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  • Published On : Apr 2023
  • Code : CMI3206
  • Industry : Agrochemicals
  • Pages : 160
  • Formats :

Global biostimulants market was valued at US$ 2,938.7 Mn in 2022, and is estimated to exhibit a CAGR of 10.16%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,375.3 Mn by 2030.

Global biostimulant is a substance that  boosts the plant growth by improving the metabolism of the plant, and it is used in agriculture and horticulture. It is derived from natural resources, and some of the most common biostimulants are humic acids, liquid manure composting, seaweed extracts, and beneficial bacteria and fungi. Biostimulants enhance overall plant growth by influencing other factors such as root diameter, root growth, increased microbial activity, and soil water holding capacity. This enhances plant tolerance and resistance to abiotic stresses.

Global Biostimulants Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic had a negative impact on the biostimulants market in 2020 due to the closure of manufacturing facilities and transportation and logistics restrictions. Supply chain disruptions also hampered biostimulant supply. To protect employees from COVID-19 infection, manufacturers make extensive changes to their processes in order to comply with national and regional guidelines. Many global manufacturers temporarily halted operations or permitted production processes with insufficient employee strength. The COVID-19 pandemic increased farmers' costs while decreasing their income. Furthermore, the COVID-19 pandemic harmed supply and demand, resulting in lower market demand for biostimulants. Despite these consequences, businesses began to recover as governments in various countries relaxed social restrictions. Furthermore, successful vaccination drives have eased the current situation, resulting in an increase in business activity worldwide. The biostimulants market is also being driven by the recovery of various end-use industries. Consumers' interest in healthy, chemical-free food was shifting during the COVID-19 pandemic. This significant shift aided the biostimulants market's survival both during and after the pandemic.

Global Biostimulants Market: Growth Drivers

Growing Advance Technology and New Innovations

Increasing launches of advanced Biostimulant products is expected to drive the market growth of biostimulants. In 2021, the new Biostimulant improved phytohormonal regulation of the plant, optimized the processes of cell division, and mobilization of reserves and maintained its overall physiological balance. Increasing adoption of precision farming and latest technologies is expected to drive the market growth. For instance, BASF SE, (Germany) and Delair (France), partnered, in 2020, The BASF SE company serves a wide range of industries including construction, furniture and wood, agriculture, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals and others. Delair-Tech, is a manufacturer of unmanned aerial vehicles (UAV) and an asset-management company based in Toulouse, France. To expand BASF SE's seed, trait, and crop protection research and development programs. BASF's agricultural research stations around the world were able to use the cloud platform to streamline and standardize data gathered from drone-based field studies thanks to the agreement. As a result, rising precision farming adoption is expected to drive market growth over the forecast period.

Increased Demand for Environmental Friendly Agriculture

One of the difficulties faced by people across the globe hunger and malnutrition. To fulfil the increasing need for food from approximately 9 billion people by 2050, agriculture will face enormous pressure to produce high-quality crops. In the near future agricultural producers should find potential strategies to become more efficient and successful. Biostimulants can deal with this problem in the long run by protecting plants from stress, and boosting plant development. The market for biostimulants is estimated to witness growth, owing to increasing consumer knowledge regarding benefits of organic foods, implementation of organic rules, and increasing adoption of GLOBALGAP (Global Good Agricultural Practices) policies. A wide range of crops including fruits and vegetables, and cereals have received government subsidies and financial aid, as well as research assistance from organizations and regulatory bodies such as FiBL (Research Institute of Organic Agriculture, Switzerland) and U.S.DA. (U.S.)

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Biostimulants Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 2,938.7 Mn
Historical Data for: 2017 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 10.16%               2030 Value Projection: US$ 6,375.3 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel , and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Application: Foliar, Soil, Seed
  • By  Crop Type: Raw Crops, Fruits & Vegetables, Turfs and Ornamentals, Other Crop Types
  • By Active Ingredient: Acid-based, Extract Based, Others
Companies covered:

Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., , Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S

Growth Drivers:
  • Growing advance technology and new innovations
  • Increased demand for environmentally friendly agriculture
Restraints & Challenges:
  • High cost of production and high investment

Global Biostimulants Market: Market Restraints

High Cost of Production and High Investment

Biostimulants is costly to produce as it requires high investments in research and development. Moreover, high R&D costs and the long-time taken by the company to manufacture a new product poses challenge for new entrants. Although biostimulants have various benefits, however, very few products are available in the market. Therefore, this factor is expected to hinder the market growth of stimulants over the forecast period.

