Market Overview
Global Biostimulants Market accounted for USD 3.81 Billion in 2023 and is expected to observe a staggering growth during the forecast period with a CAGR of 10.85% until 2029.
Biostimulants are microorganisms or substances used on plants or the rhizosphere (root zone) for the purpose of stimulating nutrient uptake, enhancing plant growth, and stress tolerance. Unlike traditional fertilizers, which primarily provide essential nutrients to plants, biostimulants work by promoting physiological and metabolic processes in plants, ultimately leading to improved crop performance. These products are diverse, encompassing a range of substances, including organic compounds, microbial inoculants, and extracts from plants or seaweed. Biostimulants contain compounds that stimulate various physiological processes in plants, leading to enhanced growth and development. This can be in the form of enhanced shoot and root growth, flower and fruit formation, and plant vigor. Biostimulants can enhance plant nutrient uptake efficiency. They can increase the availability and uptake of key nutrients from the soil so that the plant can use these nutrients more efficiently. Biostimulants assist plants in managing abiotic stress factors like drought, salinity, temperature extremes, and other environmental stresses. Through improving stress tolerance, biostimulants enhance the ability of plants to resist unfavorable conditions.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 (Enter Corporate Email ID’ for a Free Sample Report):https://www.marketinsightsresearch.com/request/download/29/55678/biostimulants-market
Major Market Drivers
Increasing Demand for Sustainable Agriculture
There is greater concern regarding environmental problems and the effect of traditional agricultural practices on the environment. Consumers, farmers, and policymakers are more aware of the necessity for more sustainable and environmentally friendly methods of farming. Traditional farming tends to be highly dependent on chemical fertilizers and pesticides. The application of these chemical inputs has evoked fear of soil degradation, water contamination, and injury to non-target organisms. Biostimulants provide a safer alternative that encourages sustainable agricultural practices by curbing reliance on synthetic chemicals. Biostimulants play a role in enhancing soil health through improved microbial activity, nutrient supply, and soil structure. Healthy soil is crucial for sustainable farming as it ensures enhanced crop growth, water holding capacity, and ecosystem functioning. Biostimulants have the ability to enhance the effectiveness of nutrient use by plants. This can lead to lower nutrient runoff and leaching, resulting in better resource use efficiency and reduced environmental effects.
The use of sustainable agriculture practices, such as biostimulants, contributes to climate change mitigation. Biostimulants have the potential to enhance crop adaptation to fluctuating climate conditions, increase stress tolerance, and support climate-resilient agricultural systems. There is increased consumer demand for food produced in a sustainable way. As consumers increasingly think about the environmental and social dimensions of food production, pressure is building on the agricultural industry to become more aligned with these values. Numerous governments worldwide are encouraging sustainable agriculture through incentives, policy, and regulation. Encouraging government policies prompt farmers to follow practices that are more environment-friendly, and the application of biostimulants finds a place in this context as well.
Segmental Insights
Active Ingredients Insights
The Seaweed Extract segment dominated the Global Biostimulants Market in 2023 and is expected to grow further in the next few years. Seaweed extracts have been found to be rich in a varied range of bioactive compounds, such as plant growth regulators, amino acids, vitamins, and minerals. Such compounds may exert positive influences on the growth, development, and tolerance to stress in plants. It has been revealed that seaweed extracts can be used to promote different physiological plant processes, for example, photosynthesis, nutrition uptake, and root growth. Such impacts are likely to increase the general functioning of plants. Seaweed extracts are an organic source of nutrients for plants. They have vital components such as nitrogen, potassium, and trace minerals, which are a source of supplementary nutrients that can improve the nutrient content of the soil. Seaweed extracts tend to have both biostimulant and biofertilizer characteristics. Besides stimulating plant growth, they can improve soil fertility by adding organic matter and stimulating microbial activity. Seaweed extracts have been found to enhance the tolerance of plants to some abiotic stresses, such as drought, salt, and extreme temperatures. This stress tolerance is particularly desirable in areas with adverse environmental conditions.
