Biostimulant Market Will Grow At Highest Pace Owing To Increasing Demand For Organic Food Products

The global biostimulants market is experiencing a steady growth due to rising demand for organic food across the globe. Biostimulants are formulated products used for plants and crops to enhance fertility and nutrient intake capacity. They improve overall plant physiology and vitality. Biostimulants help in improving crop yield, quality, shelf life and resistance to stress without being toxic to the environment. The increasing cost of fertilizers and need to reduce chemical fertilizer usage is fueling demand for biostimulants.

The Global biostimulants Market is estimated to be valued at US$ 3729.34 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the biostimulants are Bayer CropScience AG, Groupe Limagrain, Syngenta AG, BASF SE (Nunhems BV), Rijk Zwaan Zaadteelt En Zaadhandel BV, Sakata Seed Corporation, UPL Limited (Advanta Seeds International), Takii & Co. Limited, East-West Seed International Ltd, Enza Zaden BV, Bejo Zaden BV, and Namdhari Seeds. The key players are focusing on various organic and inorganic growth strategies such as new product launches, partnerships, and expansion to strengthen their market presence.

The demand for biostimulants is expected to grow over the forecast period due to the increasing requirement for sustainable agricultural practices and need to improve yield and crop quality. Biostimulants help in reducing the use of agrochemicals and enhance stress tolerance of crops. The growing organic farming trend is also fueling demand.

Technological advancements are playing a key role in the growth of the biostimulants market. Key players are focusing on R&D activities to develop innovative biostimulants derived from renewable sources such as plant extracts, humic substances, and beneficial microorganisms. New product launches with proprietary formulations and easy application methods are boosting sales across regions.

Market Trends

The rising demand for high value crops is driving the adoption of biostimulants. Farmers are increasingly using biostimulants for crops such as fruits & vegetables, grapes, and nuts & oilseeds as they help in improving yields and quality. The increasing organic farmland is also supporting biostimulant usage.

Companies in the market are focusing on developing bioefficacious formulations tailored for specific crop types and conditions. They are combining active ingredients from different sources to enhance effectiveness. New product categories such as seed biostimulants and foliar biostimulants are gaining traction.

Market Opportunities

Growing consumption of organic food across developing nations presents significant opportunities for biostimulant manufacturers. Regions such as Asia Pacific and Latin America offer large untapped markets.

Increasing investments in R&D of algal Biostimulants Market Growth extracted from microalgae and seaweeds will open new avenues. These biostimulants have higher nutrient content and effective compounds which enhance crop immunity. Their usage is expected to rise over the forecast period.

The COVID-19 pandemic has significantly impacted the biostimulants market growth. During the pandemic period, agricultural operations faced interruptions in supply chains and shortage of labor. This disrupted the production and supply of biostimulants globally. However, with growing awareness about boosting immunity and health, the demand for organic food production using biostimulants increased. Post pandemic, the market is expected to witness heightened growth trends. To sustain the rising food demand, use of biostimulants is projected to increase exponentially. Manufacturers will focus on expanding their production capacities and distribution networks. Governments will promote sustainable agricultural practices using biostimulants to achieve food security. The market will also benefit from growing collaboration between industry players and research institutions to develop innovative biostimulant solutions.

Europe accounts for the largest share of the biostimulants market value worldwide. Major countries contributing to the European market are France, Germany, Italy and Spain. The biostimulants market in these countries is driven by stringent regulations favoring sustainability and strong research funding. Manufacturers have established their presence to leverage the opportunities in Europe. Among regions, Asia Pacific is growing the fastest, driven by increasing awareness and rising agricultural productivity pressures in countries like India and China. Governments in Asia Pacific are implementing initiatives to support biostimulant adoption and commercial crop production. The market will witness greater opportunities with rising export demands from Asia Pacific economies in the future.