February 24, 2024
Bone Marrow Transplant Market

The Rising Adoption Of Organic Farming Practices Is Driving The Biostimulants Market

Biostimulants are gaining increasing popularity among farmers globally as they help improve crop quality and yield without the use of synthetic fertilizers or pesticides. Biostimulants contain diverse active substances that stimulate natural processes in plants to enhance their nutrition efficacy, tolerance to abiotic stress, and quality. They can be applied as foliar sprays, seed treatments, soil amendments or through drip irrigation. Common biostimulants include humic and fulvic acids, seaweed extracts, microbial amendments, and amino acids. Increased use of biostimulants benefits farmers through higher and more robust crop productivity while supporting sustainable agriculture goals of biodiversity protection and reduced environmental footprint.

The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving growth in the biostimulants market is the rising demand for organic foods. Consumers are increasingly preferring organic produce and manufacturers are expanding their organic product portfolios in response. However, organic farming relies more on natural inputs like biostimulants for balanced plant nutrition rather than heavy use of synthetic fertilizers. Biostimulants help organic farmers meet the challenges of lower yields through application of substances that aid plant metabolic activity. Their use supports sustainable intensification of organic crop cultivation. Another key trend is the increasing adoption of precision farming and digital agriculture techniques. Many biostimulant manufacturers are developing smart delivery systems and digital tools that analyze field conditions and provide tailored biostimulant dosages for precise agronomic outcomes. This drives higher resource use efficiency and farm profitability.

Porter’s Analysis

Threat of new entrants: Low economies of scale in raw material sourcing and production pose a barrier. Regulations regarding new product development and commercialization are complex.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, producers strive to enhance product value to clients through innovation.

Bargaining power of suppliers: Suppliers of raw materials including seaweed extracts, humic substances and protein hydrolysates have moderate to high bargaining power due to limited availability.

Threat of new substitutes: Substitutes including fertilizers and conventional agrochemicals present a medium threat. Biostimulants provide long term value with minimal residues.

Competitive rivalry: The global market is consolidated with top players accounting for over 50% share. The market focuses on continuous innovation to strengthen differentiation.

Key Takeaways

The Global Biostimulants Market Size is expected to witness high growth. The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

Europe dominates currently with over 30% share led by countries including Italy, France and Germany. Asia Pacific is anticipated to be the fastest growing market during the forecast period supported by increasing agricultural yields in China and India.

Key players operating in the biostimulants market include BASF SE, Isagro, Valagro, platform Specialty Products Corporation, Biolchim, Novozymes, Sapec Group. BASF and Isagro have leading positions in Europe while platform Specialty Products dominates in North America.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it