Biostimulants Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analyis, & Opportunities 2030

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The global biostimulants market is estimated to witness growth at a compounded annual growth rate (CAGR) of 11.5% during the forecast period of 2022 to 2030.

Biostimulants refer to natural microbe-based agricultural chemicals or substances that are applied to the oilseeds, soil, grains, fruits, vegetables, and other plantation crops to improve the metabolism, nutrient availability, tolerance to environmental stresses in times of drought or disease, water holding capacity, and production of chlorophyll. These biologically produced fertilizers also enhance the antioxidant activity and stimulate root development and cell enlargement in plants.

Biostimulants have a wide variety of applications in agriculture and horticulture. These promote the development of plants in diverse ways throughout the entire life cycle of crops, right from the germination of the seed to the plant's maturity.

GROWTH DRIVERS:

Factors such as the widespread adoption of biostimulants due to the rising awareness regarding their numerous benefits across the world; the surging need to enhance crop yield and quality; the fast-paced soil degradation across the globe; the increasing awareness about environmental safety; the growing emphasis on improving productivity; the burgeoning need to restore degraded soil and improve soil health; the continuously changing climate due to global warming that affect crop yields; the ever-expanding agriculture industry, and the limited availability of cultivable land across the globe are primarily driving the growth of the global biostimulants market.

Additionally, the global population is soaring at a rapid pace, and so is the demand for food. However, the food sector is being faced with a variety of unprecedented challenges such as environmental hazards including adverse climate change effects, overexploitation of natural resources in the form of excessive application of chemical-based products on crops; loss of biodiversity, and food loss and waste. This is rendering the sector ineffective in fulfilling the demands of the people. Biostimulants here, are emerging as an essential component in sustainable agricultural practices which are increasingly being used along with organic manure to enhance soil fertility and plant health. They are increasingly replacing chemical-based agro-products due to their environment-friendly nature, which, in turn, is adding to the growth of their market.

Moreover, the demand for healthy, high-quality food without chemical residues has up-surged exponentially. This has resulted in the growing adoption of organic farming practices. Biostimulants hold significant importance in organic farming and organic gardening for crop protection & nutrition. In purview of this, the support from governments across regions to promote bio-agri products has also increased. Thus, with the increasing popularity of organic farming, the demand for biostimulants in organic farming is slated to increase. This factor in tandem with the growing support from the government is expected to aid in the growth of the global biostimulants market throughout the forecast period.

Furthermore, other factors such as the proliferating introduction of innovative bio-based products; the rising disposable incomes and spending of people; the growing number of market players offering customized product solutions specific to crop type & soil and training and education programs to farmers are also expected to create ample growth opportunities for the global biostimulants market during the forecast period.

However, factors such as the limited awareness and availability of good quality products in underdeveloped regions; the scientific & technical difficulties for developing biostimulants; lack of regulations associated with product’s commercialization, and the high costs associated with research and development practices are expected to hamper the growth of the global biostimulants market to a certain extent during the forecast period.

BIOSTIMULANTS MARKET SEGMENTATION:

By Active Ingredients: 

·         Acid-based

o   Humic Acid

o   Fulvic Acid

o   Amino Acids

·         Extract-based

o   Seaweed extracts

o   Other Botanical Extracts

·         Microbial Amendments

·         Others

o   Vitamins

o   Trace Minerals

o   Polysaccharides

 

By Application:

·         Soil Treatment

·         Seed Treatment

·         Foliar Spray

 

By Form: 

·         Liquid

·         Dry

 

By Crop Type:

·         Cereals & Grains

·         Oilseeds & Pulses

·         Fruits & Vegetables

·         Turfs & Ornamentals

·         Others

o   Forage

o   Plantation Crops

 

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Based on active ingredients, the acid-based segment acquired the largest share of the global biostimulants market in 2021. The segment is anticipated to retain its lead in the market over the forecast period on account of their easy availability and a wide range of benefits offered by them to plants, However, the extract-based segment is expected to register the highest CAGR in the market during the forecast period

 

Based on crop type, the fruits and vegetables segment captured the largest market share of the biostimulants market in 2021. The trend is expected to further continue over the forecast period owing to the burgeoning application of biostimulants on crops such as fruits & vegetables, the increasing demand for fruits & vegetables due to the growing health consciousness among people and the high production of vegetables and fruits across the globe.

 

Based on form, the liquid segment is predicted to dominate and at the same time register the highest CAGR in the market during the forecast period of 2022-2030. The liquid formulation’s relatively better performance and higher effectiveness than that of dry formulation is the major factor attributable to the growth of the segment.

 

Based on application, the foliar spray segment held the largest share of the global biostimulants market in 2021. The segment is predicted to further retain its dominance in the market over the forecast period. on account of its higher efficiency as compared to other modes of application. However, the seed treatment segment is estimated to attain the highest growth rate in the market during the forecast period.

 

REGIONAL OUTLOOK:

The European region dominated the global biostimulants market in 2020, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa.  The trend is expected to continue over the forecast period. Factors such as the surging concerns over harmful chemicals on the environment; the increasing emphasis on agricultural sustainability; the escalating development of new & innovative products; the increasing export of biostimulants from the region; the growing number of stringent regulations on environmental safety; the increasing R&D activities on biostimulants, and the presence of well-established biostimulants providers in the region are majorly ascribed to the region’s growth. The U.K, Germany, Spain, Italy, and France are the major contributors to the growth of the market in the region.

 

The Asia Pacific region is poised to emerge as the fastest-growing regional market for biostimulants during the forecast period, followed by the Latin American region. Factors such as the presence of various agriculture-driven economies such as India, Australia, and China; the rapidly expanding agriculture sector, the proliferating adoption of sustainable agricultural practices; the escalating and the enhancing need for improved productivity are the primary factors propelling the growth of the Asia Pacific biostimulants market. Countries such as India, China, Japan, South Korea, and Australia are the major contributors to the growth of the market in the region.

 

The North American region also captured a significant portion of the global biostimulants market in 2021. The region is expected to further witness swift growth during the forecast period on account of the rising adoption of advanced technology in agriculture and the supportive government policies that encourage the application of sustainable farming practices in the region. The U.S. and Canada are the major contributors to the growth of the market in the region.

 

KEY COMPANIES IN BIOSTIMULANTS MARKET:

·         Bayer AG

·         Syngenta AG

·         BioAtlantis Ltd.

·         Agrinos Inc.

·         Andermatt Biocontrol AG

·         Som Phytopharma India Limited

·         Novozymes A/S

·         BASF SE

·         Valagro S.p.A

·         FMC Corporation

·         Rallis India Limited

·         Haifa Group

·         Marrone Bio Innovations Inc.

·         Biolchim SpA

·         Italpollina SpA

·         Biostadt India Limited

·         Olmix S.A.

·         Plant Health Care plc

·         EuroChem Group AG

·         Other Players

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