Biostimulant Market Research, 2031
The global biostimulant market was valued at $2,572.60 million in 2020, and is projected to reach $8,004.10 million by 2031, growing at a CAGR of 10% from 2022 to 2031.
Biostimulants are biologically produced fertilizers that are used to stimulate plant development and productivity, in addition to the nourishment of agrarian products. A biostimulant boosts plant development and growth throughout the crop life cycle, i.e., from seed germination to plant maturity. These fertilizers further help in facilitating nutrient translocation, assimilation, and use; and enhance soil fertility mainly by stimulating the development of interdependent soil microorganisms.
The biostimulant market is segmented on the basis of product type, crop type, application, and region. On the basis of product type, the market is classified into acid-based, extract-based, and others. By crop type, the market is divided into row crops & cereals, fruits & vegetables, turfs & ornamentals, and others. On the basis of application, the market is categorized into foliar spray, soil, and seed. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy,Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Turkey, South Africa, and rest of LAMEA).
According to biostimulant market trends, on the basis of product type, the acid-based segment dominated the global biostimulant industry in 2021 and is expected to be dominant during the biostimulant market forecast period. The acid-based segment is expected to grow with a CAGR of 9.4%. Acid-based biostimulants have gained popularity as extensive usage of the types of acid-based biostimulant has enhanced the crop quality. The extensive usage is expected to fuel the growth of global biostimulant market size
According to the biostimulant market, by crop type, the row crops and cereals segment was the one in which biostimulants were most commonly utilized to improve crop quality and productivity. Row crops and cereals are the most prevalent crops consumed across the globe, and as a consequence, demand for the crops by the population worldwide is witnessing growth. To cater to the global biostimulant market demand, the usage of biostimulants in crops is increasing, as biostimulants aid to boost crop growth and productivity. The growing economies that generate the majority of row crops and grains, such as India and China, have seen substantial use of biostimulants in crops.
On the basis of application, the foliar spray segment dominated the global market in 2021. The most frequent method of applying biostimulants to crops is the foliar spray. The spraying technique enables the farmer to cover the major amount of field with the least amount of biostimulant. The spraying approach also helps to reduce biostimulant wastage. As a result, the worldwide agricultural sector prefers and adapts the use of foliar spray to disperse biostimulants in crops. The growing use of foliar spray has propelled the global biostimulant market growth in the foliar spray category.
Region wise, Europe dominated the biostimulant market in 2021, and is expected to be dominant during the forecast period. The dominance in the market is largely due to existence of agricultural operations in the Europe region, and the availability of several variants of acid and extract-based biostimulants for different crop types that are preferred by the user. Increase in demand for biostimulants in the agricultural sector of Europe drives the growth of the biostimulants products.
The players operating in the global biostimulant market have adopted various developmental strategies to expand their biostimulant market share to increase profitability, and remain competitive in the market. The key players profiled in this report include BASF SE, BiolchimS.p.A., Biostadt India Limited, Biovert S.L., Hello Nature, IsagroS.p.A., Koppert B.V., Lallemand, Inc., Novozymes A/S, and Valagro.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the biostimulant market analysis from 2020 to 2031 to identify the prevailing biostimulant market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biostimulant market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global biostimulant market trends, key players, market segments, application areas, and market growth strategies.
Biostimulant Market Report Highlights
By Product Type
By Crop Type
Key Market Players
Koppert B.V., Isagro S.p.A., Lallemand, Inc., Biovert S.L., Valagro, biostadt india limited, Novozymes A/S, Hello Nature, Biolchim S.p.A., BASF SE
Product innovation, processing, and regulations are main areas for market growth in the biostimulant industry. Agri-food product market expansion and economic growth in advanced and emerging economies also support the market growth. However, low awareness among farmers about biostimulants hinders the market growth. Asia-Pacific is projected to register a significant growth as compared to the saturated markets in Europe and North America, due to increase in initiatives regarding sustainable agricultural by local government bodies and other favorable regulations.
Biostimulants have also been found to aid to enhance disease and pest resistance. A plant with a robust root system will be able to withstand external pressures better since its growth rate will be faster, and insect assaults will be less frequent. With the advent of new biostimulant variations, the support provided to plants and crops is assisting them in activating the plant's autoimmune system to cope with foreign invasion or growth.