$4550
[Research Report] The biostimulants market is expected to grow from US$ 3,112.49 million in 2022 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028.
Market Insights and Analyst View:
Biostimulants are compounds or microorganisms that are administered to plants or soil to stimulate plant growth, health, and productivity. These chemicals contribute significantly to sustainable agriculture by increasing nutrient uptake, boosting stress tolerance, and improving overall plant performance. Various factors drive the market for biostimulants. Firstly, there is a growing demand for sustainable agricultural practices and environmentally friendly solutions. Biostimulants offer a viable alternative to synthetic chemicals, reducing the dependence on traditional fertilizers and pesticides. Additionally, biostimulants can help mitigate the effects of abiotic stresses such as drought, salinity, and extreme temperatures, which are becoming increasingly prevalent due to climate change. The agricultural industry has shifted towards organic and natural products, driven by consumer demand for healthier and more sustainable food. Biostimulants align with this trend, as they are derived from natural sources such as seaweed extracts, humic substances, and beneficial microorganisms. Adopting biostimulants by organic farmers and conventional growers alike has expanded the biostimulants market
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Biostimulants Market: Strategic Insights
Market Size Value in US$ 3,112.49 Million in 2022 Market Size Value by US$ 5,796.94 Million by 2028 Growth rate CAGR of 10.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Customize Research To Suit Your Requirement
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Biostimulants Market: Strategic Insights
| Market Size Value in | US$ 3,112.49 Million in 2022 |
| Market Size Value by | US$ 5,796.94 Million by 2028 |
| Growth rate | CAGR of 10.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Market Driver and Challenges:
Growing Demand for Sustainable Agriculture is Driving Biostimulants Market
Various factors, including environmental concerns, consumer preferences, and regulatory pressures, drive the increasing global demand for sustainable agricultural practices. Biostimulants support sustainable agriculture by providing effective and eco-friendly plant nutrition, growth enhancement, and stress management solutions. Biostimulants offer a sustainable alternative to traditional chemical inputs such as synthetic fertilizers and pesticides. They are derived from natural sources, including plant extracts, seaweeds, beneficial microorganisms, and other organic materials. Farmers can reduce their reliance on synthetic chemicals by utilizing biostimulants, minimizing the potential negative impacts on soil, water, and ecosystem health. In the context of sustainable agriculture, biostimulants also contribute to preserving and improving soil health. They can enhance soil structure, microbial activity, and nutrient cycling, improving soil fertility and long-term sustainability. Healthy soils promote better plant growth, reduce erosion, enhance water-holding capacity, and support biodiversity conservation. Hence, growing demand of sustainable agriculture is driving biostimulants market.
However, one notable restraint in the global biostimulants market is the stringent regulatory environment. Biostimulant products often fall within a regulatory gray area, as they do not fit neatly into existing pesticide or fertilizer categories. This ambiguity can lead to complex and time-consuming registration processes, resulting in product approvals and market entry delays. Additionally, varying regulatory standards across different regions and countries create additional barriers for manufacturers and hinder the global expansion of the biostimulant industry. The need for clear and harmonized regulations poses a significant challenge for market players, requiring them to navigate a complex compliance landscape and demonstrate their products' safety and efficacy. Overcoming these regulatory hurdles and establishing consistent global standards will be crucial in unlocking the full potential of the biostimulants market.
Report Segmentation and Scope:
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Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. Based on the mode of application, the market is segmented into foliar spray, seed treatment, and soil application. Based on crop type, the global biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others.
Segmental Analysis:
Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. In 2021, the seaweed extracts segment dominated the market. These extracts contain bioactive compounds such as growth hormones, micronutrients, amino acids, and polysaccharides that promote plant growth, enhance nutrient uptake, and improve stress tolerance. By stimulating cell division, improving nutrient absorption, and aiding in stress management, seaweed extracts contribute to higher crop productivity and quality. Furthermore, their use aligns with the growing demand for sustainable and organic agricultural practices, making them an attractive option for farmers and growers worldwide. As a result, the market for biostimulants incorporating seaweed extracts is experiencing significant growth as they provide effective and environmentally friendly solutions for enhancing agricultural outcomes.
