Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The biostimulants market size reached USD 2.85 billion in 2021 and is anticipated to increase from USD 3.69 billion in 2023 to USD 7.97 billion by 2030 at a CAGR of 11.65% 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 Insights™ in its report titled, “Biostimulants Market, 2023-2030”.
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List of Key Companies Covered in Biostimulants 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)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 11.65% CAGR |
| 2030 Value Projection | USD 7.97 billion |
| Market Size in 2023 | USD 3.69 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 632 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Biostimulants Market Growth Drivers | Rising Support from Government to Result in Enhanced Market Growth |
| Growing Inclination Toward Natural Crop Protection & Nutrition Products to Augment the Market Growth |
Biostimulants are substances or microorganisms that are applied to plants or soils to enhance plant growth, health, and productivity. They differ from traditional fertilizers and pesticides in that they do not provide nutrients directly to the plant or control pests and diseases, but rather stimulate the plant's natural processes to improve its ability to absorb nutrients and tolerate stress.
Biostimulants can be derived from a variety of sources, including seaweed, microbial cultures, plant extracts, and animal byproducts. They may contain a range of active ingredients, including amino acids, vitamins, enzymes, and plant hormones.
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The use of biostimulants is becoming increasingly popular in agriculture as a way to improve crop yield and quality while reducing the use of chemical inputs. They have been shown to improve nutrient uptake, water use efficiency, and plant resistance to environmental stresses such as drought, heat, and cold.
However, it is important to note that biostimulants are not a silver bullet and should be used in conjunction with good agricultural practices and integrated pest management strategies. Research on the effectiveness of biostimulants is ongoing, and their regulation and classification vary by country.
Leading Players Featured in the Research Report:
Companies leading in biostimulants market are 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) and more
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.
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By Active Ingredient, Seaweed Extracts to Hold the Dominant Share During the Forecast Period
On the basis of active ingredient, 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.
Biostimulants Market Segmentation:
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
By Region
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.
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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.
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.
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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.
Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Application ology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Seaweed Production & Agriculture Uses
- Biostimulants Industry SWOT Analysis
- Supply Chain & Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Biostimulants Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Microbial Biostimulants
- Non-microbial Biostimulants
- By Active Ingredients (Value)
- Seaweed Extracts
- Humic Substances
- Vitamins & Amino Acids
- Microbial Amendments
- Others
- By Application (Value)
- Foliar Treatment
- Soil Treatment
- Seed Treatment
- By Source (Value)
TOC Continued…!
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