Wilmington, Delaware, United States, Transparency Market Research Inc., Aug. 06, 2024 (GLOBE NEWSWIRE) -- The global biostimulants market (생물 자극제 시장) was valued at US$ 27.6 Bn in 2022. It is estimated to reach US$ 62.9 Bn by the end of 2031 at a CAGR of 9.6% from 2023 to 2031, according to Transparency Market Research (TMR), a leading global market research company.
AI can be leveraged to optimize the use of biostimulants based on real-time data and predictive analytics. Several biotech companies are employing AI to advance the development of biostimulants, thereby contributing to the biostimulants market value.
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Biostimulants Market Key Insights
- Integration of AI into biotechnology to enhance the efficiency and efficacy of biostimulants
- Rapid population growth and the subsequent rise in food demand boosting the adoption of biostimulant products
- AI Revolutionizing Biostimulants Market Development
AI technology can be utilized to identify and extract valuable insights from large datasets. It can help develop more effective and sustainable biostimulant products.
In July 2024, ICL, a leading global specialty minerals company, and Lavie Bio Ltd., an agriculture biologicals company and a subsidiary of Evogene Ltd., jointly announced that they had identified more than 12 new microbial candidates for the development of biostimulant products.
The companies employed MicroBoost AI tech-engine to validate the product requirements for efficacy, stability, shelf life, and fertilizer compatibility. Such products offer the potential to improve precision farming techniques, especially when climate change is adversely impacting crop yield and food security.
- Concerns Regarding Food Security Augmenting Market Demand
Biostimulants can improve nutrient usage efficiency and uptake of plants and crops. Countries across the globe are recording extreme weather events, such as droughts and floods, potentially causing billions in annual losses. These events are putting pressure on the agriculture sector to provide food to a rapidly growing population.
In such a scenario, biostimulants prove to be an innovative approach to ensure food security. Biostimulants improve crop performance, allowing farmers to obtain higher yields per hectare. They also enhance the nutritional quality of crops.
These advantages are leading to significant investments in the biostimulants market landscape. In July 2024, Agrobiomics, a Denmark-based agritech start-up, raised € 4.0 Mn for the development and commercialization of its biostimulant plant called Fortify.
According to the company, the biostimulant is made from a soil microorganism compound and a bacterial fermentation process. It aids in boosting plant resilience to abiotic stressors such as drought and salinity.
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Biostimulants Market Regional Insights
- Asia Pacific to hold dominant position during the forecast period with vast available acreages of a variety of crops throughout the region
- Sale of counterfeit products, a major challenge for vendors in India
According to the latest Biostimulants Market Report by TMR, Asia Pacific accounted for the largest share in 2022. The region is estimated to maintain its leading position during the forecast period.
China and India are the primary markets for biostimulants due to the rapid growth in population and significant role of biostimulants in ensuring food security in these countries.
Sale of counterfeit products is adversely impacting the biostimulants market share of vendors in India. In 2023, manufacturers of seaweed-based biostimulants demanded the central government to give technical specifications for products amid the import of spurious chemicals in the name of biostimulants. Standardization in the biostimulants sector can halt the sale of counterfeit products.
Leading Players in Biostimulants Industry
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 are leading players in the global industry.
Key Strategies by Biostimulants Market Players
- Vendors expanding their biorational businesses in developed economies
- Significant investment in production expansion to cater to the rise in demand in global market
Prominent biostimulant manufacturers are expanding their biorational businesses in developed economies. Biorationals are low-impact substances that include botanicals, microbials, minerals, and synthetics.
In January 2023, Sumitomo Chemical announced plans to acquire FBSciences Holdings, Inc., a U.S.-based company specializing in the manufacture of biostimulants.
Agro companies are broadening their footprints in the specialty crop nutrition sector. In May 2023, Yara International announced plans to build a new global production plant for specialty crop nutrition products and biostimulants. The company aims to export almost all of its output to global markets.
In November 2023, Yara International launched YaraAmplix, a new brand of biostimulants, at the Biostimulant World Congress in Milan, Italy. According to the company, the new product fulfills the need for solutions to increase crop resilience and nutrient use efficiency.
Market Segmentation
Type
- Humic Acid & Fulvic Acid
- Amino Acids
- Microbial Stimulants
- Seaweed
- Vitamins
- Biorationals (Minerals, etc.)
Application
- Oilseeds & Pulses
- Cereals & Grains
- Fruits & Vegetables
- Turfs
- Landscapes
- Ornamental Flowers
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