disrupted supply chains and halted construction activities globally. This led to a steep decline in demand from key end-use industries such as agriculture, turf and landscape, and hydroponics. Farmers faced problems procuring crop inputs including biostimulants due to limited transportation and logistical challenges.
However, post pandemic recovery is expected to boost market prospects. With relaxation of lockdowns, agricultural activities are gaining pace in major economies. Farmers are placing greater emphasis on using sustainable products that enhance crop yield and quality. Rising awareness about building soil health and microbial activity is fueling adoption of biostimulants. Government support through subsidies and financing schemes especially in developing nations will aid market rebound. Industry players are undertaking initiatives to strengthen online supply networks and ensure seamless delivery of products to farmers. The long term outlook remains positive driven by growing organic farmland and demand for high value crops.
Geographical Regions with Highest Biostimulants Market
Europe currently dominates the biostimulants market in terms of value, contributing over 35% revenue share. Countries such as Germany, France, Italy, and Spain are major exporters and consumers globally. Supportive regulatory framework and infrastructure coupled with large cultivable areas have propelled product uptake. North America displays lucrative growth opportunities led by the U.S. Rising commercial greenhouse and controlled environment agriculture is driving regional expansion.
Asia Pacific is emerging as the fastest growing regional market for biostimulants. China and India, being the largest agricultural producers globally are positioning themselves as key hotspots. Heightened awareness among farmers pertaining to sustainable solutions and yield enhancement is fostering regional gains. Subsidies by governments to promote organic and residue-free farming will further accelerate Asia Pacific market growth over the coming years.
Fastest Growing Region
Asia Pacific is poised to witness the fastest growth in the biostimulants market over the forecast period. The regional market is estimated to expand at a CAGR of over 12% through 2031. This can be primarily attributed to rising crop cultivation, ongoing modernization of agricultural practices, and increasing organic farmland in major countries. China, India, Japan, Indonesia, and South Korea are emerging as lucrative markets in the region. Growing population and surge in food demand are prompting governments in Asia Pacific to adopt advanced cultivation techniques including biostimulants application.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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