Biostimulants Market, By Application (Foliar, Soil, and Seed), By Crop Type (Raw Crops, Fruits & Vegetables, Turfs and Ornamentals, Other Crop Types), By Active Ingredient (Acid-based, Extract Based, and Others), and By Region (North America, Latin America, Europe, and Middle East & Africa)

Published In : Apr 2023

Code : CMI3206

Pages :160

Formats :

Excel and PDF

Industry : Agrochemicals

Biostimulants MarketSize and Trends

Global biostimulants market was valued at US$ 2,938.7 Mn in 2022, and is estimated to exhibit a CAGR of 10.16%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,375.3 Mn by 2030.

Market Trends

Growing Advance Technology and New Innovations

Increasing launches of advanced Biostimulant products is expected to drive the market growth of biostimulants. In 2021, the new Biostimulant improved phytohormonal regulation of the plant, optimized the processes of cell division, and mobilization of reserves and maintained its overall physiological balance. Increasing adoption of precision farming and latest technologies is expected to drive the market growth. For instance, BASF SE, (Germany) and Delair (France), partnered, in 2020, The BASF SE company serves a wide range of industries including construction, furniture and wood, agriculture, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals and others. Delair-Tech, is a manufacturer of unmanned aerial vehicles (UAV) and an asset-management company based in Toulouse, France. To expand BASF SE's seed, trait, and crop protection research and development programs. BASF's agricultural research stations around the world were able to use the delair.ai cloud platform to streamline and standardize data gathered from drone-based field studies thanks to the agreement. As a result, rising precision farming adoption is expected to drive market growth over the forecast period.

Increased Demand for Environmental Friendly Agriculture

One of the difficulties faced by people across the globe hunger and malnutrition. To fulfil the increasing need for food from approximately 9 billion people by 2050, agriculture will face enormous pressure to produce high-quality crops. In the near future agricultural producers should find potential strategies to become more efficient and successful. Biostimulants can deal with this problem in the long run by protecting plants from stress, and boosting plant development. The market for biostimulants is estimated to witness growth, owing to increasing consumer knowledge regarding benefits of organic foods, implementation of organic rules, and increasing adoption of GLOBALGAP (Global Good Agricultural Practices) policies. A wide range of crops including fruits and vegetables, and cereals have received government subsidies and financial aid, as well as research assistance from organizations and regulatory bodies such as FiBL (Research Institute of Organic Agriculture, Switzerland) and U.S.DA. (U.S.)

Global Biostimulants Market: Market Segmentation

On the basis of crop type, global biostimulants market is segmented into raw crops, fruits & vegetables, turfs and ornamentals, other crop types. During the forecast period, it is expected that the row crops segment that consists of cereals, pulses, oilseeds, and fiber crops, will dominate the international biostimulants markets, owing to widespread cultivation and application. Sources of these crops include crops like cotton, soybean, and sunflower. Furthermore, the industry is currently confronted with a diverse regulatory framework that varies from state to state. The rise of organic farming has also fueled the use of the product in horticulture farming to promote pest resistance and growth. There has been an increase in greenhouse vegetable production. Despite environmental stress conditions, this intensive and technologically focused farming method ensures year-round availability of out-of-season crops. In order to achieve sustainable crop production, plant biostimulants are applied to horticulture crop.