Biostimulants Market Size & Growth Analysis (2022 - 2030)

The global biostimulants market size was worth USD 2,348 million in 2022 and is expected to reach USD 4,760 by 2030 with a CAGR of 11.80% from 2023 - 2030. Farming techniques are developed every year with farmers’ vast experience of working with various plantations of crops. In the beginning of mid twentieth century, green revolution, also known as third revolution took place worldwide. In this revolution, crops like wheat and rice were grown with a specific set of agriculture researched technology, resulting in obtaining high yields from farming crops. One such agricultural method or specific set of researched method is that of Biostimulants.

Biostimulants are chemicals or micro-organisms that help a plant to grow. Biostimulants are used to enhance the availability of nutrients, metabolism, and holding capacity of water. Biostimulants advance quick root development that enriches efficient use of water which constantly helps boost yield as well.

The Biostimulants market is anticipated to increase further, globally. The increase in demand for better growth of crops in farming and organic food is generating opportunity, for rise in volume of sales related to Biostimulants. Cultivatable land is decreasing to increase in urban population. Also, use of chemical pesticides and, synthetic insecticides are causing harm to ecological system. These factors, are demanding more usage for Biostimulants in Agriculture sector.

COVID-19 Impact on Biostimulants Market

The sudden outbreak of the novel coronavirus (COVID-19) has started in December 2022. The virus is originated in Wuhan, China, affecting millions of people as well many industries. The pandemic has adversely impacted the biostimulants market. Due to the pandemic period, the supply and demand have been affected very badly resulted in a decreased need for agricultural products in the market.

Market Drivers & Restraints

Drivers

The need for organic products is rising high, which fuels the growing demand for biostimulants market growth throughout the historical period. The demand for organic agro-products and biostimulants is used as an efficient tool for augmenting agricultural products. The above-mentioned factors help in pushing the market growth further. The increase in global population that results in the growing demand for food integrated with inadequate availability of cultivation land act as a driving factor in the biostimulants market.
The rising discretionary expenses and growing demand for the food and beverages industry magnify the market growth. The need for organically produced foods is stimulating at a quick pace which is inducing higher demand and biostimulants usage. Moreover, factors like rising knowledge in farmers regarding the benefits of biostimulants and growing acquisition of strong farming procedures enhance the biostimulants market growth.

Restraints

Lack of awareness

Factors like farmers are unaware of the advantages associated with the application use and restricted inventions in product development. 

Expensiveness

The cost incorporated with the research and development of crops and plants hinders the global biostimulants market, and rigid climatic conditions negatively impact crop productivity and consequently succeeded use of the solutions obstruct the global market growth.

BIOSTIMULANTS MARKET REPORT COVERAGE

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Market Segmentation Analysis

This global report on biostimulants market is segmented and sub-segmented into the following categories:

Biostimulants Market - By Application

• Foliar Application
• Seed Application
• Soil Application

By Application, the foliar segment is dominating the global biostimulants market. The increasing sales through the timeline period escalate the market growth. The segment growth owes to augmenting the adoption of foliar sprays because of several advantages for high-value crops. Foliar biostimulants boost the production of the plant by enhancing its changes to severe environmental stress.

Soil Application treatment is induced into land in which crops are harvested. The Biostimulants, induced into land provide nutrients like magnesium, iron, nitrogen, zinc and etc., for rich nutrient-based crop growth.

Seed Application technique is most, cost-effective Application technique. The Crop seed when treated with Seed Application technique provides nutrients such as sulfur, potassium, calcium, nitrogen, amino acids and etc. The agriculture labor for this treatment is less as compared to other application techniques.

Biostimulants Market - By Form

• Dry
• Liquid

Liquid Biostimulants dominates the market as compared with Dry Biostimulants. Biostimulants in liquid form can penetrate easily into roots of crops. Dry Biostimulants are anticipated to flourish in market as it has increased shelf-life and is easy to handle.

