Wilmington, Delaware, United States, July 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global biostimulants market was estimated to be worth US$ 27.6 billion In 2022. It is expected to grow at a CAGR of 9.6% from 2023 to 2031, reaching US$ 62.9 billion by the end of 2031.
Rapid population growth has raised worries about food security, resulting in a rise in food consumption. However, emerging and impoverished countries encounter difficulties in storing and distributing food grains and agricultural products.
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Competitive Landscape
Transparency Market Research has profiled the following players in its global Biostimulants market report:
Syngenta, Novozymes A/S, Premier Tech Ltd., Agriculture Solutions, Inc., West Coast Marine Bio-Processing, Corp., Biolchim S.p.A., Valagro, Agricen, Italpollina spa, UPL, and Koppert Biological Systems.
The global biostimulants industry is extremely consolidated, with a few numbers of large-scale manufacturers overpowering the majority of the market. Major firms are investing heavily in comprehensive research and development activities, particularly to generate environmentally friendly products. MajorLarge companies are working together to speed up innovation in goods and grow business lines in regional and worldwide markets.
- Sumitomo Chemical procured FBSciences Holdings, Inc., a biostimulant company based in the United States, on January 31, 2023. Sumitomo Chemical's competitive edge would be strengthened as a result of the acquisition.
- Yara International unveiled plans to develop a new worldwide production site for specialist crop nutrition products and biostimulants targeted to raise yields and enhance quality by May 23, 2023. The factory would be one of the world's largest for these goods, which are critical for ensuring food safety and mitigating climate change.
Crop yields must increase to satisfy global food demand, yet excessive consumption of conventional agrochemicals brings environmental dangers. A surge in demand for environmentally friendly agricultural goods is expected to boost the worldwide biostimulants market in the coming years. Biostimulants are increasingly being used by producers to address food security issues while also encouraging sustainable agriculture and reducing their ecological impact.
The growing consumer desire for organic products and environmentally friendly agricultural practices is boosting the size of the worldwide biostimulants industry. Customers are becoming more conscious of the nutritional and ecological advantages of natural foods, and they are actively looking for sustainable and naturally produced farming solutions. As a result, consumption of biostimulants has risen, aligning with the increasing adoption of environmentally friendly farming.
Key Takeaways from the Market Report
- According to biostimulants market trends, Europe held 39.79% of the worldwide market in 2022.
- The Asia Pacific market is expected to increase at a CAGR of 11.8% during the forecast time frame.
- Humic acid & fulvic acid held the greatest worldwide biostimulants revenue share of 60% in 2022.
- The market in the United States is projected to grow at a CAGR of roughly 9.6% throughout the projected period.
- Europe held a 45% share of the worldwide market in 2022.
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Biostimulants Market: Prominent Drivers and Trends
- Owing to the increased customer preference for natural goods, there is a high need for sustainable agriculture approaches such as biostimulants. As customers place a greater emphasis on welfare, environmental conservation, and ethical practices, the biostimulants market is positioned to expand further, offering farmers environmentally friendly and profitable solutions to improve crop health and production.
- As per type, humic acid & fulvic acid held the greatest worldwide biostimulants revenue share in 2022. These natural organic acids are important for improving soil fertility, nutrient availability, and the wellness of plants. Farmers' increased emphasis on sustainable farming practices and environmentally conscious options is likely to promote the consumption of humic acid and fulvic acid-based biostimulants.
Biostimulants Market: Regional Analysis
- Germany, Spain, and France led the Europe market, owing to increased expenditures on organic farming ventures. The European market is developing significantly as a result of the government's greater focus on the adoption of sustainable agricultural chemicals, equipment, and practices, as well as various product-promoting committees in the region.
- The agricultural regulatory framework in the European Union is becoming more responsive to environmental concerns, encouraging the advancement of novel models, methods, and practices that are eco-friendly and feasible, allowing the plant to utilize most of its resources.
- The Asia Pacific market is expected to increase at a CAGR of 11.8% during the forecast time frame, compared to the worldwide average of 9.6% each year. During the projected period, China, South Korea, Japan, and India are anticipated to be the region's significant markets.
Biostimulants Market: Key Segments
- Type
- Humic Acid & Fulvic Acid
- Amino Acids
- Microbial Stimulants
- Seaweed
- Vitamins
- Biorationals (minerals, etc.)
- Application
- Oilseeds & Pulses
- Cereals & Grains
- Fruits & Vegetables
- Turf
- Landscape
- Ornamental flowers
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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