The lengthy procedure for the approval of biostimulants products is expected to restrict growth of the biostimulants market. Moreover, the pre-market approval for biostimulants takes a year or more from application to registration because of lengthy process of observation, and this is also expected to which is hamper the market growth. Furthermore, the industry is currently confronted with a diverse regulatory framework that varies from state to state. Therefore, such factors are projected to hinder the market growth of biostimulants over the forecast period.

Global Biostimulants Market: Market Segmentation

On the basis of crop type, global biostimulants market is segmented into raw crops, fruits & vegetables, turfs and ornamentals, other crop types. During the forecast period, it is expected that the row crops segment that consists of cereals, pulses, oilseeds, and fiber crops, will dominate the international biostimulants markets, owing to widespread cultivation and application. Sources of these crops  include crops like cotton, soybean, and sunflower.  Furthermore, the industry is currently confronted with a diverse regulatory framework that varies from state to state. The rise of organic farming has also fueled the use of the product in horticulture farming to promote pest resistance and growth. There has been an increase in greenhouse vegetable production. Despite environmental stress conditions, this intensive and technologically focused farming method ensures year-round availability of out-of-season crops. In order to achieve sustainable crop production, plant biostimulants are applied to horticulture crop.

Figure 1. Global Biostimulants Market, By Crop Type, 2022

Biostimulants  | Coherent Market Insights

Global Biostimulants Market: Regional Analysis

Europe region dominated the global biostimulants market in 2022, accounting for 41.0% share, in terms of volume, followed by North America and Asia Pacific, respectively.

In 2022, Europe dominated the market with a revenue share of 41.0%, owing to supportive government regulations that increase organic food production. Germany is a significant producer of protein crops like field beans and field peas. It is also Europe's largest rapeseed producer. Rapeseed production is driven by a variety of applications including biofuel, food, and other industrial uses. In Germany, rapeseed demand exceeds domestic supply, necessitating the use of better fertilizers, such as biostimulants, to increase crop yield.

Asia Pacific  hold second position in market, u due to some of the world's largest agrarian countries including Thailand, Japan, India, Indonesia, the Philippines, and others. These countries have a wide range of income levels, spending capacities, and food consumption habits. The agricultural sector in this region is expanding, and the population is primarily dependent on agriculture, thus, this is expected to create lucrative growth opportunities for the product.

Figure 2. Global Biostimulants Market Share, By Region, 2022

Biostimulants  | Coherent Market Insights

Global Biostimulants Market: Recent Developments

  • In 2021, UPL Limited (India), and Novozymes (Denmark), announced a partnership to provide a range of biological products to the Argentina Biological products are manufactured by Novozymes, and are marketed under the 'Nitragin' brand, a part of UPL's portfolio, and thus, providing a complete range of bio-solutions and crop protection products. United Phosphorus Ltd, is a chemical company that develops and manufactures agricultural protection products. Novozymes is the world leader in industrial enzymes.
  • In 2021, UPL Limited (India) and Chr Hansen Holdings A/s, announced a collaboration to develop microbial-based biostimulants and biopesticides for improving crop quality and yield. This helped companies in entering the crop protection sector in various geographies. Chr Hansen Holdings A/s develop and manufacture world class, natural solutions and ingredients within the food, nutritional, pharm and agricultural industries
  • In 2021, FMC Corporation (U.S.), announced the launch of Biologicals by FMC, a new brand identity for its plant health business segment. This label is used to sell biostimulants, biofungicides, and other plant health products.
  • In 2021, (Israel), acquired 51% stake in Huifeng's key crop protection synthesis and formulation facilities. As a result, the company anticipates significantly increased commercial reach in China as well as competitive operational capabilities to support its global company.

