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Biostimulant Market

Biostimulant Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad

Research has estimated the revenue of around US$2.5 Bn for global biostimulant market by 2021 end. The market size will possibly showcase robust expansion during the next few years.

Biostimulant Market Gains Impetus from Severing Need for Higher Crop Productivity

Rising boom around sustainable agriculture has been strengthening global biostimulant market revenue. The world's agricultural and food production systems are facing unprecedented challenges from various factors, including a growing population, rising levels of hunger and malnutrition, the negative effects of climate change, the loss of biodiversity, and the overexploitation of natural resources. The scarcity of cultivable land is boosting the demand for biostimulants to boost crop productivity. Furthermore, the biostimulants market is growing due to the rising use of biostimulants in powder form in cosmetic goods such as soaps, shampoos, and creams. The biostimulants market is anticipated to be driven by the manufacturing of liquid biostimulants for usage in fertilizers and insecticides, as well as improved plant stress tolerance.

Furthermore, numerous agricultural science advances and ongoing investment in R&D activities will likely boost the growth of biostimulant market. The market is being developed and expanded upon by well-established businesses through various R&D efforts and operations. For instance, in June 2021, Using GoActiv Technology, UPL Australia unveiled a new line of biostimulant treatments that target particular crop physiological pain sites or abiotic stresses in fruit and vegetable, vine, and tree crops. To establish their dominance in global biostimulant market, numerous other big and minor participants are pursuing strategies including merger and acquisition, R&D, teaming up with the governments, and others.

Biostimulant Market: COVID-19 Impact

Consumer buying habits during the COVID-19 outbreak showed a major shift from non-organic to organic, which is still happening today. Slowly but surely, the emphasis on preventative healthcare is forcing a change in traditional farming methods worldwide. Producers are being urged to produce more using resources and methods that are more environment-friendly. The epidemic has expedited the manufacturing sector's transition from internationally to locally based economies. In the middle, producers of biostimulant raw materials had problems with operational continuity and supply constraints. Governments worldwide, however, largely supported the agriculture sector, and great efforts were made to manage the normal streamlining of their operations to sustain productivity.

Booming Organic Farming Sector to Complement Biostimulant Market Growth

In organic farming and gardening, biostimulants play an important role in crop nutrition and protection. Following the pandemic in 2020, customers began to purchase more organic goods as a preventive health measure, ushering in a paradigm shift. This shift in attitude is expected to accelerate the expansion of the organic food sector. This will enhance demand for the country's biostimulants market even further. According to FiBL-IFOAM-SOEL-Surveys, organic farming is implemented in 187 nations, and as of the end of 2019, 3.1 million organic farmers were in charge of 72.3 million hectares of agricultural land. It also expects the organic business to grow quickly as demand for organic products rises. In addition, FiBL-IFOAM-SOEL reports that organic food and drink sales increased from US$81.6 Bn in 2015 to US$119.1 Bn in 2019. Because organic food is residue-free, doesn't spread hazardous diseases, and does not cause environmental problems, it is increasingly in demand for personal health and environmental reasons. Thus, the demand for biological crop nutrition is expanding due to the increased demand for organic food and organic farming. The biostimulant market is anticipated to expand due to the rising need for biological crop nutrition.

Rising Government Support to Drive Biostimulant Market Growth

The government has increased agricultural production of superior goods with little to no pollution due to rising agricultural emissions. Governments worldwide are beginning to inform farmers about the many advantages of bio-based agricultural solutions. In the upcoming years, market growth is expected to be greatly aided by these governmental initiatives. Additionally, several regulatory bodies and councils have been established to promote and aid in a positive business environment for the sector. Around the world, more associations are emerging to regulate this unique product, which is expected to be good for the market's expansion. For instance, in April 2021, the government of India announced the establishment of a regulatory agency and compliance standards for the domestic biostimulant market. According to the rules, producers must pre-register with the government and label their products with the chemical composition and expiration dates.

Lack of Standardization Continues to Limit Biostimulant Market Growth

The development and expansion of the biostimulant market throughout the projection period may be hampered in many emerging economies by a lack of rules related to the product's commercialization. The growth of biostimulant market is constrained by a lack of quality products that are widely known and readily accessible, a lack of confidence in new products, and unstable regulatory and supportive policies for networks. The bulk of markets often obtains the data needed for the product from those obtained from synthetic substances. Similarly, even though these products have been used in commerce for over 60 years, there are currently no recognized endpoints for risk evaluations.

