Selbyville, Delaware, Dec. 06, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Biostimulants Market was estimated at USD 3 billion in 2022 and is expected to surpass a valuation of $9.5 billion by 2032, progressing at a CAGR of 10.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing food consumption and growing environmental concerns as the chief drivers of the biostimulants industry. The consistent growth of precision farming practices is also elevating the use of biostimulants for plants, which is set to fuel market growth.
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Presence of healthy metal elements to boost extract-based active ingredients uptake
With respect to active ingredients, the study classifies the biostimulants market into acid-based, extract-based, and others. The extract-based segment is projected to grow at over 11% CAGR between 2023 and 2032. The segment growth is driven by the extensive use of extract-based ingredients as they contain growth substances, such as gibberellins carbohydrates, auxins, and cytokinins, along with other healthy metal elements viz., nitrogen, aluminum, potassium, iron, and manganese.
Key reasons for biostimulants market growth:
- Increasing necessity to improve the yield per hector.
- Rising Precision farming practices.
- Use of biostimulants to reduce the abiotic stress.
- Positive impacts of biostimulants on-farm profitability.
Mounting usage for decorative purposes to fuel turf & ornamentals segment expansion
Heavy demand for biostimulants for turf & ornamental crops. The biostimulants market size from turf & ornamentals segment is expected to reach USD 1 billion in revenue by 2032. The turf & ornamentals are usually grown for decorative & utility purposes in gardens and lawns including barbary figs, rosa sericea, English lavender, and peyote, among others. The surging need for enhancing root growth in plants by extending the length of roots, as well as improving nutrient intake, water absorption, and the appearance of crops, is set to supplement segment growth.
Low manufacturing cost to push dry biostimulants adoption
Biostimulants market share from dry form segment was worth more than USD 2 billion in 2022 and is foreseen to grow substantially over the forecast period. The segment growth is attributable to various health benefits of dry biostimulants, such as low cost of manufacturing, high cell division, plant respiration, and photosynthesis, which improves lateral bud development and delays the aging process of plant tissues.
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Booming ecological concerns to augment seed treatment segment revenues
The deployment of biostimulants for seed treatment applications is likely to remain high in the coming years. The biostimulants market share from the seed treatment segment is speculated to exhibit more than 12% CAGR through 2032. Seed treatment is widely applied in soybean, corn, and wheat crops, which are covered in a thick layer of biostimulants to improve their qualities. The segment growth is poised to be driven by mounting ecological concerns and the emergence of precision agriculture for soil management.
Enhancing organic product range to bolster Europe industry share
Europe biostimulants market is primed to witness growth at more than 10.5% CAGR from 2023 to 2032. The region may emerge as a major hub for this industry owing to the significant rise in environmental concerns. The evolution and development of organic products that target agro-economic needs are also pushing the regional market growth. For instance, the European Commission's Farms to Fork Strategy states that organic is an important component of fulfilling the European Green Deal's food needs.
Acquisitions and partnerships to remain a key growth strategy
The strategic landscape of the biostimulants industry share is slated to witness a series of R&D programs, new product launches, acquisitions, and partnerships by market players. For instance, in August 2022, Biolchim S.p.A, a biostimulant specialist, announced the sales of its majority shares of its Italian operating base to Huber Corporation, an engineered materials manufacturer. With the sales, Biolchim aimed to become a part of the strategic foundation of Huber Corp. Some key players profiled in the biostimulants market report include Ag Concepts, Valagro, Artal Agronutrientes, BASF SE, BioAg, General Hydroponics Inc., Nutrien, Biovert SL, and others.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid Sources
1.4.2.2 Public Sources
Chapter 2 Executive Summary
2.1 Biostimulants industry 3600 synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Active ingredient trends
2.1.4 Application trends
2.1.5 Crop trends
2.1.6 Form trends
Chapter 3 Biostimulants Industry Insights
3.1 Industry segmentation
3.2 COVID-19 overview of the world economy
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Manufacturers
3.3.3 Distributors & dealers
3.3.4 End-users
3.3.5 Profit margin trends
3.4 Distribution channel analysis
3.4.1 Impact of COVID-19 on supply chain
3.5 Vendor matrix
3.6 Comparative analysis on biostimulants Vs stimulants
3.7 Comparison of biostimulants with respect to other bio inputs
3.8 Comparative analysis on biofertilizers Vs biopesticides Vs biostimulants
3.9 Comparative analysis of biological agent in seed application
3.10 Production Landscape
3.11 Biological new term
3.12 Research & development on biostimulants
3.13 Biostimulants & fertilizer industry overview
3.14 Biostimulants applicability to specific crop
3.15 Technology & innovation landscape
3.15.1 Current biostimulants production procedures overview
3.16 Trade statistics
3.16.1 Seaweed & other algae imports
3.16.2 Seaweed & other algae exports
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