Global Biostimulants Market: Key Companies

Major players operating in the global biostimulants market include Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S

Definition: Biostimulants are chemicals or microorganisms that, when given to plants or the rhizosphere, stimulate natural processes that improve nutrient uptake, nutrient usage efficiency, abiotic stress tolerance, and crop quality and production. It is used in agriculture and horticulture to improve crop quality, nutrition efficiency, and abiotic stress tolerance.

Based on active ingredient, global biostimulants market is segregated into acid-based, extract-based, and others. In 2022, acid-based segment accounted for the largest revenue share of 59.4% in the global biostimulants market. However, extract-based segment is expected to record fastest growth in terms of revenue during the forecast period (2023 to 2030).

On the basis of region, Europe accounted for the largest revenue share in 2022 and contributed for the revenue share of 41.0% in 2022, followed by Asia Pacific and North America. The regional growth is driven by rising demand for biostimulants as an alternative to chemical-based products in agriculture.

Foliar Treatment is expected to be the most widely used application method due to its high effectiveness

Foliar spray accounted for the majority of biostimulant application methods due to its high efficiency in boosting plant health. Numerous studies and research have demonstrated the advantages of foliar treatment. Despite being subjected to severe conditions, they helped enhance agricultural yields such as maize, cowpeas, and onions. According to Ali et al., 2019, foliar alphatocopherol administration boosted drought tolerance in wheat by enhancing its antioxidant defence mechanism, photosynthetic efficiency, water uptake, utilization, and photosynthetic pigment levels.

Seed treatment is becoming increasingly popular among producers as seed improvement procedures boost seed germination and seedling growth even when subjected to environmental stress conditions. Several field trials have demonstrated the advantages of utilising them goods on seeds. According to a study conducted by researchers at the University of Turin's Department of Life Sciences and Systems Biology, using an innovative biostimulant KIEM, manufactured by Green Has Italia S.p.A., the percentage germination improved by 6.45%, while fresh biomass increased by 13%.

Key features of the study:

  • This report provides in-depth analysis of global biostimulants market and provides market size (US$ Mn) and cumulative annual growth rate (CAGR %) for the forecast period (2023– 2030) considering 2022 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategy adopted by the leading players
  • It profiles leading players in the global biostimulants market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd, Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., BASF SE, Novozymes A/S, Agrinos A/S, and Platform Specialty Products Corporation
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, technology up gradation, market expansion, and marketing tactics
  • Global biostimulants market report caters to various stakeholders in this industry including investors, suppliers, Biostimulants manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global biostimulants market

Detailed Segmentation:

  • Global Biostimulants Market, By Application:
    • Foliar
    • Soil
    • Seed
  • Global Biostimulants Market, By Crop Type:
    • Row Crop
    • Fruits & Vegetables
    • Turfs and Ornamentals
    • Other Crop Types
  • Global Biostimulants Market, By Active Ingredient:
    • Acid-based
    • Extract Based
    • Others
  • Global Biostimulants Market, By Region:
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • U.K.
      • Germany
      • Italy
      • France
      • Russia
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • Turkey
      • GCC
      • South Africa
      • Rest of Middle East & Africa
  • Company Profiles
    • Acadian Seaplants Limited*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Biostadt India Limited
    • Omex Agrifluids Ltd
    • Italpollina Spa
    • Koppert B.V.
    • Bio Atlantis Ltd.
    • BASF SE
    • Novozymes A/S
    • Agrinos A/S
    • Platform Specialty Products Corporation

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

 Global Biostimulants Market is estimated to reach US$ 6,375.3 Mn by 2030.
Major players operating in the Market include Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd.,Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S
High cost of production associated with the biostimulant, and lengthy procedure for the approval of biostimulant products are some of the major factors that are expected to hamper growth of the market over the forecast period.
Increasing launches of advanced biostimulant products, Increased Demand for Environmental Friendly Agriculture, and growing adoption of precision farming and latest technologies are some of the major factors that are expected to drive growth of the market over the forecast period.
The market is estimated to exhibit a CAGR of 10.16% over the forecast period.
Among region, Europe is expected to hold dominant position in the Market over forecast period.

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