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Biostimulants Market to Reach USD 9.35 Billion by 2031 Driven by Increasing Demand for Sustainable Agricultural Practices

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The SNS Insider report estimates the Biostimulants Market size at USD 3.85 billion in 2023, with a projected CAGR of 11.8% to reach USD 9.35 billion by 2031.

The biostimulants market is experiencing significant growth and is expected to continue expanding in the coming years due to the increasing demand for sustainable agricultural practices. This demand is driven by the need to enhance crop yield and quality, as well as a growing awareness of environmental safety. As a relatively new industry compared to other agrochemical sectors, the biostimulants market is fragmented, posing challenges for companies to achieve economies of scale and invest in research and development.

Key drivers contributing to the growth of the biostimulants market include a heightened focus on boosting productivity, rapid soil degradation, and the necessity for sustainable agriculture. Additionally, the increasing demand for agricultural biological inputs to improve plant nutrient uptake and promote growth is fueling market expansion. Furthermore, rising government support to boost agricultural production of high-quality, low-pollution products is expected to enhance market growth in the coming years. Collectively, these factors indicate a promising future for the global biostimulants market.

Get a Report Sample of Biostimulants Market @ https://www.snsinsider.com/sample-request/3497 

Some of the Key Players Included are:

  • BASF SE
  • Koppert B.V.
  • Sapec Agro S.A.
  • FMC Corporation
  • Isagro Group
  • Biolchim S.P.A.
  • Novozymes A/S
  • Platform Specialty Products Corporation
  • Valagro SpA
  • Italpollina SAP
  • Biostadt India Limited
  • UPL Limited
  • Koppert
  • and other

Segment Analysis

In 2023, foliar treatment application dominated the market with a revenue share of over 80%. This dominance is due to the increasing use of foliar treatments, where nutrients are applied directly to the leaves, facilitating easier absorption. Biostimulants for foliar treatment are typically sold in liquid form for ease of application. The most active ingredients in these treatments are glycine betaine, IPA, and chelated nutrients. Foliar treatment holds the largest market share globally because of its numerous benefits, including faster nutrient absorption through the leaves, increased cellular activity, and enhanced nutrient uptake.

By Active Ingredients

  • Seaweed Extract
  • Acid Based
  • Humic Substances
  • Microbial
  • Others

By Crop Type

  • Fruits & Vegetables
  • Row Crops & Cereals
  • Oilseeds & Pulses
  • Turf & Ornamentals
  • Others

By Formulation

  • Dry
  • Liquid

By Mode of Application

  • Foliar Treatment
  • Seed Treatment
  • Soil Treatment

Competitive Insights

Market players have recognized the product’s future growth potential and are continuously innovating and launching new products to meet farmers’ demands for solutions that enhance crop resilience and nutrient use efficiency.

  • For instance, in November 2023, Yara International ASA introduced YaraAmplix, a new product line featuring natural ingredients like seaweed and plant extracts. This portfolio aims to improve nutrient use efficiency, increase crop yield, and enhance tolerance to abiotic stress and quality.

Additionally, many other large and small market players are pursuing strategies such as mergers and acquisitions, research and development, and government collaborations to strengthen their market presence.

Recent Developments

May 2023: Yara International announced the construction of a new global production plant for biostimulants and specialty crop nutrition products, designed to increase yields and improve quality.

January 2023: Sumitomo Chemical Co., Ltd., a major Japanese chemical company, acquired FBSciences Holdings, Inc., a U.S.-based biostimulants manufacturing company.

January 2023: Archer Daniels Midland Company launched NeoVita 43, a biostimulant that enhances corn yield by improving nutrient use efficiency.

March 2022: Valagro, in partnership with its Indian subsidiary Valagro Biosciences, introduced Talete, an innovative biostimulant targeting increased Crop Water Productivity, in the Indian market.

February 2022: LIPOFABRIK, a start-up specializing in plant protection and biostimulant products, developed a unique biostimulant based on Bacillus subtilis called Plant Boost. The product is authorized in Belgium, France, Spain, the Netherlands, Germany, Italy, and the U.K.

Make Enquiry About Biostimulants Market Report@ https://www.snsinsider.com/enquiry/3497 

Impact of Russia-Ukraine War on Biostimulants Market

The war has disrupted the biostimulants supply chain, causing shortages and price increases. Ukraine, known for its extensive agricultural resources and significant biostimulant production, has seen a decline in production and availability due to the conflict. The war has also negatively impacted demand for biostimulants, as farmers in affected regions face challenges such as limited access to resources, damaged infrastructure, and increased insecurity. Consequently, the demand for biostimulants has significantly decreased, affecting the overall market.

Regional Analysis

In 2023, Europe dominated the global biostimulants market, the largest market share globally. Countries such as Italy, Spain, Germany, and France are major consumers of biological products, driving this regional leadership. The establishment of organizations like the European Biostimulants Industry Council and ACI’s Biostimulants Association has further bolstered market growth.

The European market is expanding significantly due to increased government emphasis on sustainable farming practices and tools, supported by various product-promoting councils. The European Union’s regulatory framework is becoming more environmentally conscious, encouraging the development of novel, eco-friendly, and sustainable products that optimize plant resource use. For instance, in July 2023, Bionema Group Ltd, a leading biocontrol technology developer and manufacturer, launched a new range of biostimulant products in the U.K. market.

Biostimulants-Market
Biostimulants-Market

Key Takeaways:

  • The global biostimulants market is anticipated for substantial growth, driven by the increasing adoption of precision agriculture.
  • Strategic alliances, cooperative ventures, investments, product introductions, and advancements among companies play a pivotal role in securing essential components, expertise, and market positioning.
  • The positive impacts of biostimulants on-farm profitability will drive growth in the respective segment of the market.
  • The Asia Pacific region is forecasted to lead in the biostimulants market’s growth, driven by products enhancing plant growth and development.

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Biostimulants Market Segmentation, By Active Ingredients
  9. Biostimulants Market Segmentation, By Crop Type
  10. Biostimulants Market Segmentation, By Formulation
  11. Biostimulants Market Segmentation, By Mode of Application
  12. Regional Analysis
  13. Company Profiles
  14. Competitive Landscape
  15. Use Case and Best Practices
  16. Conclusion

Buy the Latest Version of Biostimulants Market Report 2024-2031 @ https://www.snsinsider.com/checkout/3497 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

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