Biostimulants Industry Overview
The global biostimulants market size is expected to reach USD 6.79 billion by 2030, registering a CAGR of 10.4% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by demeaning soil quality and rising demand for organic and high-quality products. Furthermore, the growing demand for sustainable and eco-friendly alternative solutions is growing significantly due to its ability to enhance the productivity of crop production. This, in turn, is likely to boost the demand for biostimulants over the forecast period. Biostimulants are any ingredients or microorganisms administered to plants to enrich sustenance efficiency, and abiotic stress tolerance, enhancing crop quality and characteristics and traits, irrespective of their nutrient content.
Biostimulants Market Segmentation
Grand View Research has segmented the global biostimulants market report based on active ingredients, crop type, application, and region:
Based on the Active Ingredients Insights, the market is segmented into Acid-based, Seaweed Extract, Microbial, Others.
- The acid-based active ingredient segment dominated the global market and accounted for the largest share of over 49.00% of the total revenue in 2021. This is attributed to the high demand for these ingredients due to their plant potency enhancement characteristics and sustainability properties.
- Moreover, they are economically feasible. Amino acids, such as fulvic and humic acids, are key instigators of plant hormones aiding in the stimulation of the metabolic processes and enhancement of seed germination. Seaweed extracts are estimated to record the fastest CAGR over the projected period.
- The presence of components like plant growth hormones, such as auxins, cytokines, and gibberellins, and various nutritional metal elements, like potassium, nitrogen, manganese, aluminum, and iron aiding the plant growth & productivity, is the major driving the demand for seaweed extracts as biostimulants.
- Microbial biostimulants are expected to have a moderate growth rate over the forecasted period. They include the use of a microorganism or numerous microorganisms as biostimulants to help stimulate plant growth.
Based on the Crop Type Insights, the market is segmented into Row Crops & Cereals, Fruits & Vegetables, Turf & Ornamentals, Others.
- The row crops and cereals segment dominated the market with a revenue share of more than 59.5% in 2021. The segment includes crops, such as soybean, corn, millets, barley, cotton, and oats among others.
- These crops offer beneficial growth opportunities for the companies and are cultivated widely across the globe over large areas of land. It helps in increasing the size of the seed, harvest, and the rate of cell division. The key biostimulants included in row crops and cereals are amino acids, polyamines, and Indole-3-acetic acid (IAA).
- The high demand for organic cereals, such as oats and millets, is estimated to supplement the segment growth. Increasing recognition and acceptance of ecological and sustainable organic farming to cater to the rising food demand are expected to generate immense growth opportunities for the market.
- Turf & ornamental was the second-largest segment in 2021 due to a rise in the usage of turf and ornamentals across the globe. The segment majorly uses acid-based biostimulants for enhancing the yield.
Based on the Application Insights, the market is segmented into Foliar Treatment, Soil Treatment, Seed Treatment.
- The foliar treatment application segment dominated the market with a revenue share of more than 79.5% in 2021. This is attributed to the benefits associated with foliar treatment including faster absorption of nutrients and increased cellular activity.
- Foliar treatment includes direct application of the biostimulants on plant leaves to assist the quick absorption of nutrients from the surface. The absorption is facilitated by the epidermis and stomata present on the surface of the leaves.
- Soil treatment incorporates four key techniques, namely physical, mechanical, chemical, and biological treatments. The declining use of chemicals in agriculture will boost product usage for soil treatment. Commonly used biostimulants for soil treatment are acid-based and microbial biostimulants.
Biostimulants Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The competition in this market is highly dependent on the type of crop, active ingredient type, grade of products, number of sellers/manufacturers, and geographical location. Key companies are engaged in continuous R&D activities, mergers & acquisitions, capacity expansion, and other strategies to gain an advantage in the market.
Some prominent players in the global biostimulants market include
- Isagro Group
- BASF SE
- Biolchim SpA
- Sapec Agro S.A.
- Platform Specialty Products Corp.
- Novozymes A/S
- Valagro SpA
- Italpollina SAP
- Koppert B.V.
- Biostadt India Ltd.
Order a free sample PDF of the Biostimulants Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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