Redding, California, Sept. 29, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Biostimulants Market by Active Ingredients (Acid-based, Extracts-based), Mode of Application (Soil Treatment, Seed Treatment), Formulation (Liquid, Dry), Crop Type (Row Crops, Fruits & Vegetables, Turfs & Ornamentals) – Global Forecast to 2028’, published by Meticulous Research®, the biostimulants market is expected to grow at a CAGR of 12.4% from 2023 to reach $5.9 billion by 2028, in terms of value. In terms of volume, the market is expected to grow at a CAGR of 12.9% from 2023 to reach 864,094.7 metric tons by 2028.
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To fulfill the food demand of the growing population, advanced productive agricultural materials are required. Over the last several decades, tremendous efforts have been taken to improve agricultural yields through the extensive application of chemicals that have long-lasting effects on the environment and human beings. Therefore, to feed the world population without damaging the environment, biological products, such as biostimulants, are increasing significantly across the globe. The major factors driving the biostimulants market include the growing need to increase crop yield and quality, growing organic farming & demand for organic food, the wide range of benefits of biostimulants in crop production, and growing awareness about environmental safety with the use of biostimulants.
However, the lack of education and awareness among farmers and challenges to new entrants and small companies obstructs the growth of this market to some extent. Also, scientific & technical difficulties for developing biostimulants is a major challenge for the growth of the biostimulants market.
The Impact of COVID-19 on the Biostimulants Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and avoid its associated consequences, governments across the globe announced partial or complete lockdowns, majorly impacting many industries, including agriculture.
Under the agriculture sector, biostimulants that help in the plants’ growth and are one of the booming products in the market that helps increase crop and food production experienced an impact due to the current COVID-19 pandemic. Also, the COVID-19 resulted in the movement restrictions of workers, a decline in demand from farmers, and the closure of production facilities. The industry also suffered severe labor shortages due to repeated lockdowns that affected the production and trade movements. The decline in business for few initial months in 2020, coupled with lower demand from a few major markets, put pressure on the profitability of biostimulant manufacturers and vendors.
The outbreak of COVID-19 slowed down investments in the agriculture sector worldwide. The agriculture sector was affected due to labor unavailability, inability to access markets, and lack of biostimulants, among others. Also, the COVID-19 greatly impacted different biostimulant segments causing disruptions in the supply chain, production processes, timely product deliveries, and others. In the post-pandemic era, the biostimulants industry is expected to emerge with new norms, plans, and policies.
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However, the COVID-19 pandemic might have a short-term impact on the biostimulants market but is likely to boost biological investment as part of a wider shift to interest in food security and sustainable crop production and ensuring more robust crop production supply chains. This should, in turn, is expected to drive interest in new product formulations for biostimulants.
Key Findings in the Biostimulants Market Study:
The biostimulants market is segmented based on active ingredient, mode of application, formulation, crop type, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on active ingredient, the biostimulants market is segmented into acid-based, extract-based, microbial amendments, trace minerals and vitamins, and other active ingredients. The acid-based biostimulants segment is expected to account for the largest share of the overall biostimulants market in 2023. The large share of this segment is mainly attributed to their easy availability, a wide range of benefits to plants, and higher effectivity. However, the extract-based biostimulants segment is expected to witness significant growth during the forecast period.
Based on mode of application, the biostimulants market is segmented into foliar spray, soil treatment, and seed treatment. The foliar spray segment is expected to account for the largest share of the overall biostimulants market in 2023. However, the seed treatment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to its benefits which include increased nutrient availability in the rhizosphere, enhanced root and shoot growth, increased nutrient uptake, protection from pathogens, and better nutrient utilization efficiency.
Based on formulation, the biostimulants market is segmented into liquid and dry. The liquid formulations segment is expected to account for the largest share of the overall biostimulants market in 2023. The large share of this segment is mainly attributed to the liquid formulation’s better performance and higher effective duration (up to 6 months) than that of dry formulation (up to 3 months).
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Based on crop type, the biostimulants market is segmented into row crops, fruits & vegetables, turf and ornamentals, and other crop types. The row crops segment is expected to account for the largest share of the biostimulants market in 2023. The large share of this segment is mainly attributed to the factors such as the huge area under row crops cultivation across the globe, increasing organic farming, and growing usage of biostimulants by the farmers instead of chemical fertilizers or pesticides. However, it is also expected to grow at the highest CAGR during the forecast period.
Geographically, Europe is expected to account for the largest share of the global biostimulants market in 2023. The large share of this region is primarily attributed to the rising concerns over harmful chemicals on the environment, increasing demand for organic food, growing R&D activities on biostimulants, and the presence of a large number of biostimulants providers. However, the Latin American region is slated to register the fastest growth during the forecast period, primarily due to the increasing population, rising demand for and popularity of organic products, environmental concerns over agrochemical usage, and the rising need to increase agricultural production.
The key players operating in the global biostimulants market are Marrone Bio Innovations, Inc. (U.S.), Biolchim SpA (Italy), Bayer AG (Germany), Andermatt Biocontrol AG (Switzerland), Som Phytopharma India Limited (India), BioWorks, Inc. (U.S.), Novozymes A/S (Denmark), Koppert B.V. (Netherlands), Gowan Company, LLC. (U.S.), Italpollina SpA (Italy), Rovensa S.A. (Portugal), Biostadt India Limited (India), Olmix S.A. (France), FMC Corporation (U.S.), Syngenta AG (Switzerland), BASF SE (Germany), BioAtlantis Ltd. (Ireland), Omex Agrifluids Limited (U.K.), Agrinos Inc. (U.S.), Plant Health Care plc (U.S.), Haifa Group (Israel), SICIT Group S.p.A. (Italy), and EuroChem Group AG (Switzerland) among others.
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Scope of the Report:
Biostimulants Market, by Active Ingredient
- Acid-based
- Humic Acid
- Amino Acid
- Fulvic Acid
- Extract-based
- Seaweed Extracts
- Other Botanical Extracts
- Microbial Amendments
- Trace Minerals and Vitamins
- Other Active Ingredients
Biostimulants Market, by Mode of Application
- Foliar Spray
- Soil Treatment
- Seed Treatment
Biostimulants Market, by Formulation
- Liquid Formulation
- Suspension Concentrates
- Soluble Liquid Concentrates
- Emulsifiable Concentrates
- Dry Formulation
- Dry Granules
- Wettable Powder
- Water Dispersible
Biostimulants Market, by Crop Type
- Row Crops
- Fruits & Vegetables
- Turfs & Ornamentals
- Other Crop Types
Biostimulants Market, by Geography
- Europe
- Spain
- France
- Italy
- Germany
- U.K.
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Argentina
- Brazil
- Chile
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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