Biostimulants Market Outlooks, Size, Share, Trends, Growth Analysis to 2032
- Nov 07, 2024
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The global biostimulants market outlooks, valued at USD 3.64 billion in 2023, is expected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, with a compound annual growth rate (CAGR) of 11.69%. In 2023, Europe led the market with a 39.29% share, according to Fortune Business Insights™’s Biostimulants Market, 2024-2032 report.
Biostimulants contain substances that enhance plant growth, improve nutrient absorption, and boost stress tolerance, leading to increased crop yields and quality. As the demand for optimizing crop productivity and profitability rises, farmers are increasingly turning to biostimulants, especially those sourced from natural ingredients, which make them ideal for organic farming. This trend provides organic growers with effective solutions to enhance crop productivity and resilience while complying with organic standards.
These products typically involve the application of natural or microbial-based compounds to crops to promote growth, strengthen stress tolerance, and increase nutrient efficiency. The biostimulants market is experiencing rapid growth, fueled by environmental concerns, climate change, a shift toward sustainable agriculture, and a rising interest in organic farming practices.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
List of Key Players Present in the Report:
- Bayer AG (Germany)
- Syngenta AG (Switzerland)
- UPL Limited (India)
- Gowan Group (U.S.)
- BASF SE (Germany)
- Marrone Bio Innovations (U.S.)
- SEIPASA S.A. (Spain)
- I. Industries (India)
- Novozymes A/S (Denmark)
- Koppert Biological Systems (Netherlands)
Segments
Enhancing Biochemical and Physiological Benefits to Drive Non-Microbial Segment Growth
The biostimulants market is divided into microbial and non-microbial segments. Currently, the non-microbial segment leads the market and is expected to see significant growth over the forecast period. This growth is primarily due to the improved biochemical and physiological advantages that non-microbial biostimulants bring to crops, enhancing crop resilience and productivity.
Expansion of Global Seaweed Farming to Propel Growth in Seaweed Extracts
As the biostimulants market splits into microbial and non-microbial segments, the non-microbial sector remains the frontrunner and is projected to grow substantially throughout the forecast period. This increase is largely attributed to the enhanced biochemical and physiological benefits non-microbial biostimulants offer crops, positioning them as valuable tools for sustainable agriculture.
Increased Efficacy of Foliar Spray Boosts Foliar Application Segment
The biostimulants market is segmented by application method: foliar application, soil treatment, and seed treatment. Foliar application, which has shown high effectiveness in improving plant health, is currently the largest application segment within the market and is expected to maintain this position due to its positive impact on crop vitality and yield.
Growth in Greenhouse Vegetable Production Drives Expansion in Row Crops Segment
The biostimulants market is further segmented by crop type, including grass and ornamentals, fruits and vegetables, row crops, and others. The row crops segment is projected to lead throughout the forecast period, supported by the rising demand for high-value crops and the increasing use of greenhouse vegetable production, which enhances the efficiency and quality of biostimulant applications.
Geographic Market Segmentation
The biostimulants market is analyzed across major regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa, with each region showing unique growth drivers and market dynamics.
Report Coverage
The Biostimulants Market report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Raising Knowledge About Chemical-Based Fertilizers' Environmental Effects to Accelerate Market Growth
The biostimulants market is experiencing significant growth as awareness rises about the harmful impacts of synthetic plant protection products and chemical fertilizers. Farmers are increasingly turning to natural and sustainable methods to enhance crop growth, which is fueling the demand for biostimulants. These products not only support crop development but also assist in managing plant pests, further accelerating market expansion.
Nonetheless, the industry faces challenges due to the absence of standardized regulations for the commercialization of biostimulants, which could hinder market growth.
Regional Insights
Establishment of Numerous Governmental Agencies to Promote European Market Development
In 2023, Europe held the largest share of the biostimulants market, contributing USD 1.43 billion. The presence of influential government organizations, such as the European Biostimulants Sector Council and the Biostimulants Associations of ACI, has been instrumental in fostering growth within the regional market.
In contrast, the Asia-Pacific region is anticipated to see substantial growth over the forecast period, driven by the increasing reliance of Asian manufacturers on high-quality agricultural products to support the expansion of the local market.
Competitive Landscape
Expanding Major Players Prioritize New Product Launches to Support Market Growth
The biostimulants market is highly competitive, with major companies driving growth through innovation and the launch of new products designed to meet farmers' needs for more resilient crops and enhanced nutrient efficiency. These industry leaders are actively advancing the market by addressing the increasing demand for sustainable agricultural solutions.
Key Industry Development
December 2023 – Agro-K, a leading family-owned biostimulant manufacturer in the United States, has been acquired by Rovensa Group, a prominent producer of agricultural inputs. This acquisition will enhance Rovensa's biostimulant portfolio in the U.S. by providing a broader range of supplementary solutions.
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