Seaweed Extract Secure Top Spot in Biostimulant Market Owing to Expanding Seaweed Production

Based on application, the biostimulant market is segmented into humic substances, humic acid, fulvic acid, seaweed extracts, microbial amendments, amino acids and other active ingredients (including vitamins, trace minerals, and polysaccharides). The seaweed extract category dominated the market over the forecast period due to the expanding seaweed production in a significant and perhaps expanding market. In agriculture, seaweed extracts are becoming increasingly well-known for enhancing the health and productivity of plants. For a very long time, these extracts have been utilized, either directly or indirectly, to increase crop production and soil fertility. Auxin, cytokinins, major and minor nutrients, amino acids, vitamins, and compounds related to growth-promoting compounds like abscisic acid and auxin are also present in seaweed extracts, fueling the segment's revenue rise. Humic compounds, such as humic and fulvic acids, have long been utilized by farmers to produce various crops. These products have a strong potential to cause severe morphological alterations in the roots. Additionally, these compounds support modifying nutrient absorption and acquisition activities in plant membranes.

Foliar Application Dominant Category in Biostimulant Market

Based on the mode of application, the biostimulant market is segmented into foliar, soil treatment, and seed treatment. The foliar category held the largest market share in 2021 and is anticipated to increase significantly over the next several years because it is very effective at enhancing plant health. Several studies and research have demonstrated the advantages of foliar treatment. Despite being put through difficult circumstances, they contributed to raising crop yields for crops including maize, cowpeas, and onions. Following a study by Ali et al., 2019, the foliar application of alpha-tocopherol improved wheat's antioxidant defense system, photosynthetic efficiency, water uptake, utilization, and photosynthetic pigment levels to boost drought tolerance.

Europe’s Biostimulant Market to Benefit from Government’s Pivotal Role in Promoting Sustainable Farming Products

Over the forecast period, it is anticipated that the European biostimulant market will account for the largest revenue share due to the increased attention the government has placed on using sustainable farming products, tools, and techniques, as well as several biostimulants promoting councils in the region. For instance, a legal framework for "plant strengtheners" (PS), which are biostimulants as specified in Section 2.1, was created in Germany by the Federal Office of Consumer Protection and Food Safety (BVL). The European Union's agricultural regulatory framework is becoming more open to environmental considerations, encouraging the creation of novel models, methods, and practices that are sustainable and eco-friendly and enable the plant to make the most of its resources. In Europe, biostimulant compounds are already utilized extensively and are expected to increase significantly throughout the forecast period.

The North American biostimulant market is anticipated to experience stable revenue growth throughout the forecast period due to increasing funding for agricultural biological research and development. The product has shown to be a perfect addition to traditional chemical treatments for boosting plant vigor and growth. These are increasingly seen as a seamless component of a comprehensive strategy to boost yields. One of the main factors influencing agricultural research development and the adoption of these bioproducts in enhancing stress tolerance and growth in various crops and plants is the recent progress in science and technology. Furthermore, the sales of these products are being driven in the area by the rising use of organic agricultural techniques and the synergistic effects of PGP. According to the 2019 organic survey conducted by the US Department of Agriculture (USDA), there were 16,585 organic farms in the country.

Global Biostimulant Market: Competitive Landscape

In July 2022, Seipasa, a Spanish company specializing in developing, formulating, and producing natural solutions for agriculture, introduced its line of biostimulants and nutrition products for the Ecuadorian market. The release of Seipasa's Kynetic4, Bryosei, Seipafol Mix, or Talsei products, among others, is part of the company's strategy to improve its business strategy in the region. Similarly, in January 2021, Ambition, a crop supplement formulation including amino acids and fulvic acids, was released by Bayer AG for the Chinese market. Ambition is the first amino acid biostimulant from Bayer to hit the Chinese market.

A few of the players in the biostimulant market include BASF SE, UPL, Valagro S.p.a, Gowan Company, ILSA S.p.a., Rallis India Limited, Haifa Group, Adama Ltd., Biovert S.l., Start-ups/SME’s, Koppert Biological Systems, Tradecorp International, Agritecno, Axeb Biotech Sl, Mafa Bioscience, Lawrieco, Devi Cropscience, Bioflora, Agricen, and Bonumose Inc.

Global Biostimulant Market is Segmented as Below:

By Active Ingredients

  • Humic Substances
  • Humic Acid
  • Fulvic Acid
  • Seaweed Extracts
  • Microbial Amendments
  • Amino Acids
  • Other Active Ingredients (include Vitamins, Trace Minerals, and Polysaccharides)

By Mode of Application

  • Foliar
  • Soil Treatment
  • Seed Treatment

By Form

  • Liquid
  • Dry

By Crop Type

  • Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Turfs & Ornamentals
  • Others (Forage and Plantation Crops)

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Biostimulant Market

  • Biostimulant Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Key Trade Statistics (Import and Export)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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