The global biostimulants market size was valued at USD 3.64 billion in 2023. The market is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, exhibiting a CAGR of 11.69% during the forecast period.
Biostimulant cultivation is the practice of applying chemicals or microbes to plants to enhance crop quality, abiotic stress tolerance, and nutrition efficiency. increased concerns about the environment and climate, a shift toward sustainability, and increased interest in organic farming are all contributing to the market's expansion.
The adverse effect on the market was caused by the COVID-19 epidemic. The growth of the market was hindered by the COVID-19 pandemic, which resulted in greater supply chain interruptions and a drop in sales for the main market players.
Fortune Business Insights™ mentioned this in a report titled, “Biostimulants Market, 2024-2032.”
Segments
Enhancing Crops' Physiological and Biochemical Characteristics to Promote Non-Microbial Segment Growth
The market is divided into microbial and non-microbial segments based on the source. The market is led by the non-microbial sector, which is anticipated to expand rapidly throughout the projection period. The expanding biochemical and physiological characteristics of crops are credited with the segment's rise.
Growing Global Seaweed Cultivation to Fuel Market Growth for Seaweed Extracts
The market is segmented into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and other categories based on the active component. The market is being dominated by the seaweed extracts segment since seaweed agriculture is expanding.
High Foliar Spray Effectiveness in Enhancing Plant Health Augmentation Extension of the Foliar Application Segment
The market is divided into three categories based on application: seed treatment, soil treatment, and foliar application. Because foliar spray is so successful at enhancing plant health, this segment of the biostimulants market maintained the greatest share.
Growing Uptake of Greenhouse Vegetable Production to Fuel Growth in the Row Crops Segment
The market is divided into graass & ornamentals, fruits & vegetables, row crops, and other categories based on the type of crop. Due to the growing demand for high-value crops and the increasing use of greenhouse vegetable production, the row crops category is anticipated to dominate the market over the forecast period.
In terms of geography, the market is examined in South America, Asia Pacific, Europe, North America, and the Middle East and Africa.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increasing Awareness Regarding Environmental Impact of Chemical-Based Fertilizers to Boost Market Growth
The market for biostimulants is growing as more people become aware of the harmful effects of chemical-based fertilizers and synthetic plant protection products. Biostimulants are becoming more and more popular because farmers are looking for more natural and environmentally friendly ways to grow their crops. This is because biostimulants are more tailored to the growth of target crops and plant pests, which increases market growth.
The absence of rules pertaining to the commercialization of biostimulants, however, can impede the expansion of the sector.
Regional Insights
Formation of Many Government Organizations to Aid Market Growth in Europe
In 2023, Europe accounted for USD 1.43 billion and had the most market share for biostimulants. The development of several government organizations, like the European Biostimulants Industry Council and ACI's Biostimulants Associations, is credited with the rise and is propelling the regional industry expansion.
Over the course of the forecast period, Asia Pacific is anticipated to have substantial growth. The development is explained by Asian manufacturers' growing reliance on high-quality agricultural products to support the expansion of the regional market.
Competitive Landscape
Growing Key Players Focus on New Product Launches to Aid Market Expansion
Due to the existence of major market players, the market is quite competitive. The increasing emphasis of these major companies on innovation and the introduction of new products into the market to satisfy farmers' demands for increased crop resilience and nutrient usage efficiency is contributing to the market's expansion.
Key Industry Development
December 2023 – Leading family-owned biostimulus manufacturer in the United States, Agro-K, was purchased by Rovensa Group, one of the top producers of agricultural inputs. The acquisition will provide a superior array of supplementary solutions and bolster Rovensa's biostimulant portfolio in the United States.
List of Key Players Present in the Report:
- Bayer AG (Germany)
- Syngenta AG (Switzerland)
- UPL Limited (India)
- Gowan Group (U.S.)
- BASF SE (Germany)
- Marrone Bio Innovations (U.S.)
- SEIPASA S.A. (Spain)
- I. Industries (India)
- Novozymes A/S (Denmark)
- Koppert Biological Systems (Netherlands)
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