The global market for biostimulants is estimated at USD 3.2 billion in 2021; it is projected to grow at a CAGR of 12.1% to reach USD 5.6 billion by 2026.
Biostimulants can help in fostering the development and growth of plants in a number of ways throughout the crop lifecycle - from seed germination to plant maturation. In terms of application, biostimulants can be applied to the soil, plant, or seed or can also be mixed with any other growing media, which enhances the plant's ability of nutrient uptake.
The biostimulants market growth has been gaining pace due to associated benefits and increase in need for sustainable agriculture and reduce the exploitation and wastage of synthetic conventional fertilizers.
The seaweed extracts sub-segment is projected to observe the fastest market growth in the by active ingredient segment for biostimulants market.
Seaweed extracts enhance soil fertility and increase crop productivity under various environmental stress conditions. The application of seaweed extracts improves soil structure and aeration, increases biotic and abiotic stress tolerance, enhances seed germination, and stimulates root growth, flower set, and fruit production.
Seaweed extracts are rich in phytohormones and trace elements for plant growth. Seaweeds and seaweed extracts are vital components of organic farming, which achieve yield maximization through their bio stimulatory role on crop plants, thus their market is estimated to attain fast growth.
By mode of application, the foliar sub-segment is estimated to account for the largest market share in biostimulants market.
Foliar spray application of biostimulants is one of the most widely used methods that help in maximizing productivity of plants. When soil conditions are unfavorable it may be desirable to make foliar applications of the biostimulants.
Biostimulants application to the foliage of the plant, smaller quantities of the fertilizer or other agrochemical material are required than when applying to the soil. Thus, they are used in larger quantities.
The liquid sub-segment of the by form segment is estimated to hold the largest market share of biostimulants market over the forecast period.
Various factors, such as the type of crop, type of storage available, size of the field, and weather conditions in the region, are attributable to the selection of the form, in which, biostimulants ought to be used.
Most biostimulants are available in the liquid form. However, dry soluble formulations are also being made available, owing to their ease of handling and increased shelf life. Suspension concentrate formulations are the most commonly available liquid form of biostimulants.
The cereals & grains sub-segment of the by crop type segment is projected to observe the fastest growth in biostimulants market over the forecast period.
The usage of biostimulants has evolved immensely from high-value crops such as fruits & vegetables to broad-acre crops such as cereals, pulses, and fiber crops. It has been observed that biostimulants enhance the uptake of nutrients, develop tolerance to abiotic stresses, and increase the vigor and yield of crops such as wheat, rice, and barley.
The immense possibility in the application of biostimulants for these broad-acre crops can lead to the significant growth of this market. Many domestic manufacturers have begun to realize the prospective demand in the coming years, with several launches targeted on crops such as rice, corn, and wheat.
Increasing Need for Sustainable Agricultural Practices Supporting the Growth of the Biostimulants Market
Foliar to be the Most Preferred Application Method in 2021
Spain to be the Largest Market in Europe in 2021
Europe Expected to Account for the Largest Market Share for Biostimulants by 2026
Liquid to be the Most Preferred Form of Biostimulants in 2021
Asian Countries Expected to Witness High Growth During the Forecast Period
Decline in Arable Land
Steadily Decreasing Arable Land Area, 2000-2018 (Hectares Per Person)
Rising Abiotic Stress-Related Crop Issues due to Concerns of Climatic Change
Increase in Need for Sustainable Agriculture
Limited Entry Barriers Resulting in the Entry of Players of Different Tiers
Easier Availability of Seaweeds as Raw Materials
Strong Market Demand for High-Value Crops
Commercialization of Low-Quality Biostimulant Products
Technological Advancements for Biostimulant Production
Significant Development in the Seed Treatment Segment
Global Prevalence of Uncertainty on the Regulatory Framework of Biostimulants
Number of Patents Approved for Biostimulants, 2010-2020
Top Applicants for Biostimulant Patents, 2005-2021
Most Active Regions for Patents, 2005-2021
List of Important Patents for Biostimulants, 2009-2021
Value Chain Analysis
Biostimulants Impact on Clubroot Challenge for Vegetables
Heat Stress Challenge to Economic Crops in the UK
Biostimulant Use for Aiding Higher Nitrogen Needs in Wheat Crop