Biostimulants market COVID-19 Impact, Trends & Business Statistics By 2030

Posted by Mrudula Karmarkar on August 1st, 2022

The global biostimulants market size is expected to reach USD 6.79 billion by 2030, registering a CAGR of 10.4% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by demeaning soil quality and rising demand for organic and high-quality products. Furthermore, the growing demand for sustainable and eco-friendly alternative solutions is growing significantly due to its ability to enhance the productivity of crop production. This, in turn, is likely to boost the demand for biostimulants over the forecast period. Biostimulants are any ingredients or microorganisms administered to plants to enrich sustenance efficiency, and abiotic stress tolerance, enhancing crop quality and characteristics and traits, irrespective of their nutrient content.

It helps in the production of high-quality crops and thus is widely used in contemporary agricultural practices for a good and profitable yield. They also supplement the growth of plants. They are used as an additive to the plants and are different from fertilizers. Biostimulants incorporate a varied range of active ingredients, which comprise amino acids, fulvic acids, seaweed extracts, and microbes among others. In 2021, the leading active ingredient segment was acid-based biostimulants. The acid-based segment includes products based on fulvic, humic, and amino acids. Amino acids are among the key instigators of phytohormones aiding seed germination and stimulating the metabolic processes in plants.

Row crops & cereals were the largest crop type segment in 2021. Government support for the use of eco-friendly products and increasing production output of row crops & cereals are expected to boost the growth of this segment over the forecast period. Europe was the dominant regional market in 221, in terms of revenue, followed by North America. Asia Pacific has the highest growth potential due to the presence of emerging economies, such as India and China. The presence of stringent rules against the usage of artificial chemicals, which degrade the soil quality, has also been supplementing the growth of the market.

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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.

Biostimulants Market Report Highlights

• Europe dominated the global market in 2021; however, Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030
• Acid-based biostimulants have a stronghold in the market due to their capabilities to increase plant growth, potency, and yield without harming the environment
• The row crops & cereals segment is expected to grow significantly as these crops include millets, corn, barley, etc. and are grown widely across the globe
• The foliar treatment application segment is estimated to grow at a significant CAGR from 2022 to 2030 due to its wide adoption in agriculture owing to its high-performance efficiency
• Asia Pacific region is expected to witness the fastest growth rate, in terms of revenue, from 2022 to 2030
• This is attributed to the rising demand growing population and high demand for organic, fertilizer- & synthetic chemical-free produce
• The market is amalgamated in nature with the presence of major players globally. The key companies use various strategies, such as capacity expansion, R&D investments, and mergers & acquisitions to gain a competitive edge over others

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.

List of Key Players in Biostimulants Market

• 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.