Biostimulants Industry Overview
The global biostimulants market size was valued at USD 2.79 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.4% from 2022 to 2030.
This is attributed to increased instances of soil degradation, stringent regulations on the use of chemicals in the agriculture sector, and the need for sustainable & eco-friendly alternatives to boost the growth and productivity in the agriculture sector. Biostimulants can be substances or microorganisms, which are added to the plants to enhance their characteristics and increase the yield. As the population is growing, the demand for the product is also increasing due to the growing awareness about the harmful, long-term effects of artificial chemicals used for plant growth. Thus, the growing demand for organic and natural goods is positively impacting the market growth, especially in APAC.
Gather more insights about the market drivers, restrains and growth of the Global Biostimulants Market
The U.S. has a highly advanced agricultural sector, which has been acclimating to the natural and organic methods to practice farming. Therefore, the region is perceiving a high intake of biostimulants. The country is acclimatizing to the utilization of the product, predominantly in the application segment of seed treatment, to reinforce crop yield and potency at an early stage of plant development. U.S. supports the utilization of biostimulants to promote balanced growth of the agricultural sector along with the other sectors of the economy. At present, this development is mostly attained by using synthetic chemicals, pesticides, fertilizers, and insecticides, which are prerequisites to large-scale industrial production.
A majority share of the regional market is controlled by acid-based products, which include the humic acid segment, which is likely to witness rapid growth. Biostimulants enhance microflora, which, consequently improves the nutrient intake of plants. They intensify antioxidant action and reduce plant strain owing to environmental conditions and various infections. The hormones fuel root growth, cell development, and overall growth, thereby aiding the potency and inclusive health of the plant. They encompass natural, eco-friendly, and naturally degradable ingredients, which do not distress the plant environment. As a result, they are witnessing high demand for organic agricultural practices.
Browse through Grand View Research’s Agrochemicals & Fertilizers Industry Research Reports.
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Market Share Insights
- October 2021: UPL Limited collaborated with Chr. Hansan, a global bioscience company, to develop microbial-based biosolutions (including biostimulants and biopesticides).
- March 2018: Tradecorp International launched PhylgreenVR, an exciting first-person 360º virtual reality experience in Kenya. The stereoscopic 360º trip through the whole process of the Phylgreen may entice the nation’s farmers, thus, driving the sales of the Phylgreen range in the Kenyan market.
Key Companies profiled:
Some of the prominent players in the global biostimulants market include:
- Isagro Group
- BASF SE
- Biolchim SpA
- Sapec Agro S.A.
- Platform Specialty Products Corp.
- Novozymes A/S
- Valagro SpA
- Italpollina SAP
- Koppert B.V.
- Biostadt India Ltd.
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