The market is predicted to be worth USD 3.4 billion in 2023, and rise to USD 9.6 billion by 2033. Biostimulants Demand is expected to increase at a CAGR of 10.8% over the projected period.
Due to their numerous potential applications and promising futures, biostimulants are employed in horticulture and agriculture. Growing demand for eco-friendly agricultural solutions in developing nations like China and India opens up a new market opportunity for biostimulants producers.
Since food security and public health are closely related, all parties participating in the agri-food sector have sought to enhance sustainable food production. The largest phytopharmaceutical companies in Asia Pacific and Europe have intensified their production and research activities for natural products.
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Lack of restrictions related to the product's commercialization may impede the market's development and expansion during the projection period. Growth is constrained by a lack of confidence in new products, a shortage of information about high-quality products, and a lack of clear regulatory.
In the majority of markets, the data requirements for the product are often obtained from those produced from synthetic substances. Similarly, there are still no well-established endpoints for risk evaluations despite the fact that these products have been used in commerce for years.
Here's a closer look at some prominent drivers spearheading the biostimulants market growth:
· Sustainable Agriculture: Consumers are increasingly demanding eco-friendly food production methods. Biostimulants offer a compelling solution. By promoting plant health and improving nutrient efficiency, they can help farmers reduce their reliance on synthetic fertilizers and pesticides. This not only benefits the environment but also aligns with the growing trend of organic and sustainable farming practices.
· Rising Demand for Food Security: With a growing global population, ensuring food security is a major concern. Biostimulants can play a crucial role here. By boosting crop yields and improving plant resilience to harsh environmental conditions like drought or salinity, they can contribute significantly to meeting the world's food needs.
· Focus on Crop Quality: Modern consumers not only want food that's plentiful, but also food that's packed with nutrients and flavor. Biostimulants can help achieve this by enhancing the overall quality of crops. They can improve fruit size, sugar content, and even extend shelf life, making agricultural products more appealing to consumers.
· Soil Health Concerns: Years of intensive agricultural practices have taken a toll on soil health. Biostimulants can help improve soil structure, increase microbial activity, and enhance nutrient availability. This not only benefits the current crop but also promotes long-term soil health, setting the stage for future agricultural success.
Key Takeaways
By 2033, the US dominates the biostimulants market, with a CAGR of 9.6%.
The market for biostimulants increased at a 10.1% CAGR between 2017 and 2022, citing FMI's study.
The expansion in China is anticipated to expand at an adequate CAGR of 13.3% by 2033. China’s market is likely to generate a share of US$ 1.1 billion by 2033.
Japan's market share for biostimulants is 10.8% by 2033, with the value of US$ 490 million.
Between 2023 and 2033, the biostimulants market is likely to increase in South Korea at 11.6% CAGR, respectively.
The expansion in the UK is anticipated to expand at an adequate CAGR of 9.9% by 2033. The UK's market is expected to generate a share of US$ 476.2 million by 2033.
Based on active ingredients, the acid-based segment is expected to dominate the market with a CAGR of 10.6% by 2033.
The adoption trends of biostimulants are predicted to change due to the rising demand for organic farming. As a result, the market is anticipated to increase positively by 1.09x between 2022 and 2023.
Key Strategies in the Industry
The main factor of the market's fragmentation is the growth of local players and regional marketplaces in various regions of the world. The two regions with the biggest market activity are North America and Europe.
UPL Limited, Biostadt India Limited, Isagro SPA, Valagro SpA, and Tradecorp International are a few of the leading businesses in the biostimulants market. For the purpose of expanding their businesses, these significant firms invest in new products, product improvement, expansions, and acquisitions.
Recent Developments
A new line of biostimulant solutions based on GoActiv Technology was launched by UPL Australia in June 2021. These products are intended to target particular crop physiological "pain points" or abiotic stresses in fruit and vegetable, vine, and tree crops.
Isagro Group acquired Phoenix Del in 2020 in order to increase the variety of copper-based fungicides and biostimulants it offers. The goal of this acquisition was to advance technology and transform the products in its "BioSolutions" section.
Key segments
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
By Region:
North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa
Oceania