The report predicts the global Biostimulants Market to grow with a CAGR of 11.6% over the forecast period from 2022 to 2031.
Biostimulants Market – Global Drivers, Restraints, Opportunities, Trends & Forecast up to 2031
Overview
Plant biostimulants are technically the substance(s) and micro-organisms, which improve plant health, productivity, and/or tolerance via stimulating the plant functions when applied. The market for such products is still in its nascent stage serving a very small portion of its potential market. Biostimulants were first formally introduced in the 1990s and the market has been growing since.
According to Infoholic Research, the market for biostimulants would reach $5.33 billion by 2031, growing at a CAGR of 11.6% during the forecast period 2022-2031, owing to increasing regulatory accommodation and transitioning consumer trends towards healthier food alternatives.
Research Methodology:
The biostimulants market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
Key Market Insights
Biostimulants have not been recognized in regulatory till recently, which resulted in limited market penetration of the products in potential markets. This was largely due to the lack of clarity on the categorization of these products. Some of these products were classified with fertilizers, while others were categorized under crop protection chemicals. Further, as the biostimulants were not recognized by many governments, as a result, there were labeling problems for these products in different countries.
The market of biostimulants has been witnessing strong growth largely owing to the characteristic benefits of reducing agrochemical usage, improvement of crop quality, and increase in overall yield. European farmers have been at the forefront of the market adoption, where the focus is not only on increasing the crop yield but also on improving the crop quality. Some of the countries actively adopted the biostimulants at the country level, allowing the biostimulants product growth. However, most of the developing countries, especially in Central & Eastern Europe, were lagging and resulted in limited penetration of biostimulant products in the region. On the other hand, the US market has been receptive towards the biostimulants, although the absence of regulatory details curtails the market scope.
The inclusion of biostimulants within the regulatory framework will further facilitate the growth of the biostimulants market within the European Union, while other major markets are taking que from the EU for adapting biostimulants within their policy frameworks. The US market included biostimulant definition in April 2018 for the first time and currently present in draft guidance on FIFRA applicability. The European market would continue to dominate the market revenue for biostimulants during the forecast period, while Asia Pacific will project the highest CAGR during the forecast period. The US market for biostimulants is expected to gain pace from 2021 to mark double-digit growth during the forecast period.
Foliar application mode will remain the most preferential mode continuing the current trend, while seed treatment will gain attention and will be able to project a better growth rate during the forecast period. Increasing consumer demand for healthier fruits & vegetables will enable the crop category to retain the top position in the biostimulants market with the following category of cereals & grains segment.
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The study of the biostimulants market provides the market size information and market trends along with the factors and parameters impacting it in both the short- and long-term. The study also covers the competitive scenario of the market, major players with their branding strategies, and differentiating factors among others. The study ensures a 360 view, bringing out the complete key insights of the competitive industry. These insights are intended to help the business decision-makers to make better business plans and informed decisions for future growth. In addition, the study helps venture capitalists in understanding the companies better and take informed decisions.
The competitive scenario of the market is open with numerous companies competing with each other, although the level of rivalry is not that high, given the nascent market and high growth opportunities. Most of the prominent players offer biostimulant products that they have acquired from internal development or from inorganic growth options. A few of the key companies active in the field are BASF, Bayer, Syngenta, FMC Corporation, Valagro, Adama, Solvay, Ajinomoto, Stroller Group, and Koppert Biological Systems, and Lallemand Inc.
Report Scope:
Application Mode
Foliar
Soil
Seeds
Active Ingredients
Amino Acid & Derivatives
Humic Acid & Fulvic Acid
Seaweed Extracts
Microbial Amendments
Others (such as Vitamins)
Crops
Fruits & Vegetables
Cereals & Grains
Turf & Ornamental
Pulses & Oilseeds
Others
Geographies
Europe
North America
Asia Pacific
Latin America
Middle East & Africa
Industry outlook: market trends and drivers, restraints, and opportunities
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