The global biostimulants market accounted for USD 2.19 Billion in 2020 and is expected to reach USD 4.88 Billion by 2028, growing at a CAGR of 10.5% from 2021 to 2028.
Biostimulants are products that are used to increase plant growth and also reduces the need for fertilizers. These substances when used in less concentrations are efficient and helps in plant’s vital processes allowing more yields and good quality products. Furthermore, biostimulants also helps to enhance nutrition efficiency, abiotic stress tolerance and plant quality, regardless of its nutrient contents. The raw materials that are being used in biostimulant compositions consists of humic acids, hormones, and algae extracts, among others. The market is primarily driven by increasing increase in need for sustainable agriculture. The technological advancements like identifying gene expression or changes using molecular microarray analysis to determine biostimulant mode of action is expected to augment the growth of the market in the years to come.
The outbreak of COVID-19 pandemic has impacted almost every industry including the global biostimulants market that has witnessed a decline in the revenue share during the first half of pandemic due to the strict lockdown and other restrictions enforced by governments in order to contain the spread of the corona virus. As a result, supply and demand chain was disrupted in turn reducing the demand for market goods. Most of the of biostimulant producers were allowed to operate since they were considered necessary to the environment. However, the world markets are slowly opening to their full potential and is expected to augment the demand of biostimulants market.
The growing adoption of biostimulants due to the nutritional benefits they offer and their use on crops has supported the growth of the market during the forecast period. The growing organic food industry at a phenomenal rate, is contributing to the growth of biostimulant market. The application of biostimulants has advanced immensely that includes high crops such as fruits & vegetables to broad-acre crops like cereals, pulses, and fiber crops. Biostimulants also enhances the uptake of nutrients, develop tolerance to abiotic stresses, and increases the yield with quality crops. The immense possibility in the application of biostimulants for these broad-acre crops can lead to the significant growth of this market. Furthermore, easier availability of seaweeds as raw materials and strong market demand from high-value crops is anticipated to augment the growth of the market in the upcoming years.
Amino acids segment held largest share of in 2020. This is attributable to the fact that amino acids are among main creators of phytohormones and help in activating plants and seed germination. They stimulate pollination, fruit setting, flowering, and fruit growth in the plants. The humic acid, fulvic acid, seawood, microbials, trace minerals, vitamins, and amino acids forms the active ingredient segment of the biostimulants market.
The seed segment will grow at a maximum CAGR of over 11.8% from 2021 to 2028. This is because seed method is cost effective application method and it is performance effective as well compared to other methods. Furthermore, this method has beneficial effects on the growth of the plant, root system, yield of the crop and helps plants to fight off plant pathogens and minimize biotic stress. These factors are likely to support the growth of the segment over forecast period.
The European region held maximum share of 35.2% in 2020. This is attributable to the increasing application of biostimulants to increase the production of organic foods. The Asia-Pacific region is projected to grow at a substantial CAGR over the forecast period. This surge is due to the presence of various agriculture-driven economies such as India, China, and Australia in the region.
Some of key players in biostimulants market are BASF SE, Bayer AG, Italpollina spa, Valagro, Biovert S.A., Arysta LifeScience Limited, Agrinos, ILSA spa, Biostadt India Limited, and Koppert B.V., among others.
Biostimulants are products that are used to increase plant growth and also reduces the need for fertilizers. These substances when used in less concentrations are efficient and helps in plant’s vital processes allowing more yields and good quality products. Furthermore, biostimulants also helps to enhance nutrition efficiency, abiotic stress tolerance and plant quality, regardless of its nutrient contents. The raw materials that are being used in biostimulant compositions consists of humic acids, hormones, and algae extracts, among others. The market is primarily driven by increasing increase in need for sustainable agriculture. The technological advancements like identifying gene expression or changes using molecular microarray analysis to determine biostimulant mode of action is expected to augment the growth of the market in the years to come.
