Biostimulants Market Size Worth US$ 5.8 Billion by 2028 at 10.9% CAGR with Global Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized by The Insight Partners

NEW YORK, Aug. 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Biostimulants Market to 2028 – COVID-19 Impact and Global Analysis – by Product (Humic Substances, Amino Acids, Microbial Stimulants, Seaweed Extracts, and Others), Mode of Application (Foliar Spray, Seed Treatment, and Soil Application), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Landscape, and Others), and Geography, the biostimulants market is expected to grow from US$ 3.11 Billion in 2022 to US$ 5.8 Billion by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028. Several factors, such as the demand for high-value crops and the increasing need to support crop growth due to abiotic stress arising from changing climatic conditions, are propelling the demand for biostimulants globally.

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Biostimulants Market Report Scope & Strategic Insights:

Biostimulants Market: Competition Landscape and Key Developments

BASF SE, UPL Limited, Valagro, Gowan Company, FMC Corporation, ILSA S.p.A., Haifa Negev Technologies LTD., ADAMA, Rallis India Limited, and AgriTecno Biostimulants and Plant Nutrition are a few key players operating in the market. Leading market players adopt various business strategies, such as mergers and acquisitions, to expand their worldwide geographical presence and consumer base. For instance, in 2020, Syngenta Group acquired Valagro. This acquisition is expected to enable Syngenta Group to develop its dominance in the biological crop protection business.

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In 2021, Europe dominated the global biostimulants market. Consumers in the European region were buying clean-label products produced with natural substances and processes, which led to a growth in demand for biostimulants. Moreover, in Asia Pacific region, the demand for organic produce, quality agricultural products, and the increasing need for high yield is increasing the consumption of biostimulants in Asia Pacific, especially in China, India, and Japan.

Maintaining food production for an increasing world population without compromising natural resources for future generations represents major challenges for agricultural science. The growth of agriculture reached a critical point whereby the negative impacts from this activity result in irreversible global climate change and loss of many ecosystem services. Biostimulants help fight a major challenge of climate uncertainty in the agriculture industry. They have also aided the production of seasonal crops with enhanced yield and extended periods. Biostimulants can be a possible solution in a sustainable manner by providing protection against stress and thus increasing the growth of the plant. The market is projected to grow during the forecast period due to the increasing awareness among consumers about the benefits of organic foods, the adoption of GLOBALGAP (Global Good Agricultural Practices) policies, and the implementation of organic regulations.

Based on crop type, the global biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. In 2021, the cereals and grains segment dominated the market growth. Also, the turf and landscape segment market is expected to grow at the fastest rate during the forecast period. The growth of the agricultural bio stimulants in the turf and landscape segment is driven by promising results in yield, quality, and productivity, the need to fulfill the rising demand for mollifying and warming surroundings, and the need for the restoration of soil.

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Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. In 2021, the seaweed extracts segment dominated the market.

Based on mode of application, the global biostimulants market is segmented into foliar spray, seed treatment, and soil application. In 2021, the foliar spray segment dominated the market and is expected to grow at a faster CAGR during the forecast period

The global market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2021, Europe dominated the global market. However, Asia Pacific is expected to be the fastest growing region in the biostimulants market. The Asia Pacific market is growing due to several factors, such as rising demand for organic products, increased expansion in the marine industry, increasing innovative technology, and expanding research & development efforts. Government organizations are trying to regulate the production and use of environmentally friendly products, such as prohibiting chemicals and establishing maximum consumption limits. As a result, there is an urgent need to develop bio-based agrochemicals to reduce synthetic agrochemicals' harmful effects on the environment. Furthermore, the advantages of using biostimulants, such as low toxicity, high specificity, and increased efficiency, led to increased adoption of such products. These factors are boosting the market growth.

Plant biostimulant means a micro-organism, substance, or mixture thereof, that, when applied to plants, seeds, soil, the rhizosphere, or other growth media, acts to support a plant's natural processes independently of the biostimulant's nutrient content, including by improving nutrient availability, uptake or use efficiency, tolerance to abiotic stress, and consequent development, growth, quality, or yield. Most biostimulants use raw material from organic sources, so they do not damage crops, while conventional chemical fertilizers and growth regulators can damage crops if not used in recommended dosages. Organic biostimulants that are currently used include vitamins, plant hormones, enzymes, humic acid, sugars, sea kelp, fish emulsion and other products.

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In 2021, the seaweed extract segment accounted for the largest market share. Expanding demand for organic products, increasing innovative technology, growing research and development activities, and a rise in the growth of the marine industry are some of the primary factors that led to the dominance of the seaweed extract segment.

On the basis of mode of application, foliar spray is the fastest-growing segment. Ease of application, innovative production practices, new product offerings, increased availability, and the advent of micro-irrigation, and mechanized irrigation systems are the factors driving the growth of the foliar spray segment.

Based on product, humic substances are the fastest-growing segments in the global biostimulants market. Humic substances are readily available in the nature. It increases the microbial activity in the soils, improving soil health. It also enables uptake of nutrients, water absorption, and fights against various pests. These are the factors driving the growth of the humic substance segment.

The biostimulants market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2021, Europe dominated the market. However, the Asia Pacific is expected to be the fastest growing region during the forecast period. Biostimulants are associated with organic gardening and farming, which are currently witnessing healthy progress in conventional agriculture as well. The thriving Asia Pacific agriculture sector and the increasing adoption of organic farming practices are among the key factors driving the growth of the biostimulants market. Biostimulants are widely used along with organic manure to improve plant health and soil fertility, owing to rising concerns regarding soil health, environmental safety, and agricultural sustainability. Growing consumer awareness about the negative effects of conventional chemical pesticides and fertilizers also boosts the market growth.

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Biostimulants help plants to tolerate abiotic stresses such as drought, extreme temperatures, salinity, and flooding. Such harsh growing conditions can reduce yields as crops divert energy into stress responses. Moreover, increasing demand for organic food products across the globe is expected to drive the growth of the biostimulants market.

Impact of COVID-19 Pandemic on Biostimulants Market

The COVID-19 pandemic adversely affected the biostimulants market in 2020 due to the shutdown of manufacturing facilities and restrictions on transportation and logistics. Disruptions in supply chains also hampered the supply of biostimulants. Manufacturers introduce extensive modifications to their processes to comply with national and regional guidelines to protect employees from the COVID-19 infection. Many global manufacturers temporarily paused their operations or allowed production processes with limited employee strength. The COVID-19 pandemic pushed up farmers' costs while reducing income. Further, due to the COVID-19 pandemic, the supply and demand got poorly hit, which led to reduced demand for biostimulants in the market. Despite these consequences, businesses started recovering as various countries' governments relaxed social restrictions. Moreover, successful vaccination drives further eased the current scenario leading to a rise in business activities worldwide. The recovery of various end-use industries is also driving the biostimulants market. During the COVID- 19 pandemic interest of consumers were shifting toward healthy and chemical-free food. This significant shift assisted the biostimulants market in thriving during the COVID-19 pandemic. The recovery of various end-use industries is also driving the market. The start of operations in the manufacturing units led to the recovery in the production of biostimulants products, which positively impacted the market.

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