Pune, India, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The global biostimulants market size reached USD 2.85 billion in 2021 and its value is anticipated to increase from USD 3.14 billion in 2022 to USD 6.69 billion by 2029 at a CAGR of 11.43% during the forecast duration. The global inorganic fertilizers (primary nutrients) industry is growing at a rate of 1.3-1.8% per year. Given the growth opportunities in these segments, the major market players are concentrating their efforts on a variety of lucrative product areas, such as specialty fertilizers and organic fertilizer segments, says Fortune Business InsightsTM in its report titled, “Biostimulants Market, 2022-2029”.
COVID-19 Impact-
Pandemic Slows Growth through Supply Chain Disruptions
The pandemic had an impact on almost every industry, including biostimulants, with the agriculture sector suffering at various levels. To halt the spread of the disease, several countries imposed complete or partial lockdowns, which initially slowed production and disrupted the product's supply chain. Biostimulants are made from a variety of raw materials, including amino acids, protein hydrolysates, and others. The strict travel restrictions imposed during the first months of the pandemic made it difficult to transport these raw materials.
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List of Key Market Players:
- 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)
- P.I. Industries (India)
- Novozymes A/S (Denmark)
- Koppert Biological Systems (Netherlands)
Segments-
By Source, Non-Microbial to be Leading Segment during the Forecast Period
On the basis of source, the market is bifurcated into non-microbial and microbial. Non-microbial is the leading segment and is expected to grow significantly, owing to improving crops' biochemical and physiological traits.
Consumers have increasingly turned to microbiological products as their access to high-quality agricultural land is dwindling, and this trend is expected to continue in the future.
By Active Ingredient, Seaweed Extracts to Hold the Dominant Share During the Forecast Period
On the basis of the active ingredients, the market is segmented into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others.
Seaweed extracts are gaining popularity in the global agriculture industry for their ability to improve plant health and performance. Humic substances, such as humic and fulvic acids, have been widely used by farmers to produce a variety of crops. These products have the potential to significantly alter root morphology. Furthermore, these products help to modify nutrient acquisition and uptake activities in plant membranes.
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By Source
- Microbial
- Non-Microbial
By Active Ingredient
- Seaweed Extracts
- Humic Substances
- Vitamins & Amino Acids
- Microbial Amendments
By Application
- Foliar Application
- Soil Treatment
- Seed Treatment
- Microbial Amendments
By Crop
- Row Crops
- Fruits & Vegetables
- Turf and Ornamentals
Application Involving Foliar Treatment is the Most Popular
On the basis of application, the market is divided into foliar application, soil treatment, and seed treatment.
Foliar spray accounted for the lion's share of the application segment due to its high effectiveness in improving plant health. Drought tolerance in wheat was improved by foliar application of alpha-tocopherol, which improved its antioxidant defense mechanism, water uptake & use, photosynthetic efficiency, and photosynthetic pigment contents.
By Crop, Row Crops Segment to Appear as Dominant
On the basis of crop, the market is segmented into row crops, fruits & vegetables, turf & ornamentals, and others.
In the global market, the row crop segment, which includes fiber crops, oilseeds, cereals, and pulses is expected to maintain its dominance throughout the forecast period. This is due to the large cultivation area and the current application trend. These crop sources, which include soybean, sunflower, cotton, and others are the most important crop groups cultivated globally.
Geographically, the market is classified into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage-
The market research report contains both qualitative and quantitative information about the market. It also provides a detailed analysis of the global biostimulants market size and growth rates for all market segments.
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Drivers & Restraints-
Enhanced market growth due to increasing government support
Rising agricultural emissions led the government to boost agricultural production of high-quality, low-pollution products. Governments all over the world are launching programs to educate farmers about the many advantages of bio agri solutions. These government initiatives are expected to boost market growth significantly in the coming years. In addition, numerous regulatory authorities and councils have been established to encourage and support a promising business environment for the industry. However, lack of regulations associated with the product's commercialization may hinder the biostimulants market growth and development during the forecast period in many emerging economies.
Regional Insights-
Europe to dominate the global market share
In 2021, Europe dominated the global biostimulants market share, with USD 924.55 million. The market in Europe is expanding significantly as a result of the government's improved emphasis on adopting endurable farming substances, methods & tools, including the region's several biostimulants promoting councils.
Competitive Landscape-
Major Companies Launch New Products to Attain the Highest Market Position
Market participants have recognized the product's potential for future growth. They are constantly working to innovate and launch new products into the market to establish their dominance.
Key Industry Development-
February 2022: PlantBoost is a unique biostimulant-based on Bacillus subtilis developed by LIPOFABRIK, a start-up specializing in plant protection and biostimulant products. Currently, the product is approved in France, Belgium, the Netherlands, Spain, Germany, the U.K. and Italy.
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Have a Look at Related Research Insights:
Biofertilizers Market Size, Share, Industry Forecast 2029
Agricultural Microbials Market Size, Share and Forecast to 2029
Biopesticides Market Size, Share and Forecast to 2029
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