Published Date: December 5, 2022
Biostimulants Market size is anticipated to surpass USD 9.5 billion in revenue by 2030, as per a recent research report announced by Global Market Insights Inc.
Increasing food consumption and growing environmental concerns as the chief drivers of the biostimulants industry. The consistent growth of precision farming practices is also elevating the use of biostimulants for plants, which is set to fuel market growth. For instance, in May 2022, a new precision farming initiative called the I-FARM was funded by USDA’s National Institute of Food and Agriculture (NIFA) that focuses on sustainability in farming practices.
With respect to active ingredients, the study classifies biostimulants market into acid-based, extract-based, and others. The extract-based segment is projected to grow at over 11% CAGR between 2023 and 2032. The segment growth is driven by the extensive use of extract-based ingredients as they contain growth substances, such as gibberellins carbohydrates, auxins, and cytokinins, along with other healthy metal elements viz., nitrogen, aluminum, potassium, iron, and manganese.
Heavy demand for biostimulants for turf & ornamental crops. The biostimulants industry size from the turf & ornamentals segment is expected to reach USD 1 billion in revenue by 2032. The turf & ornamentals are usually grown for decorative & utility purposes in gardens and lawns including barbary figs, rosa sericea, English lavender, and peyote, among others. The surging need for enhancing root growth in plants by extending the length of roots, as well as improving nutrient intake, water absorption, and the appearance of crops.
Biostimulants market share from dry form segment was worth more than USD 2 billion in 2022 and is foreseen to grow substantially over the forecast period. The segment growth is attributable to various health benefits of dry biostimulants, such as low cost of manufacturing, high cell division, plant respiration, and photosynthesis, which improves lateral bud development and delays the aging process of plant tissues.
Browse key industry insights spread across 501 pages with 432 market data tables and 48 figures & charts from the report “Biostimulants Market Statistics, Share and Industry Analysis Report by Active Ingredients (Acid-based [Humic Acid, Fulvic Acid, Amino Acids], Extract-based [Protein Hydrolysates, Seaweed Extracts]), Application (Foliar Treatment, Soil Treatment, Seed Treatment), Crop (Row Crops, Turf & Ornamentals, Fruit & Vegetables), and Form (Dry, Liquid), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biostimulants-market
The deployment of biostimulants for seed treatment applications is likely to remain high in the coming years. The biostimulants market share from the seed treatment segment is speculated to exhibit more than 12% CAGR through 2032. Seed treatment is widely applied in soybean, corn, and wheat crops, which are covered in a thick layer of biostimulants to improve their qualities. The segment growth is poised to be driven by mounting ecological concerns and the emergence of precision agriculture for soil management.
Europe biostimulants market is primed to witness growth at more than 10.5% CAGR from 2023 to 2032. The region may emerge as a major hub for this industry owing to the significant rise in environmental concerns. The evolution and development of organic products that target agro-economic needs are also pushing the regional market growth. For instance, the European Commission's Farms to Fork Strategy states that organic is an important component of fulfilling the European Green Deal's food needs.
The strategic landscape of the biostimulants industry is slated to witness a series of R&D programs, new product launches, acquisitions, and partnerships by market players. For instance, in August 2022, Biolchim S.p.A, a biostimulant specialist, announced the sales of its majority shares of its Italian operating base to Huber Corporation, an engineered materials manufacturer. With the sales, Biolchim aimed to become a part of the strategic foundation of Huber Corp. Some key players profiled in the biostimulants market report include Ag Concepts, Valagro, Artal Agronutrientes, BASF SE, BioAg, General Hydroponics Inc., Nutrien, Biovert SL, and others.
Kiran Pulidindi, Kunal Ahuja