COVID-19 Impact Analysis
The outbreak of COVID-19 pandemic has impacted almost every industry including the global biostimulants market that has witnessed a decline in the revenue share during the first half of pandemic due to the strict lockdown and other restrictions enforced by governments in order to contain the spread of the corona virus. As a result, supply and demand chain was disrupted in turn reducing the demand for market goods. Most of the of biostimulant producers were allowed to operate since they were considered necessary to the environment. However, the world markets are slowly opening to their full potential and is expected to augment the demand of biostimulants market.
Growth Factors
The growing adoption of biostimulants due to the nutritional benefits they offer and their use on crops has supported the growth of the market during the forecast period. The growing organic food industry at a phenomenal rate, is contributing to the growth of biostimulant market. The application of biostimulants has advanced immensely that includes high crops such as fruits & vegetables to broad-acre crops like cereals, pulses, and fiber crops. Biostimulants also enhances the uptake of nutrients, develop tolerance to abiotic stresses, and increases the yield with quality crops. The immense possibility in the application of biostimulants for these broad-acre crops can lead to the significant growth of this market. Furthermore, easier availability of seaweeds as raw materials and strong market demand from high-value crops is anticipated to augment the growth of the market in the upcoming years.
Active Ingredient Segment Analysis Preview
Amino acids segment held largest share of in 2020. This is attributable to the fact that amino acids are among main creators of phytohormones and help in activating plants and seed germination. They stimulate pollination, fruit setting, flowering, and fruit growth in the plants. The humic acid, fulvic acid, seawood, microbials, trace minerals, vitamins, and amino acids forms the active ingredient segment of the biostimulants market.
Application Method Segment Analysis Preview
The seed segment will grow at a maximum CAGR of over 11.8% from 2021 to 2028. This is because seed method is cost effective application method and it is performance effective as well compared to other methods. Furthermore, this method has beneficial effects on the growth of the plant, root system, yield of the crop and helps plants to fight off plant pathogens and minimize biotic stress. These factors are likely to support the growth of the segment over forecast period.
Regional Analysis Preview
The European region held maximum share of 35.2% in 2020. This is attributable to the increasing application of biostimulants to increase the production of organic foods. The Asia-Pacific region is projected to grow at a substantial CAGR over the forecast period. This surge is due to the presence of various agriculture-driven economies such as India, China, and Australia in the region.
Key Market Players & Competitive Landscape
Some of key players in biostimulants market are BASF SE, Bayer AG, Italpollina spa, Valagro, Biovert S.A., Arysta LifeScience Limited, Agrinos, ILSA spa, Biostadt India Limited, and Koppert B.V., among others.
The global biostimulants market is segmented as follows:
By Active Ingredient
- Humic acids
- Fulvic Acids
- Seaweed
- Microbials
- Trace Minerals
- Vitamins
- Amino Acids
By Application Method
- Foliar
- Soil
- Seed
By Crop Type
- Row Crops
- Fruits & Vegetables
- Turfs & Ornamentals
- Other Crops
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Table of Contents
Chapter No. 1: Introduction
Chapter No. 2: Executive Summary
Chapter No. 3: COVID 19 Impact Analysis
Chapter No. 4: Biostimulants Market - Active Ingredient Segment Analysis
Chapter No. 5: Biostimulants Market - Application Method Segment Analysis
Chapter No. 6: Biostimulants Market - Crop type Segment Analysis
Chapter No. 7: Biostimulants Market - Regional Analysis
Chapter No. 8: Biostimulants Market - Industry Analysis
Chapter No. 9: Competitive Landscape
Chapter No. 10: Company Profiles
Chapter No. 11: Marketing Strategy Analysis
Chapter No. 12: Research Methodology
Companies Mentioned
- BASF SE
- Bayer AG
- Italpollina S.p.A.
- Valagro
- Biovert SA
- Arysta LifeScience Limited
- Agrinos
- ILSA S.p.A.
- Biostadt India Limited
- Koppert B.V.
