Biostimulants Market Size, Share, Industry Growth, and Forecast by 2032
- Oct 11, 2024
- | 26
The global biostimulants market was valued at USD 3.64 billion in 2023 and 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 dominated the market, holding a 39.29% share, according to the report "Biostimulants Market, 2024-2032" by Fortune Business Insights™.
Biostimulants consist of substances that stimulate plant growth, improve nutrient uptake, and enhance stress tolerance, which leads to higher crop yields and better quality. With the increasing need to maximize crop productivity and profitability, farmers are increasingly adopting biostimulants. Many of these products are derived from natural sources, making them suitable for organic farming practices. This provides organic growers with efficient tools to boost crop productivity and resilience while maintaining organic certification.
The use of biostimulants involves applying natural or microbial-based substances to crops to enhance growth, stress resistance, and nutrient efficiency. The biostimulants market is witnessing rapid expansion, driven by rising environmental concerns, climate change, a shift toward sustainable farming, and increasing interest in organic agriculture.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
Segments
Improving Biochemical and Physiological Properties of Crops to Encourage Non-Microbial Segment Growth
According to the source, the biostimulants market is divided into microbial and non-microbial sectors. The non-microbial sector currently leads the market and is expected to experience substantial growth throughout the forecast period. This growth is primarily driven by the increasing biochemical and physiological benefits that non-microbial biostimulants provide to crops.
Expanding Worldwide Seaweed Farming to Drive Seaweed Extracts Market Growth
The biostimulants market is categorized by active ingredients, including humic substances, seaweed extracts, vitamins and amino acids, microbial amendments, and others. Currently, the seaweed extracts segment is leading the market, driven by the expansion of seaweed agriculture.
Elevated Foliar Spray Efficiency in Strengthening Plant Health Extension of the Foliar Application Domain
The biostimulants market is segmented by application into three categories: foliar application, soil treatment, and seed treatment. Foliar application has proven to be highly effective in enhancing plant health, making it the largest segment in the biostimulants market.
Increased Use of Greenhouse Vegetable Production to Support the Row Crops Segment's Growth
The biostimulants market is categorized based on crop type into segments for grass and ornamentals, fruits and vegetables, row crops, and others. The row crops segment is anticipated to dominate the market throughout the forecast period, driven by the increasing demand for high-value crops and the growing adoption of greenhouse vegetable production.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
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 growth as awareness increases about the harmful effects of synthetic plant protection products and chemical fertilizers. Farmers are increasingly turning to natural and sustainable methods to enhance crop growth, which is driving the rising popularity of biostimulants. These products effectively promote the growth of target crops and manage plant pests, further contributing to market expansion.
However, the absence of regulations governing the commercialization of biostimulants may present challenges to the industry's growth.
Regional Insights
Establishment of Numerous Governmental Agencies to Promote European Market Development
In 2023, Europe captured the largest share of the biostimulants market, contributing USD 1.43 billion. The growth of various government organizations, including the European Biostimulants Sector Council and the Biostimulants Associations of ACI, has been instrumental in driving the expansion of the regional sector.
The Asia-Pacific region is anticipated to experience significant growth during the forecast period, driven by the increasing reliance of Asian manufacturers on high-quality agricultural products to stimulate the growth of the local market.
Competitive Landscape
Expanding Major Players Prioritize New Product Launches to Support Market Growth
The biostimulants market is highly competitive, characterized by the presence of major companies. These industry leaders are actively driving market growth by prioritizing innovation and launching new products designed to meet farmers' demands for more resilient crops and efficient nutrient utilization.
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.
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)
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