Biostimulants Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

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.

Biostimulants Market Analysis

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 Market Overview

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.

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Biostimulants Market: Strategic Insights

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Biostimulants Market Drivers and Opportunities

Technological Advancements for Biostimulants Production.

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.

Increasing Use of Biostimulant as an Alternative to Conventional Fertilizer.

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.

Biostimulants Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Biostimulants Market analysis are product, mode of application, and crop type.

• Based on product, the Biostimulants Market is divided into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. The humic substances segment held a larger market share in 2023.
• By mode of application, the market is segmented into foliar spray, seed treatment, and soil application. The foliar spray segment held the largest share of the market in 2023.
• In terms of crop type, the market is segregated into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. The cereals and grains segment leads the market in 2023.

Biostimulants Market Share Analysis by Geography

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.

Biostimulants Market Regional Insights

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.

Biostimulants Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. BASF SE
2. UPL Limited
3. Valagro
4. Gowan Company
5. FMC Corporation
6. ILSA S.p.A

Disclaimer: The companies listed above are not ranked in any particular order.

Biostimulants Market News and Recent Developments

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:

• FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, announced a collaboration in Canada with Novonesis (formerly Novozymes A/S), a leader in plant biosolutions. The agreement is part of FMC’s strategic plan to grow its biologicals platform in key markets. (Source: FMC Corporation, Press Release, 2024)
• UPL, a global leader in sustainable agriculture solutions, announces that its Natural Plant Protection (NPP) business unit has entered into a strategic collaboration with Kimitec’s MAAVi Innovation Center (MAAVi IC) to deliver tailored BioSolutions technologies in the United States. (Source: UPL, Newsletter, 2022)

Biostimulants Market Report Coverage and Deliverables

The “Biostimulants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles