Biostimulants Market Size To Worth USD 10.25 Bn By 2032

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12 Sep 2024

Table of Content

The global biostimulants market size was evaluated at USD 3.5 billion in 2022 and is expected to be worth around USD 10.25 billion by 2032 with a CAGR of 11.40% during the forecast period from 2023 to 2032.

Biostimulants are chemicals that increase plant growth, development, and resilience to biotic and abiotic stresses while lowering fertilizer usage. Growing organic production is driving the global biostimulants industry forward. In addition, technological improvements are propelling the global biostimulants industry forward. Major market players are employing cutting-edge techniques to expand their market share around the world. 

Growing public knowledge of the benefits of biostimulants is presenting attractive potential for the global biostimulants industry to develop. All of these reasons are driving the global biostimulants market forward. Major market players are focusing on many appealing product categories such as specialty fertilizers and segment because to the prospects in these segments.

Report Highlights

• On the basis of active ingredients, acid-based active ingredients segment holds the largest market share in the global biostimulant market. This is due to the growing demand for these compounds, which are in great demand due to their capacity to promote plant strength and sustainability. They are also financially feasible.
• On the basis of crop type, row crops and cereals segment hold the largest market share in the global biostimulant market. Row crops are grown on wide swaths of land around the world and provide valuable expansion opportunities for enterprises. In row crops and cereals, the principal biostimulants include polyamines, amino acids, and Indole 3 acetic acid. It helps remove various barriers to cell development and division.
• On the basis of application, foliar treatment segment holds the largest market share in the global biostimulant market. This is owing to the benefits of foliar treatment, which include increased cellular activity and faster nutrient absorption. Biostimulants are sprayed directly on plant leaves to aid in the quick absorption of nutrients from the surface.

Biostimulants Market Report Scope

Regional Snapshot

Europe is the largest segment for biostimulants market in terms of region. Strict government rules for environmental safety are driving the growth of the biostimulant market in the European area. Furthermore, the growth of the European biostimulant market is fueled by industry participants' product launch tactics.

The Asia-Pacific region is the fastest-growing region in the biostimulants market. India and China hold the highest market share in the Asia-Pacific biostimulants market. The increased consumption of organic food products is driving the expansion of the Asia-Pacific biostimulant market. Furthermore, the rise of the biostimulant market in the Asia-Pacific region is aided by growing government initiatives as well as increasing sustainable farming methods. Additionally, the region's biostimulants market is being fueled by the development of organic farming practices.

Market Dynamics

Drivers

Technological developments

The key market players are adopting new and innovative technologies for the development of biostimulants market. The key market players can generate new products in the biostimulants category as a result of technological advancement. As a result, technological developments is driving the growth of global biostimulants market. 

Restraints

Use of low quality biostimulant products

The proliferation of low-quality items is due to a lack of openness in patent security regulations in many nations. The farmers are attracted to these goods because of their low prices from small scale local market players, which is hindering the growth of global biostimulant market. 

Opportunities

Growing demand for sustainable agriculture

Nowadays, agricultural producers must develop strategies to improve their efficiency and effectiveness. The biostimulants can help to solve this problem in the long run by providing stress resistance and so boosting plant development. In addition, the growing demand for organic food products is also driving demand for sustainable agriculture. As a result, growing demand for sustainable agriculture is supporting the expansion of worldwide biostimulant market. 

Challenges

Lack of favorable government regulations

The biostimulants are not yet categorized as a distinct segment with a globally agreed upon classification. As there is no enough regulatory structure in place, numerous problematic products are manufactured and sold in the global market. This has an even greater impact on the worldwide acceptance of biostimulants. Thus, this factor is a major challenge for expansion of global biostimulant market. 

Recent Developments

• UPL Australia released a new series of GoActiv Technology-based Biostimulant products in June 2021, designed to treat specific crop physiological or abiotic challenges in fruits, vegetables, vines, and tree crops. The Ascophyllum nodosum seaweed extract used in GoActiv Technology is 100% pure.
• Phoenix Del was bought by Isagro SPA in October 2020 to expand its external lines in the copper-based fungicides and biosolutions categories. The goal of this acquisition is to expand the biostimulant market by developing new products.
• BASF's seed, trait, and crop protection research and development initiatives will be completed in March 2020. BASF's agricultural research stations throughout the world will be able to use the delair.ai cloud platform to modernize and regulate data from drone-based field investigations as part of the arrangement. 

Key Players in the Report

• BASF SE 
• UPL 
• Gowan Group  
• ILSA S.p.A  
• Haifa Group
• Rallis India Limited
• FMC Corporation
• Valagro S.p.A

Market Segmentation

By Form

• Dry
• Liquid

By Active Ingredient

• Humic substances
• Seaweed extracts
• Microbial amendments
• Amino acids
• Others

By Crop Type

• Cereals & grains
• Fruits & vegetables
• Turf & ornamentals
• Oilseeds & pulses
• Others

By Application

• Foliar Treatment
• Soil Treatment
• Seed Treatment

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