Biostimulants Market Worth $4.6 Billion By 2030 | CAGR 7.4%

Biostimulants Market Growth & Trends

The global biostimulants market size is expected to reach USD 4.6 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. This is attributable to surging consumption of the product in several end-use applications such as foliar, seed, and soil treatment. Foliar treatment held the largest market share in the global market on account of its vast adoption across the agricultural sector. The treatment is highly performance efficient on account of the direct application of the product onto the leaves of the plant. The application procedure is highly labor-intensive but also leads to the minimal wastage of biostimulant. Its extensive benefits over other application techniques have resulted in augmented demand for the product.

Synthetic fertilizer is presently used in large amounts in most regions for soil amendment. However, the growing focus on providing environmental sustainability, improving the soil, and crop yield as well as enhancing the overall productivity has caused a shift toward biobased solutions such as biostimulants. This is expected to have a positive impact on the market in the near future.

The organic food sector has witnessed significant growth over the past few years owing to the rising health concerns among consumers. Organic food contains all the necessary nutrients and does not contain unnecessary toxins that are harmful to human health.

The growing demand for organic food has contributed to the adoption of bio-based products by food & beverage producers in the U.S. According to the U.S. Department of Agriculture, organic food sales account for around 4% of the total U.S. food sales. According to The Food and Agriculture Organization of the United Nations, organic farming is practiced in around 187 countries and as of 2021, 72.3 million hectares of agricultural land was managed organically by around 3.1 million farmers.

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Biostimulants Market Report Highlights

• The seaweed extract biostimulants segment has a strong hold in the market with a highest growth rate of 8.1% over the forecast period. This growth is attributable to the presence of plant growth chemicals such as auxins, cytokinins, gibberellins carbohydrates, and various other nutritive metal elements such as aluminum, potassium, iron, nitrogen, and potassium

• The row crops and cereals segment is growing significantly with a CAGR of 7.1% as they are highly lucrative, and are grown widely across the globe and include millets, corn, and barley

• The seed treatment application segment is estimated to grow at highest rate of 8.6% in terms of revenue over the forecast period owing to its cost effectiveness as compared to other types of conventional techniques

• Asia Pacific region is expected to witness the fastest growth rate of 9.6% in terms of revenue, from 2023 to 2030. This is attributable due to favorable government policies in agricultural sector to promote the use of biobased products and attract investments in the industry have created a wide scope for the growth of product demand in the region

• The global market is fragmented in nature and consists of many small and medium-sized market players coupled with a few big players. The players face stiff competition from local players operating in developing regional markets. Europe is a major market for biostimulants industry

Biostimulants Market Segmentation

Grand View Research has segmented the global biostimulants market on the basis of active ingredients, crop type, application, and region:

Biostimulants Active Ingredient Outlook (Volume, Million Hectare; Revenue, USD Million, 2018 - 2030)

• Acid Based

• Seaweed Extract

• Microbial

• Others

Biostimulants Crop Type Outlook (Volume, Million Hectare; Revenue, USD Million, 2018 - 2030)

• Row Crops & Cereals

• Fruits & vegetables

• Turf & Ornamentals

• Others

Biostimulants Application Outlook (Volume, Million Hectare; Revenue, USD Million, 2018 - 2030)

• Foliar Treatment

• Soil Treatment

• Seed Treatment

Biostimulants Regional Outlook (Volume, Million Hectare; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

• Europe

  • Germany

  • U.K.

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players of Biostimulants Market

• Isagro Group

• BASF SE

• Biolchim S.P.A.

• Sapec Agro S.A.

• Platform Specialty Products Corporation

• Novozymes A/S

• Valagro SpA

• Italpollina SAP

• Koppert B.V.

• Biostadt India Limited