Crop Type Insights
In 2023, the Global Biostimulants Market most prominent share was contributed by Row Crops & Cereals segment and is forecasted to continue growing in the years to come. Cereals and row crops like rice, soybeans, corn, and wheat tend to be large-scale productions throughout the world. The production size of this commodity class is sufficiently large enough for it to remain a top target for farm inputs, among them being biostimulants. Row crops and cereals are staple crops for food as well as foreign trade commodities. The value of these crops from the economic perspective inspires farmers to embrace inputs and technologies, such as biostimulants, to enhance yields and quality. Most biostimulants are formulated to have widespread uses and advantages for several crops. The applicability of biostimulants renders them acceptable for use in cereals and row crops, driving their use in this category. Biostimulants may enhance nutrient uptake efficiency in plants. Row crops and cereals being nutrient-hungry crops benefit from improved nutrient use, resulting in accelerated growth, development, and eventually increased yields. Most row crops and cereals have fairly predictable development patterns, and farmers can prepare and deploy agricultural inputs, such as biostimulants, at particular phases of the crop development for maximum effect.
Application Insights
In the forecast period of 2023, the Global Biostimulants Market was dominated by Soil Treatment segment and is anticipated to keep growing through the subsequent years. Biostimulants used for soil treatment are significant in developing the well-being of the soil. They support the fertility, structure, and microbial life of the soil, which creates a healthy environment for plants’ growth. Healthy soil is crucial for plant nutrient uptake. Biostimulants for soil treatment have compounds that maximize the availability of nutrients to the plant. It can lead to better nutrient absorption and utilization for better crop development and yield. Biostimulants of soil treatment have the ability to activate beneficial soil microorganisms. This involves enhancing the number of mycorrhizal fungi and other microorganisms that provide nutrient cycling as well as improving plant health. Biostimulants used in the soil may encourage the formation of a healthy and robust root system. This is important to enable plants to efficiently access water and nutrients, particularly under stressful environmental conditions. Biostimulants for treating the soil can include compounds that enable plants to withstand abiotic stresses like drought, salinity, or temperature stress. Such resilience could be appealing to farmers who operate under unpredictable or unfavorable climatic conditions.
Regional Insights
The North America region is the leader of the Global Biostimulants Market in 2023. North America, and the United States and Canada in particular, is recognized for embracing state-of-the-art and innovative agriculture practices. The farmers in this region tend to be early users of new technology and inputs such as biostimulants to improve crop productivity and sustainability. North America is a very large and varied agricultural region, with a great deal of cultivable land. The size of agriculture in the region offers sufficient scope for the use of biostimulants to enhance soil health, nutrient use efficiency, and overall crop performance. The region has strong research and development efforts in the agriculture and biotechnology industries. This allows for the creation of new and innovative biostimulant products specific to the needs of North American crops. Regulatory conditions in North America are generally friendly toward biostimulant product development and commercialization. There are well-defined regulations and guidelines that offer a platform for businesses to commercialize their products in an effective manner.
Key Market Players
- BASF SE
- Isagro Group
- Sapec Agro S.A.
- Biolchim S.P.A.
- Novozymes A/S
- Platform Specialty Products Corporation
- Valagro SpA
- Koppert B.V.
- Italpollina SAP
- Biostadt India Limited
| By Active Ingredients | By Crop Type | By Application | By Region |
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Recent Developments
In November 2023, in response to increasing needs for solutions that protect crops from the effects of climate change and improve nutrient use efficiency, Yara has launched YaraAmplix at the Biostimulant World Congress in Milan, Italy. The new brand is set to expand the range of biostimulants available from Yara. Commercialization of YaraAmplix will begin at the end of 2023 in China, Brazil, and France, with additional gradual worldwide deployment in 2024. Since the last five years, Yara has carefully built an expansive product portfolio of biostimulants that each has a unique formula targeting the activation of plant metabolism with the purpose to improve overall plant performance. Since 2018, this portfolio has seen strong growth with a compound annual growth rate of over 50 percent.
In June 2023, Cascadia Seaweed and Refeed Canada, two leading regenerative agtech businesses in British Columbia, have partnered to launch Cascadia’s first agricultural productReFeed Seaweed Extract. This organic liquid plant fertilizer is made from carefully grown, cold-water kelp extract, providing vital nutrients for maximum growth and compatibility in a wide range of cultivation applications. Created by Cascadia Seaweed based on Vancouver Island, the liquid seaweed concentrate will be branded as ReFeed. This cooperative effort perfectly sits with their collective vision of contributing to more resilient and sustainable food systems. The two organizations both focus on how to utilize nature’s resources and recycle nutrients into products that advance plant and soil health, in turn supporting stronger food security, sustainable food, and a better food system.
