The biostimulants market is estimated to be valued at US$ 2,938.7 Mn in 2022 and is expected to exhibit a CAGR of 10.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Biostimulants are biologically derived formulations that boost crop yield and quality when applied to seeds, soil, or plant foliage. They aid in improving nutrient uptake, water efficiency, and induce stress tolerance in crop plants. Additionally, biostimulants help reduce reliance on pesticides and fertilizers leading to more sustainable agricultural practices.
The growth of the biostimulants market is driven by increasing popularity of organic farming and sustainability initiatives adopted by farmers and governments globally. Biostimulants enhance nutrient use efficiency and water retention in soil, thereby improving crop productivity with fewer agricultural inputs. This reduces environmental pollution and production costs for farmers. Growing consumer demand for chemical-residue free food products along with stringent regulatory framework concerning agrochemical usage are further augmenting the demand for biostimulant products.
Market key trends:
The biostimulants market has been witnessing high demand from farmers seeking sustainable and natural solutions to enhance crop yield and quality. One of the major trends in the market has been the growing preference for organic biostimulants derived from seaweeds, humic substances, amino acids and fulvic acid. Compared to conventional fertilizers and agrochemicals, these biostimulants are considered more environment-friendly as they aid plant growth through non-toxic metabolic processes instead of direct nutrient absorption. The organic biostimulants segment has been gaining popularity globally due to rising environmental consciousness and demand for chemical-residue free food products.
Strength: Biostimulants offer sustainable solutions for agriculture as they improve soil fertility and plant health in a natural way without disturbing the agro-ecosystem balance.
Weakness: High initial costs of application and research & development involved in biostimulant production.
Opportunity: Increasing demand for chemical-free, organic food worldwide presents an opportunity for biostimulant manufacturers to expand their market reach.
Threats: Stringent government regulations and lack of consumer awareness in some regions pose challenges.
The global Biostimulants Market Insights is expected to witness high growth, exhibiting CAGR of 10.16% over the forecast period of 2023-2030, due to increasing adoption of sustainable and organic farming practices.
Regional analysis: Europe dominated the global biostimulants market in 2022 holding over 30% share, owing to widespread acceptance and government support for organic and natural farming in countries like Italy, France and Spain. Asia Pacific is projected to be the fastest growing regional market over the coming years, driven by rising biostimulant demand in India and China.
Key players: Key players operating in the biostimulants market 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. These players are focused on new product launches and expansion in high growth markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it