Biostimulants Market - By Active Ingredient

• Acid Based
  • Fulvic Acid
  • Humic Acid
  • Amino Acid 
• Extract Based
  • Seaweed Extract
  • Protein Hydrolysates

• Vitamins
• Trace Minerals
• Other Active Ingredients

Acid based Biostimulants are the major shareholder among active ingredients. Amino Acid provides benefits to crop growth such as helps in germination of seeds and improves metabolic rate nutrient consumption, of crops. Humic acid is generated when animals and plants residue get decomposed with help of natural bio-organisms like fungi and bacteria. Humic acid is a naturally made Biostimulants. It provides natural nutrients like auxins, cytokinins and gibberrellins.  Red Algae, Brown Algae and green algae are seaweed extract used in Market.

Biostimulants Market - By Crop Type

• Fruits & Vegetables
• Row Crops
• Turfs & Ornamentals
• Cereals & Grains
• Oilseeds & Pulses
• Plantation Crops
• Cash Crops
• Others

Here, Row Crops captures the largest share among crop types, where Biostimulants are used. Row Crops are those crops, which are cultivated in rows so that it can be easily harvested by agriculture machinery. Row Crops grown worldwide are cotton, oats, barley, soybeans, maize and etc. Biostimulants, also provides benefits to row crops, plantation crops and cash crops, like stimulation to fruit growth, pollination, flowering and plant fruit setting.

Regional Analysis

Europe is said to hold the lion's share in the global biostimulants market in terms of value in 2018. The governments across many European countries motivated the development of bio-based chemicals to optimize yield and crop protection. Europe is enlarging its prominence on the government in adopting reliable farming tools and methods.
Germany is said to lead the biostimulants market in the region. In Europe, fruits, and vegetables are the major consumers of biostimulants. 

North America stands second in position globally. The biostimulants market growth is attributed to the rising significance of organic farming, and increasing crop growth. The United States dominates the biostimulants market in the region. The use of chemical fertilizers and pesticides and growing adaptation to the natural and organic farming process propels the biostimulants market growth in the U.S. iNvigorate is registered for the use of Canadian growers. 

However, the biostimulants market in Asia-Pacific is forecasted to witness considerable growth in the forthcoming years. The market growth in the region owes to the growing acceptance of farming practices in countries like India and China. In countries like India, China, and Japan the biostimulants market is driven by factors like the rising significance of organic farming, and increasing biostimulants consumption. 

The biostimulants market in Japan is said to grow in the scheduled period. The market growth in Japan is due to the measures by the rising number of key companies operating in the country across the region. The market in Japan is said to surge over the next coming years. The growth in Japan owes to the growing adoption of organic farming, and the demand for biostimulants is increasing due to the increase in research activities throughout the agriculture domain. Recently, in January, Nippon Soda Co., Ltd is a supporting member of Japan's biostimulant Association. The company deals with fertilizers, pesticides, and biostimulants. 

The biostimulants market in Latin America is predicted to grow with a CAGR of 13.2% throughout the historical period. The stimulating demand and gaining traction over organic products, and increasing demand for the food industry. Brazil is dominating the biostimulants market in the region.

The Middle East & African biostimulants contribute a small share towards the market. The need to rise per hectare crop yield in meeting the food need of the growing population escalates the biostimulation market growth during the timeline period. The demand for biostimulants is intensifying due to the absence of water and land.

South Africa is the largest producer in the biostimulants market, Africa. South Africa is said to consume about 49% of the African biostimulants. In West Africa, the agriculture industry is fueling which boosts the biostimulants market growth.

Key Companies

The key players in contribution to Biostimulants Market globally consists of many. Some of them include Biolchim S.P.A (Italy), Acadian Seaplants Limited (Canada), Koppert Biological Systems (Netherlands), BASF SE (Germany), Bayer CropScience LLC (Germany), Italpollina (Italy), Isagro Group (Italy), Valagro Group (Italy), Element Solutions Inc. (USA) and Biostadt India Limited (India).