by The biostimulants market is estimated to be valued at US$ 3,237.27 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are products used in farming to enhance the nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop quality. Seaweed extracts, humic substances, microbial amendments, and certain plant extracts are some commonly used biostimulants. They help in reducing the use of fertilizers and improving yields. Biostimulants find wide application in row crops, fruits & vegetables, turf & ornamentals, and other crops.
Market Dynamics:
The growth of the biostimulants market is driven by the increasing demand for sustainable agricultural practices and consumption of organic food. Farmers are actively adopting biostimulant products to boost soil fertility and plant nutrition without compromising the environmental quality. Additionally, biostimulants help in nutrient cycling and stimulate the activities of beneficial soil microbes. This enhances crops’ tolerance to drought and frost. Further, seaweed extracts as biostimulants are gaining significant popularity owing to their richness in elemental nutrients and growth-promoting compounds like alginates and laminarin that strengthen cellular metabolism and membrane functions in plants.
Segment Analysis
The biostimulants market is dominated by the plant extract segment. Plant extracts are the earliest and most preferred types of biostimulants used across different applications such as soil, seed, and foliar. They contain various bioactive compounds that act as biostimulants and boost plant growth. Seaweed extracts are the most commonly used plant extracts due to their high content of phytohormones like auxins, cytokinins, and betaines that help improve plant health.
PEST Analysis
Political: The government support for sustainable agricultural practices in the form of subsidies and funding for R&D is driving the adoption of biostimulants. However, differing regulations across countries create compliance challenges for manufacturers.
Economic: The rising global population and decreasing arable land is propelling the demand for technologies that can boost agricultural productivity through sustainable means. Biostimulants provide a cost-effective solution compared to agrochemicals.
Social: Consumers are increasingly demanding chemically residue-free food products. Farmers also prefer eco-friendly biostimulant products to reduce environmental pollution.
Technological: Advances in extraction technologies have improved the productivity and stability of active ingredients in biostimulant formulations. Digital farming also assists in precision application of biostimulants.
Key Takeaways
The global Biostimulants Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing sustainability concerns in agriculture. The market size for biostimulants is estimated to reach US$ 6234.27192 Bn by 2030 from US$ 3237.27192 Bn in 2023.
Regionally, the North America biostimulants market accounted for the largest share of over 30% in 2023 due to supportive policies and growing adoption rate among farmers. Europe is also a major market and is expected to maintain its dominance supported by stringent regulations limiting agrochemical usage. Meanwhile, the Asia Pacific biostimulants market is projected to witness the fastest growth during the forecast period with rising export of high-value crops from countries like India and China.
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, and Agrinos A/S. These players are focusing on new product launches with customized formulations and expanding geographical footprints through collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
