The global biostimulants market size is expected to reach USD 4.6 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. This is attributable to surging consumption of the product in several end-use applications such as foliar, seed, and soil treatment. Foliar treatment held the largest market share in the global market on account of its vast adoption across the agricultural sector. The treatment is highly performance efficient on account of the direct application of the product onto the leaves of the plant. The application procedure is highly labor-intensive but also leads to the minimal wastage of biostimulant. Its extensive benefits over other application techniques have resulted in augmented demand for the product.
Biostimulants Market Report Highlights
- The seaweed extract biostimulants segment has a strong hold in the market with a highest growth rate of 8.1% over the forecast period. This growth is attributable to the presence of plant growth chemicals such as auxins, cytokinins, gibberellins carbohydrates, and various other nutritive metal elements such as aluminum, potassium, iron, nitrogen, and potassium
- The row crops and cereals segment is growing significantly with a CAGR of 7.1% as they are highly lucrative, and are grown widely across the globe and include millets, corn, and barley
- The seed treatment application segment is estimated to grow at highest rate of 8.6% in terms of revenue over the forecast period owing to its cost effectiveness as compared to other types of conventional techniques
- Asia Pacific region is expected to witness the fastest growth rate of 9.6% in terms of revenue, from 2023 to 2030. This is attributable due to favorable government policies in agricultural sector to promote the use of biobased products and attract investments in the industry have created a wide scope for the growth of product demand in the region
- The global market is fragmented in nature and consists of many small and medium-sized market players coupled with a few big players. The players face stiff competition from local players operating in developing regional markets. Europe is a major market for biostimulants industry
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Biostimulants are substances or microorganisms that are applied to plants, seeds, or the surrounding environment to enhance plant growth, development, and overall health. Unlike fertilizers, which primarily provide essential nutrients to plants, biostimulants work by stimulating natural processes within the plants themselves. They contain various biologically active compounds, such as amino acids, proteins, vitamins, enzymes, and plant hormones, which can improve nutrient uptake, enhance stress tolerance, and stimulate beneficial microbial activity in the rhizosphere. Biostimulants can be derived from natural sources, including seaweed extracts, humic and fulvic acids, beneficial microorganisms (such as mycorrhizal fungi and rhizobacteria), and other plant-based substances. They are commonly used in agriculture, horticulture, and turf management to promote plant growth, increase crop yield, improve nutrient efficiency, and enhance the resilience of plants to environmental stressors. Biostimulants offer a sustainable and environmentally friendly approach to optimizing plant performance and supporting sustainable agricultural practices.
The biostimulants market has witnessed significant developments in recent years due to growing awareness about sustainable agriculture practices and the need for improving crop productivity. Manufacturers are continuously improving the formulation of biostimulant products to enhance their efficacy and ease of application. This includes the development of concentrated liquid formulations, water-soluble powders, and granular formulations that ensure better nutrient absorption and distribution in plants. Biotechnological advancements have played a crucial role in the development of biostimulant products. Biotechnological techniques such as genetic engineering, microbial fermentation, and extraction processes are being used to produce biostimulants with higher concentrations of active compounds, improved efficacy, and targeted functionalities. There is ongoing research to better understand the mode of action of biostimulants and their interaction with plants. This research aims to identify specific physiological and biochemical mechanisms triggered by biostimulants, including hormonal regulation, enzyme activities, gene expression, and nutrient uptake pathways. The findings help in optimizing the application of biostimulants for maximum plant response.
Companies are focusing on developing biostimulants tailored for specific crops or plant species. These specialized products consider the unique nutritional and physiological needs of different plants, ensuring targeted benefits and improved crop performance. Several countries have started implementing regulations specific to biostimulant products. These regulations aim to define product categories, establish quality standards, and ensure the efficacy and safety of biostimulants in agricultural practices. The introduction of regulations provides clarity to manufacturers, distributors, and farmers, fostering responsible growth of the biostimulants market. Microbial-based biostimulants, such as beneficial bacteria and fungi, are gaining attention in the market. Researchers are exploring different microbial strains and their interactions with plants to unlock their potential in improving nutrient uptake, disease resistance, and overall plant health. Farmers and agronomists are incorporating biostimulants into integrated crop management practices, including precision agriculture and sustainable farming systems. Biostimulants are being used in combination with other inputs like fertilizers and crop protection products to optimize plant health, reduce chemical inputs, and improve environmental sustainability. The biostimulants market is experiencing global expansion, with increased product availability in various regions. This expansion is driven by rising demand for sustainable agriculture solutions, government initiatives supporting organic farming practices, and the need to address environmental concerns associated with conventional agricultural practices.
Synthetic fertilizer is presently used in large amounts in most regions for soil amendment. However, the growing focus on providing environmental sustainability, improving the soil, and crop yield as well as enhancing the overall productivity has caused a shift toward biobased solutions such as biostimulants. This is expected to have a positive impact on the market in the near future.
The organic food sector has witnessed significant growth over the past few years owing to the rising health concerns among consumers. Organic food contains all the necessary nutrients and does not contain unnecessary toxins that are harmful to human health.
The growing demand for organic food has contributed to the adoption of bio-based products by food & beverage producers in the U.S. According to the U.S. Department of Agriculture, organic food sales account for around 4% of the total U.S. food sales. According to The Food and Agriculture Organization of the United Nations, organic farming is practiced in around 187 countries and as of 2021, 72.3 million hectares of agricultural land was managed organically by around 3.1 million farmers.
Competitive Analysis By Major Companies
The competitive scenario of the market involves consolidation, competitive advantage, and market penetration by various players. The biostimulants industry is comparatively newer than other agrochemical industries. It is an emerging industry that is indulged in developing a wide array of innovative products to cater to agronomic market needs arising from sustainable activities. Some of the prominent players in the global biostimulants market include:
- Isagro Group
- BASF SE
- Biolchim S.P.A.
- Sapec Agro S.A.
- Platform Specialty Products Corporation
- Novozymes A/S
- Valagro SpA
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Grand View Research has segmented the global biostimulants market on the basis of active ingredients, crop type, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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