Plant biostimulants are technically the substances and micro-organisms, which improve the plant health, productivity, and/or tolerance via stimulating the plant functions when applied. The market for such products is still in its nascent stage by serving a very small portion of its potential market. Biostimulants were first formally introduced in the 1990s and the market has been growing since.
The market for biostimulants would reach at a CAGR of 10.5% during the forecast period of 2022–2028, owing to increasing regulatory accommodation and transitioning consumer trends towards healthier food alternatives. On the other hand, the uncertainty in biostimulant regulation worldwide is restraining the market growth.
Biostimulants Market based on Application Mode
• Foliar
• Soil
• Seeds
Biostimulants Market based on Active Ingredients
• Amino Acid & Derivatives
• Humic Acid & Fulvic Acid
• Seaweed Extracts
• Microbial Amendments
• Others (such as Vitamins)
Biostimulants Market based on Crops
• Fruits & Vegetables
• Cereals & Grains
• Turf & Ornamental
• Pulses & Oilseeds
• Others
Biostimulants Market based on Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
The market of biostimulants has been witnessing strong growth largely. The growing awareness of the environmental impacts of conventional agricultural practices drove the demand for sustainable and eco-friendly solutions such as biostimulants. Biostimulants, being derived from natural sources or microorganisms, were seen as environmentally friendly alternatives to synthetic fertilizers and chemicals. Moreover, with the world’s population continuing to grow there was increasing pressure on the agriculture industry to produce more food. Biostimulants offered a way to enhance crop productivity and yield without compromising environmental sustainability.
In the active ingredients segmentation, the amino acid & derivatives dominated the market. This is due to the rising usage of amino acids which are a key source of phytohormones which help to activate plant metabolic systems and promote seed generation.
Further, the fruits and vegetables segment held the maximum share in the market. Since, the biostimulants are required for root development, fruiting, and stem formation in vegetables such as potatoes, tomatoes, melons, peppers, squash and cucumbers.
Foliar application mode will remain the most preferential mode continuing the current trend, while seed treatment will gain attention and will be able to project a better growth rate during the forecast period. Increasing consumer demand for healthier fruits & vegetables will enable the crop category to retain the top position in the biostimulants market with the following category of cereals & grains segment.
The inclusion of biostimulants within the regulatory framework will further facilitate the growth of the biostimulants market within the European Union, while other major markets are taking que from the EU for adapting biostimulants within their policy frameworks. The US market included biostimulant definition in April 2018 for the first time and currently present in draft guidance on FIFRA applicability. The European market would continue to dominate the market revenue for biostimulants during the forecast period.
The global trend towards organic and sustainable agriculture was driving the demand for biostimulants. As consumers sought healthier and environmentally friendly food products, farmers increasingly turned to biostimulants to improve soil health, crop yield, and quality in organic farming systems.
The competitive scenario of the market is open with numerous companies competing with each other, although the level of rivalry is not that high, given the nascent market and high growth opportunities. Most of the prominent players offer biostimulant products which they have acquired from internal development or from inorganic growth options. Few of the key companies active in the field are Eastman Chemical Company, Lallemand Inc., Atlantica Agricola SA, Italpollina SpA, Koppert Biological Systems, Micromix Plant Health Ltd, Omex Agrifluids Ltd, Tradecorp International, Biostadt India Ltd and Valagro SpA.
• The study of the biostimulants market provides the market size information and market trends along with the factors and parameters impacting it in both short- and long-term.
• The study also covers the competitive scenario of the market, major players with their branding strategies, and differentiating factors among others.
• The study ensures a 360° view, bringing out the complete key insights of the competitive industry. These insights are intended to help the business decision makers to make better business plans and informed decisions for the future growth.
• In addition, the study helps venture capitalists in understanding the companies better and take informed decisions.