Regional Analysis:
During the projection period, Asia Pacific is expected to be the fastest expanding region. Growing demand for biostimulants is being driven by the growing need to improve crop quality and productivity, rising environmental awareness, increased organic farming and demand for organic food, and the wide range of benefits of biostimulants in crop production. Asia's need for biostimulants is expanding due to rising demand for organic products and the requirement for organic farming. Furthermore, the Asia Pacific region's expanding population is expected to drive biostimulants market growth. China is a world leader in the production and distribution of biostimulants, owing to the country's huge fertiliser consumption. Moreover, other countries like India are one of the world's largest foodgrain producers. According to the Ministry of Agriculture & Farmers Welfare, total Foodgrain production in the country is estimated at a record 316.06 million tonnes, which is higher by 5.32 million tonnes than the foodgrain production during 2020-21. Moreover, these countries are encouraging farmers to shift toward organic farming. These factors are expected to boost the demand for biostimulants in Asia.
COVID-19 Impact:
The covid-19 pandemic has immensely impacted the global biostimulants market, leading to challenges and opportunities. On the one hand, disruptions in global supply chains, restrictions on movement, and reduced agricultural activities have resulted in temporary setbacks, causing delays in the production and distribution of biostimulant products. On the other hand, the crisis has heightened the awareness of sustainable agriculture practices and the need for improved crop resilience, leading to an increased demand for biostimulants as farmers seek innovative solutions to enhance plant growth, nutrient uptake, and stress tolerance. As the world gradually recovers from the pandemic, the biostimulants market is expected to rebound, and experience sustained growth, driven by the growing emphasis on sustainable farming practices and the need to enhance agricultural productivity in the face of future challenges.
Industry Developments and Future Opportunities:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the biostimulants market. A few recent key market developments are listed below:
- In May 2022, UPL Limited made a partnership with Kimitec’s MAAVi Innovation Center to deliver Biosolutions in the United States.
- In October 2021, UPL Limited collaborated with Chr. Hansan, a global bioscience company, develops microbial-based Biosolutions (including biostimulants and biopesticides).
- In March 2021, Valagro, FarterSMART, and Alamics partnered together to develop a circular bioeconomic model. The project was focused on the recycling of waste from diapers and pads into biostimulants with high added value.
- In 2020 March, Valagro reported the send-off of Talete a new biostimulant, beginning from the select GeaPower innovation stage, to increment crop water efficiency; in five extra nations at a worldwide computerized occasion went to by specialists, clients, ranchers, and assessment pioneers from more than 12 nations across 5 mainlands. The extra nations are China, Australia Colombia, Greece, and France.
- In March 2020, BASF and Delair announced their collaboration to scale up BASF’s research and development projects for seeds, traits, and crop protection. The agreement has enabled BASF’s agricultural research stations worldwide to use the delair.ai cloud platform to streamline and standardize the information gained through drone-based field studies.
Competitive Landscape and Key Companies
The biostimulants market analysis consists of the players such as BASF SE, UPL Limited, Valagro, Gowan Company, Total Corbion PLA, FMC Corporation, ILSA S.p.A., Haifa Negev technologies LTD, ADAMA, Rallis India Limited, and AgriTecno Biostimulants and Plant Nutrition.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Mode of Application, and Crop Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global biostimulants market are BASF SE; UPL Limited, Valagro; Gowan Company; FMC Corporation; ILSA S.p.A.; Haifa Negev Technologies LTD.; ADAMA; Rallis India Limited; and AgriTecno Biostimulants and Plant Nutrition.
In 2021, Europe accounted for the largest share of the global biostimulants market. Manufacturers are developing new innovative products targeting specific agronomic needs, thus attracting new customers. This major factor led to the dominance of the biostimulants market in Europe.
In 2021, the seaweed extract segment accounted for the largest market share. Expanding demand for organic products, increasing innovative technology, growing research and development activities, and a rise in the growth of the marine industry are some of the primary factors that led to the dominance of the seaweed extract segment.
On the basis of mode of application, foliar spray is the fastest-growing segment. Ease of application, innovative production practices, new product offerings, increased availability, and the advent of micro-irrigation, and mechanized irrigation systems are the factors driving the growth of the foliar spray segment.
Biostimulants help plants to tolerate abiotic stresses such as drought, extreme temperatures, salinity, and flooding. Such harsh growing conditions can reduce yields as crops divert energy into stress responses. Moreover, increasing demand for organic food products across the globe is expected to drive the growth of the biostimulants market.
Based on product, humic substances are the fastest-growing segments in the global biostimulants market. Humic substances are readily available in the nature. It increases the microbial activity in the soils, improving soil health. It also enables uptake of nutrients, water absorption, and fights against various pests. These are the factors driving the growth of the humic substance segment.
The List of Companies - Biostimulants Market
- BASF SE
- UPL Limited
- Valagro
- Gowan Company
- FMC Corporation
- ILSA S.p.A.
- Haifa Negev technologies LTD
- ADAMA
- Rallis India Limited
- AgriTecno Biostimulants and Plant Nutrition
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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