Biostimulants Market is to grow at a 12.2% CAGR, with Europe leading the market through 2030

Biostimulants Market to Hit USD 8.73 Bn by 2030

Biostimulants Market was USD 3.90 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2030, reaching USD 8.73 Bn by 2030. In the United States, market size was estimated at USD 1.6 billion in 2023. The Global Biostimulants Industry is witnessing robust growth due to increasing demand for high-value crops and plantation crops. As farmers seek sustainable and environmentally friendly alternatives to traditional agrochemicals, biostimulants have become essential for enhancing nutrient use efficiency, stress tolerance, and crop quality. These natural substances help minimize water pollution by reducing the overuse of fertilizers, and they are crucial in supporting sustainable agricultural practices.

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Market Segmentation:

By Active Ingredients: Humic substances, such as humic acid and fulvic acid, dominate the biostimulant market. Humic acid biostimulants accounted for a significant market share in 2023, valued at USD 0.688 billion. These naturally occurring substances enhance soil structure and promote root development. Biostimulants based on humic acid are expected to grow at a CAGR of 11.52% from 2024 to 2030, reaching USD 1.58 billion.

By Crop Type: Cereals and grains, including staple crops like corn, barley, oats, and soybeans, represent the largest segment of the market, accounting for 14.5% of the total market share in 2023. These crops benefit from biostimulants that enhance seed size, cell division, and overall yield. With biostimulants aiding in improving crop resilience against environmental stresses, such as drought and temperature fluctuations, this segment continues to experience robust growth.

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Market Regional Analysis

United States: It leads the market, with a significant share in 2023. The growing demand for organic food and an increasing focus on sustainable agriculture are driving market growth in this region. The U.S. market benefits from extensive R&D activities and government initiatives aimed at promoting sustainable farming practices, further supporting biostimulant adoption.

Europe is the dominating player in the market, holding 43.9% of the market share in 2023. The region is known for its increasing demand for organic and eco-friendly farming solutions. Key players like BASF and Valagro are driving innovations in biostimulants, particularly in markets like Italy and Spain, which have large-scale agricultural sectors focused on sustainability.

South America: In South America, Brazil leads the market, followed by Argentina and Mexico. The rising consumer demand for organic products and a focus on improving crop yields and quality in environmentally sustainable ways are fueling market growth.

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Market Competitive Landscape

Yara: On Dec 6, 2023, Yara International launched its biostimulant product, YaraAmplix, in China. This product is designed to maximize crop yield and quality through improved nutrient efficiency and stress tolerance, addressing challenges like drought and extreme temperatures.

Tradecorp: On April 19, 2023, industry leaders and experts gathered in Barcelona for the leading biostimulant conference. Tradecorp announced ongoing research projects, including the BIOTOOL collaboration with LANDLAB, aimed at improving crop yields using seaweed-based biostimulants.

Verdesian Life Sciences: In Jan 2023, announced an expansion of its R&D efforts to develop next-generation biostimulants. This initiative aims to provide farmers with innovative solutions for improving soil health and nutrient uptake.

Conclusion

Europe leads the market, accounting for 43.9% of the share in 2023, due to a focus on organic and eco-friendly farming.
The market is supported by innovations and R&D efforts from companies like Yara, Tradecorp, and Verdesian Life Sciences.
Biostimulants enhance crop quality, stress tolerance, and nutrient efficiency, making them essential for sustainable farming.

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