The global biostimulants market revenue, valued at USD 3.64 billion in 2023, is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, with a compound annual growth rate (CAGR) of 11.69%. Europe led the market in 2023, holding a 39.29% share, according to the Biostimulants Market, 2024-2032 report by Fortune Business Insights™.
Biostimulants are composed of substances that promote plant growth, enhance nutrient absorption, and improve stress tolerance, resulting in higher crop yields and better quality. With the growing demand to optimize crop productivity and profitability, farmers are increasingly adopting biostimulants, many of which are derived from natural sources, making them ideal for organic farming. This provides organic growers with effective solutions to boost crop productivity and resilience while adhering to organic standards.
These products involve applying natural or microbial-based compounds to crops to improve growth, stress tolerance, and nutrient efficiency. The biostimulants market is rapidly expanding, driven by environmental concerns, climate change, a shift toward sustainable farming, and increased interest in organic agriculture.
List of Key Players Present in the Report:
- Bayer AG (Germany)
- Syngenta AG (Switzerland)
- UPL Limited (India)
- Gowan Group (U.S.)
- BASF SE (Germany)
- Marrone Bio Innovations (U.S.)
- SEIPASA S.A. (Spain)
- I. Industries (India)
- Novozymes A/S (Denmark)
- Koppert Biological Systems (Netherlands)
Segments
Improving Biochemical and Physiological Properties of Crops to Encourage Non-Microbial Segment Growth
The biostimulants market is categorized into microbial and non-microbial sectors. Currently, the non-microbial sector leads the market and is anticipated to experience significant growth throughout the forecast period. This expansion is primarily attributed to the increasing biochemical and physiological benefits that non-microbial biostimulants offer to crops.
Expanding Worldwide Seaweed Farming to Drive Seaweed Extracts Market Growth
The biostimulants market is divided into microbial and non-microbial sectors. At present, the non-microbial sector is the market leader and is expected to see substantial growth throughout the forecast period. This growth is largely driven by the enhanced biochemical and physiological benefits that non-microbial biostimulants provide to crops.
Elevated Foliar Spray Efficiency in Strengthening Plant Health Extension of the Foliar Application Domain
The biostimulants market is segmented by application into three categories: foliar application, soil treatment, and seed treatment. Among these, foliar application has demonstrated significant effectiveness in improving plant health, making it the largest segment within the biostimulants market.
Increased Use of Greenhouse Vegetable Production to Support the Row Crops Segment's Growth
The biostimulants market is classified by crop type into several segments: grass and ornamentals, fruits and vegetables, row crops, and others. The row crops segment is expected to lead the market throughout the forecast period, fueled by the rising demand for high-value crops and the increasing adoption of greenhouse vegetable production.
Geographically, the market is examined across North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Report Coverage
The Biostimulants Market report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Raising Knowledge About Chemical-Based Fertilizers' Environmental Effects to Accelerate Market Growth
The biostimulants market is witnessing growth as awareness of the detrimental effects of synthetic plant protection products and chemical fertilizers increases. Farmers are increasingly adopting natural and sustainable methods to boost crop growth, contributing to the rising popularity of biostimulants. These products not only promote the growth of target crops but also help manage plant pests, further driving market expansion.
However, the lack of regulations surrounding the commercialization of biostimulants could pose challenges to the industry's growth.
Regional Insights
Establishment of Numerous Governmental Agencies to Promote European Market Development
In 2023, Europe accounted for the largest share of the biostimulants market, contributing USD 1.43 billion. The growth of various government organizations, such as the European Biostimulants Sector Council and the Biostimulants Associations of ACI, has played a crucial role in driving the expansion of the regional sector.
Meanwhile, the Asia-Pacific region is expected to experience significant growth during the forecast period, fueled by the increasing dependence of Asian manufacturers on high-quality agricultural products to stimulate the growth of the local market.
Competitive Landscape
Expanding Major Players Prioritize New Product Launches to Support Market Growth
The biostimulants market is highly competitive, featuring a range of major companies. These industry leaders are actively promoting market growth by focusing on innovation and introducing new products tailored to meet farmers' demands for more resilient crops and improved nutrient utilization.
Key Industry Development
December 2023 – Agro-K, a leading family-owned biostimulant manufacturer in the United States, has been acquired by Rovensa Group, a prominent producer of agricultural inputs. This acquisition will enhance Rovensa's biostimulant portfolio in the U.S. by providing a broader range of supplementary solutions.
Blog Related Insights:
