Agriculture

Biostimulants Market is Projected to Reach USD 6,849.3 Million by 2030

May 2024

Agriculture

As per the report published by Kings Research, the global Biostimulants Market was valued at USD 2,982.9 million in 2022 and is projected to reach USD 6,849.3 million by 2030, growing at a CAGR of 11.19% from 2023 to 2030.

Biostimulants are substances or microorganisms applied to plants to enhance nutrient uptake, efficiency, stress tolerance, and overall crop quality. This diverse category includes compounds such as humic acids, fulvic acids, seaweed extracts, microbial amendments, and other organic substances. The applications of biostimulants are broad-ranging, covering crops such as cereals, fruits, vegetables, and more. These substances play a crucial role in sustainable agriculture by promoting soil health, optimizing nutrient utilization, and improving plant resilience. The drivers boosting the adoption of biostimulants are multifaceted. Farmers are increasingly recognizing the need for environmentally friendly and socially responsible agricultural practices, aligning with the global shift toward sustainable farming. The desire to enhance crop yield and quality without compromising the ecological balance is a key driving factor as biostimulants offer a holistic approach to plant nutrition and stress management. Growing awareness among farmers about the benefits of biostimulants is further fueling their use, with the potential to transform conventional agricultural practices into more sustainable and efficient systems.

Key Insights

  • Based on source, the non-microbial segment is anticipated to register the highest CAGR of 12.28% over the forecast period
  • Based on form, the liquid segment generated the highest revenue of USD 1,964.89 million in 2022
  • Based on active ingredient, the vitamins & amino acids segment is anticipated to depict the fastest growth at a CAGR of 13.81% over the projected timeframe
  • By application, the foliar treatment held the largest market share of 49% in 2022
  • On the basis of region, North America is expected to witness the highest CAGR of 12.94% over 2023-2030

Integration of Digital Technologies in Biostimulants Sector to Create New Opportunities for Market Expansion

A promising growth opportunity in the biostimulants industry lies in the integration of digital technologies in biostimulant application methods. Precision agriculture is a rapidly growing trend, and biostimulants play a pivotal role in optimizing nutrient utilization and enhancing plant resilience in this context. By leveraging digital technologies, such as sensor-based systems and data analytics, farmers can achieve more precise and targeted applications of biostimulants. This not only enhances the overall efficiency of biostimulant use but also allows farmers to make data-driven decisions, ensuring that the right biostimulant is applied at the right time and in the right amounts. The integration of digital technologies in biostimulant application methods maximizes the benefits for crops, and contributes to sustainable farming practices by minimizing waste and reducing environmental impact. As the agriculture industry continues to embrace digitization, the opportunity for developing and implementing advanced digital tools in biostimulant applications is poised to bolster market growth.

Regulatory Uncertainties and Lack of Standardization Pose a Challenge to Biostimulants Market Growth

A significant challenge hampering the progress of the biostimulants market is the presence of regulatory uncertainties and the lack of standardization in approval processes. The diverse nature of biostimulants, encompassing various substances and microorganisms, makes it challenging to establish uniform regulations across different regions. This complexity in regulatory classification and approval hampers market growth by causing delays in product approvals and market entry. The absence of standardized regulations further creates an environment of uncertainty for manufacturers, making it difficult for them to navigate the regulatory landscape. Clear and harmonized regulations are essential to provide a transparent framework for the biostimulants industry, allowing for streamlined processes and fostering a conducive environment for innovation. Overcoming this challenge requires collaborative efforts between industry stakeholders and regulatory bodies to establish guidelines that address the unique characteristics of biostimulants, ensuring their safe and effective use in agriculture.

North America to Record Staggering CAGR of 12.94% Over the Forecast Period

North America is slated to be the fastest-growing region, exhibiting the highest CAGR of 12.94% between 2023 and 2030. The region's burgeoning interest in sustainable agricultural practices and a growing awareness of the environmental impact of traditional farming methods are key factors driving regional market growth. Farmers in North America are increasingly adopting biostimulant applications to enhance crop yield, improve soil health, and reduce reliance on chemical fertilizers. The favorable regulatory environment, coupled with robust research and development initiatives, are further fueling market expansion. Additionally, the surging demand for organic produce and the growing emphasis on reducing the carbon footprint in agriculture contribute to the rising popularity of biostimulants in the North American farming landscape. As the region continues to prioritize eco-friendly and efficient farming practices, the biostimulants market is poised to witness sustained growth in the coming years.

Market Players Concentrate on Product Innovation to Drive Market Development

The global biostimulants market is fragmented with key players such as BASF SE, Isagro S.p.A., Biolchim S.p.A., Valagro S.p.A., Koppert Biological Systems, Biostadt India Limited, ChemChina group, FMC Corporation, Novozymes, Lallemand Plant Care, and others. Companies in the sector are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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