Biostimulants Market projected to exhibit a CAGR of 11% over the forecast period (2022-2029)

The global biostimulants market was valued at US$ 2.3 Bn in 2019, and is projected to exhibit a CAGR of 11% over the forecast period (2022-2029). The consumption of biostimulants is rapidly gaining pace across all agrarian countries around the world as a preferred crop growth enhancer that is free from any synthetic ingredients and objectionable side effects. The product has been provided on a high commercial scale by tier-1 global scale market players as well as regional and domestic enterprises. The growth of organic-based farm products has also envisaged the use of biostimulants to a healthy extent.

Acid-based active ingredients enhance crop efficiency, and are widely available. By 2029, the usage of acid-based active ingredients for crop protection will value over US$ 3 Bn. However, they are likely to lose their grip in market revenue in due course of time. Driven by consistent product innovations, novel categories of active ingredients for microbial growth amendment and minerals tracing in plants are likely to gain traction among end users.

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"With growing preference of bio-based ingredients in agrochemicals and crop growth additives, as well as increasing agricultural and horticultural produce around the globe, the biostimulants market offers lucrative business opportunities to concerned market participants and interested stakeholders in the coming years."

Biostimulants Market: Competitive Landscape

The biostimulants market is highly competitive with a rich palette of global and regional players. Global players such as Valagro SPA, Koppert B.V., Syngenta, BASF SE, UPL Corporation Limited, Novozymes, Isagro SPA, and FMC Corporation have invested strategically in the biostimulants market, and have launched basic and premium grades at different pricing levels to increase their earnings and profit margins. This suggests that, major manufactures are keeping tabs on the market, as it holds a lot of potential in the coming future. Research & development, coupled with expansion of supply and distribution footprint via all possible trade channels, remains the key strategy for manufacturers to enhance business growth and capture new market opportunities.

Key Takeaways from Global Biostimulants Market Study

- The acid-based active ingredient type of biostimulants is commonly used by a majority of agricultural professionals for row crops as well as for other types. However, in wake of continued product innovations, newer types for microbial growth amendment, minerals tracing, etc., are more likely to be sought by end users.
- Horticulture-base crop produce to foresee a boost in consumption of biostimulants, as these crops are more prone towards microbial reactions. The development of diverse varieties/ grades of fruits and vegetables has involved a significant use of biostimulants
- Product differentiation has been followed by leading manufacturers. This involves product branding and marketing, which was otherwise clubbed into the conventional category of crop fertilizers in earlier times, and resulted in low traction of biostimulant sales.
- Europe has been an early adopter of biostimulants, owing to product development and compliance of eco-friendly initiatives as proposed by HSE (Health, Safety and Environment) management bodies. Over the due course of time, the region has emerged as the leading consumer of biostimulants, and will account for half of global sales in 2019.
- However, with emerging markets such as India and China, the paradigm shift of growth is expected to be concentrated over East Asia over the forecast period.

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South East Asia to Offer Lucrative Growth Opportunities

South East Asia is anticipated to hold a prominent share of the global biostimulants market, owing to the high per acre agricultural production rate as compared to other regions. Another key factor driving the growth of the biostimulants market in East Asia is the decrease of natural soil fertility due to environmental amendments, which has compelled agricultural professionals to infuse biostimulants in crop produce by themselves.

Biostimulants Market by Category

By Active Ingredient :

Acid-Based
Extract-Based
Others (Including Microbial Amendment, Trace Minerals, etc.)

By Crop Type :

Row Crops
Fruits & Vegetables
Turfs & Ornamentals
Other Crop Types

By Application :

Foliar
Soil
Seed

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.