Newark, Nov. 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global biostimulants market is expected to grow from USD 3.13 billion in 2022 to USD 7.63 billion by 2030, at a CAGR of 11.80% during the forecast period 2022-2030.
Biostimulants are substances or microorganisms applied to plants, seeds, or soil that promote natural processes to help nutrient intake and abiotic stress tolerance. Many benefits are associated with using biostimulants. When chosen and applied correctly, they help to enhance biological efficiencies, eventually growing a better crop with more nutrients and output at a higher yield. Biostimulants are highly useful in controlling stress on crops. If abiotic stress is relieved, the plant can continue growing and deliver a better return on investment. By using a biostimulant, growers can grow a higher-quality crop. However, choosing biostimulants from a dedicated source is essential, and selecting products supported by research and data from actual field trials is necessary.
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Competitive Strategy
To enhance their market position in the global biostimulants market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In February 2021, UPL AgroSolutions Canada announced that its foremost biosolutions product in Canada, OHM Biostimulant, has obtained registration from the Canadian Food Inspection Agency. OHM is a positively progressive and favourably concentrated liquid form of Ascophyllum nodosumseaweed extract that optimizes nutrient use efficiency for enhanced plant growth and expansion.
Market Growth & Trends
Biostimulants, like soil conditioners, have all the properties to raise crop production, supporting and meeting the future's food needs. Moreover, it can help the farming community to earn food production targets, balance the effects of unfavourable weather conditions and make profits with better and quality produce. Furthermore, biostimulants can drastically decrease the dependency on chemical fertilizers and pesticides and deliver a sustainable option to farming without causing environmental pollution. Biostimulants are made up of natural ingredients. Biostimulation products may contain various types, such as algae or plant extracts, microorganisms, ferment metabolites, bacteria, amino acids, humus substances, biomolecules, mushrooms, etc. They may take various forms depending on their usage and the needs of farmers, like micro granules, powders, and liquid mixtures. These biostimulants can be applied through leaves or roots.
Key Findings
• In 2022, the fruits & vegetables segment dominated the market with the largest market share of 28.5% and market revenue of 0.89 billion.
The crop type segment is divided into ornamentals, cereals, turf, and fruits & vegetables. In 2022, the fruits & vegetables segment dominated the market with the largest market share of 28.5% and market revenue of 0.89 billion. The biostimulants on crops, like fruits & vegetables, improve their quality and maintain their standards according to export criteria. The need for fruits and vegetables worldwide also increased after the spread of the COVID-19 pandemic, as people are now more health conscious and prefer nutritious and safer food products.
• In 2022, the amino acids segment dominated the market with the largest market share of 25.4% and market revenue of 0.79 billion.
The active ingredient segment is divided into microbial amendments, seaweed extracts, amino acids, and humic substances. In 2022, the amino acids segment dominated the market with the largest market share of 25.4% and market revenue of 0.79 billion. Amino acids, like fulvic acids, are critical instigators of plant hormones helping boost metabolic procedures and improve seed germination.
• In 2022, the foliar segment dominated the market with the largest market share of 33.4% and market revenue of 1.04 billion.
The application method type segment is divided into soil, seed, and foliar. In 2022, the foliar segment dominated the market with the largest market share of 33.4% and market revenue of 1.04 billion. The foliar treatment contains feeding plants using liquid fertilizer directly on the leaves instead of in the soil. The absorption takes place through their epidermis and stomata.
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Regional Segment Analysis of the Biostimulants Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Europe region emerged as the largest market for the global biostimulants market, with a market share of around 34.17% and 1.06 billion of the market revenue in 2022. In Europe, the rising consumption of organic foods and the manufacturer's growing need for sustainable & ecological production options leads to market growth in the region. Similarly, The Asia Pacific was the second-largest regional market in 2022 due to the existence of different manufacturing firms along with the fast development of agriculture-based economies like China and India.
Key players operating in the global biostimulants market are:
• Valagro SpA
• Sapec Agro S.A.
• Platform Specialty Products Corp.
• Novozymes A/S
• Koppert B.V.
• Italpollina SAP
• Isagro Group
• Biostadt India Ltd.
• Biolchim SpA
• BASF SE
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global biostimulants market based on the below-mentioned segments:
Global Biostimulants Market by Crop Type:
• Ornamentals
• Cereals
• Turf
• Fruits & Vegetables
Global Biostimulants Market by Active Ingredient:
• Microbial Amendments
• Seaweed Extracts
• Amino Acids
• Humic Substances
Global Biostimulants Market by Application Method:
• Soil
• Seed
• Foliar
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About the report:
The global biostimulants market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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