The Biostimulants Market size is projected to reach US$ 8.7 billion by 2031 from US$ 3.4 billion in 2023. The market is expected to register a CAGR of 10.9% in 2023–2031. The increasing focus on organic production practices is likely to remain key Biostimulants Market trends.
Consumers across the world are increasingly adopting organic products, such as organic fruits, vegetables, etc. The increasing health awareness among people and regarding health risks posed by chemical fertilizers and plant growth promoters has resulted in driving the demand for organic food. This is further encouraging farmers worldwide to produce crops using organic methods. The global need for organic food continues to grow. According to the IFOAM - Organics International, the organic farming area across the globe increased by over 20 million hectares in 2022, reaching 96 million hectares. The number of organic producers also saw a significant rise, surpassing 4.5 million. Hence, the rising demand for organic food, such as grains, pulses, fruits, and vegetables, globally is driving the biostimulants market.
Biostimulants are a mixture of substances or microorganisms that help improve crop conditions without causing any negative impact on the environment. Various studies have shown that biostimulants can be used as an additive to fertilizers, which helps reduce fertilizer use. They can also help nutrient uptake, plant growth and tolerance against abiotic stress. It supports plants' metabolic processes that help uptake essential nutrients.
Biostimulants are popular as plant growth stimulators. It helps strengthen root biomass, nutrient uptake, and enzymatic activities; hence the leading players are extensively increasing their production capabilities. Biostimulants rich in minerals, plant hormones, and amino acids encourage farmers to opt for such products.
In the last several years, the proposal of technological innovations for enhancing the sustainability practices of agricultural production by significantly reducing synthetic agrochemicals, such as pesticides and fertilizers has brought revolution agriculture sector. Moreover, the developments in genetic engineering is leading to the production of highly effective biostimulants. Market players are also focusing on developing technologies for the production of biostimulants. For instance, in March 2020, Valagro announced the launch of Talete, a new biostimulant, originating from the exclusive GeaPower technology platform, to increase crop water productivity.
Biostimulants is a mixture of substances or microorganisms that improves the crop condition without causing any harmful impact on the environment. Biostimulants is also used as a preservative to fertilizers, thus, reducing fertilizer use. It can also leads to nutrient uptake, plant growth, and tolerance against abiotic stress. The utilization of biostimulants as an alternative to conventional fertilizer is responsible for driving the biostimulants market.
Key segments that contributed to the derivation of the Biostimulants Market analysis are product, mode of application, and crop type.
The geographic scope of the Biostimulants Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Europe has dominated the Biostimulants Market. The European Union's stringent guidelines on environmental safety and support for organic farming lined the way for a thriving biostimulants market in European countries such as Germany, Italy, Spain, and France. Biostimulants were applied to plants such as pome fruits, grape, citrus, olives, cabbage, broccoli, cucumber, carrots, cauliflower, onion, eggplant, turf, flowers, and ornamentals; these crops are high-valued. The European Union co-founded the BIOSUVEG project by the European Institute of Innovation & Technology (EIT), which aims to make vegetable cultivation more environmentally and economically sustainable by enhancing crop yields under challenging environmental conditions. These are some of the factors boosting the demand for biostimulants in the European countries. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Biostimulants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Biostimulants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.4 Billion |
| Market Size by 2031 | US$ 8.7 Billion |
| Global CAGR (2023 - 2031) | 10.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Biostimulants Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Biostimulants Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Biostimulants Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Biostimulants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: