Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global biostimulants market size reached USD 3.28 Billion in 2021 and is expected to register a revenue CAGR of 12.1% during the forecast period, according to latest analysis by Emergen Research. Technological advancements in biostimulant production are an important factor driving market revenue growth.
Advancements in technology within the industry have presented manufacturers with a unique opportunity to pioneer innovative brands within the biostimulant sector. The application of biostimulants as plant growth enhancers is rapidly gaining traction within the agricultural domain. While initially limited to high-value crops such as ornamentals, plantation crops, vegetables, and fruits, biostimulants have transcended their earlier boundaries. They are now being harnessed alongside traditional fertilizers to stimulate nutrient absorption in staple food crops like maize, wheat, and rice, playing a pivotal role in bolstering food production.
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The repercussions of climate change have become palpable, marked by escalating instances of tropical cyclones, erratic rainfall patterns resulting in sporadic dry spells, and rising temperatures. The discernible impact of these changes on agricultural productivity poses a formidable challenge to ensuring food security, particularly as the global population continues to burgeon. In light of these exigencies, farmers worldwide are diligently embracing an array of strategies aimed at augmenting agricultural output.
Seaweed-based biostimulants emerge as a potent contender in this landscape, boasting immense potential to mitigate the effects of climate change. These biostimulants exhibit a remarkable capacity for imparting drought tolerance to crops. This attribute acquires profound significance as a means to counteract the destabilizing consequences of climate change. By bestowing crops with enhanced resilience against water scarcity, seaweed-based biostimulants serve as a pivotal tool in bolstering agricultural productivity and, consequently, food security.
The integration of these biostimulants into agricultural practices holds promise for not only surmounting climate-induced challenges but also catalyzing revenue growth within the market. As farmers increasingly recognize the transformative potential of seaweed-based biostimulants in mitigating the adverse effects of climate change, their adoption is poised to significantly contribute to the market's expansion.
An existing challenge within the biostimulant industry pertains to the prevalence of subpar products, a consequence largely attributed to the ambiguity surrounding patent protection regulations in different countries. The industry's relatively low entry barriers have facilitated the influx of numerous competitors, resulting in a fragmented landscape characterized by pockets of market ownership. This diffusion of market presence has, in turn, prompted regional or local producers to seize the opportunity by introducing lower-quality offerings into the market.
This dynamic unfolds against a backdrop of heightened demand for biostimulants. In pursuit of cost-effectiveness, some farmers are enticed by the economical pricing of these substandard products emanating from small-scale domestic producers. This inclination towards affordability, while initially appealing, bears the potential to hinder the robust revenue growth of the overall market.
The presence of these low-quality alternatives can deter the market's advancement by undermining the perceived value and efficacy of biostimulant products. As a consequence, there exists a need for heightened vigilance, regulatory clarity, and industry standards to ensure that consumers have access to genuine, high-quality biostimulants. Addressing these challenges is crucial to realizing the full potential of the biostimulant market and fostering sustainable growth while maintaining the integrity of the products and their impact on agricultural practices.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 3.28 Billion |
| CAGR (2022–2030) | 12.1% |
| Size forecast to 2030 | USD 9.25 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030. |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments covered | Active Ingredients, Form, Mode of application, Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | U.S., Canada, Germany, U.K., France, Spain, Rest of Europe, China, India, Japan, Rest of APAC, Brazil, Rest of LATAM, UAE, South Africa, Saudi Arabia, Rest of MEA. |
| Key companies profiled | BASF SE, UPL, Valagro, THE GOWAN GROUP, FMC Corporation, ILSA S.p.A. Via Quinta Strada, Rallis India Limited, Haifa Negev technologies, ADAMA Ltd, EBIC |
| Customization scope | 10 hours of free customization and expert consultation. |
MAJOR COMPANIES and Competitive Landscape
The global Biostimulants market is consolidated, with a few large, small, and medium-sized players accounting for the majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient products in the Biostimulants market. Some prominent players operating in the market are:
- BASF SE
- UPL
- Valagro
- The Gowan Group
- FMC Corporation
- ILSA S.p.A. Via Quinta Strada
- Rallis India Limited
- Haifa Negev technologies
- ADAMA Ltd
- EBIC
Strategic Development
On 12 July 2022, For the Ecuadorian market, Seipasa, a Spanish firm that specializes in the discovery, formulation, and manufacture of natural solutions for agriculture, launched its line of biostimulants and nutrition products. With the introduction of its Kynetic4, Bryosei, Seipafol Mix, or Talsei goods, among others, Seipasa aims to strengthen its commercial approach in the region.
On 4 July 2021, Valagro, a leader in the discovery, manufacture, and distribution of biostimulants and specialized nutrients for crops, announced the introduction of Talete in five more countries. This occasion is a significant follow-up to Talete's first-ever worldwide market debut in 2020.
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Some Key Highlights From the Report
- Seaweed extracts segment accounted for the largest revenue share in 2021. Fresh seaweeds are used as a source of organic materials and as fertilizer. Polysaccharides laminarin, alginates, and carrageenan, as well as their by-products, are among the purified components and seaweed extracts that are used commercially. It has been reported that seaweed extracts can increase plant growth and yield, build environmental stress tolerance, increase soil nutrient intake, and improve antioxidant properties. Seaweed extracts also contain major and minor nutrients, amino acids, vitamins, cytokinins, auxin, and substances that are similar to growth-promoting substances like abscisic acid and auxin which is driving revenue growth of the segment.
- Liquid segment accounted for the largest revenue share in 2021. To facilitate simpler application and transportation, biostimulants are typically offered in liquid form. Liquid form enhances nutrient intake, speeds up leaf nutrition absorption, and improves cellular activity which is driving segment revenue growth.
- The soil treatment segment accounted for a moderate revenue share in 2021. Biostimulants increases plant growth, vigor, yield, and output while also enhancing soil health and nutrient usage. Nutrient availability is increased and root development is favored as a result of biostimulant substances' capacity to cause nutrient buildup in the soil. Plowing and other conventional agricultural methods like leaving soils exposed have often harmed the soil and depleted its vital organic matter reserves. Biostimulants are useful in this situation since they increase soil biological activity which are key factors driving revenue growth of the segment.
- Market in North America accounted for a moderate revenue share in 2021. Increasing research & development and innovation in this region are driving the market revenue growth. For instance, on 10 November 2021, Corteva Agriscience launched its first nutrient efficiency biostimulant, Utrisha N, giving Canadian farmers a naturally derived biological tool to effectively manage their nitrogen investment, and reduce their carbon footprint and provide crops access to nitrogen all season long. A naturally occurring bacteria called Utrisha N works by absorbing nitrogen from the air and transforming it into a form that plants can use. This improves plant growth and resistance by giving crops a steady source of nitrogen throughout their whole life cycle.
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Emergen Research has segmented global Biostimulants market on the basis of active ingredient, form, mode of application, and region:
- Active ingredients (Revenue, USD Billion; 2019–2030)
- Humic substances
- Humic acid
- Fulvic acid
- Seaweed extracts
- Microbial amendments
- Amino acids
- Other active ingredients (include vitamins, trace minerals, and polysaccharides)
- Form Outlook (Revenue, USD Billion; 2019–2030)
- Liquid
- Dry
- Mode of Application Outlook (Revenue, USD Billion; 2019–2030)
- Foliar
- Soil Treatment
- Seed treatment
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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