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Biostimulants Market Is Anticipated To Reach $6.79 Billion By 2030, Owing To Increasing Demand For Organic And Natural Goods | Grand View Research, Inc.

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Biostimulants Market Is Anticipated To Reach $6.79 Billion By 2030, Owing To Increasing Demand For Organic And Natural Goods | Grand View Research, Inc.

May 26
06:24 2022
Biostimulants Market Is Anticipated To Reach $6.79 Billion By 2030, Owing To Increasing Demand For Organic And Natural Goods | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, increasing recognition and acceptance of ecological and sustainable organic farming to cater to the rising food demand are expected to generate immense growth opportunities for the biostimulants industry.

Biostimulants Industry Overview

The global biostimulants market size was valued at USD 2.79 billion in 2021 and is expected to reach USD 6.79 billion by 2030, registering a CAGR of 10.4% over the forecast period.

This is attributed to increased instances of soil degradation, stringent regulations on the use of chemicals in the agriculture sector, and the need for sustainable & eco-friendly alternatives to boost the growth and productivity in the agriculture sector. Biostimulants can be substances or microorganisms, which are added to the plants to enhance their characteristics and increase the yield. As the population is growing, the demand for the product is also increasing due to the growing awareness about the harmful, long-term effects of artificial chemicals used for plant growth. Thus, the growing demand for organic and natural goods is positively impacting the market growth, especially in APAC.

Gather more insights about the market drivers, restrains and growth of the Global Biostimulants Market

The U.S. has a highly advanced agricultural sector, which has been acclimating to the natural and organic methods to practice farming. Therefore, the region is perceiving a high intake of biostimulants. The country is acclimatizing to the utilization of the product, predominantly in the application segment of seed treatment, to reinforce crop yield and potency at an early stage of plant development. U.S. supports the utilization of biostimulants to promote balanced growth of the agricultural sector along with the other sectors of the economy. At present, this development is mostly attained by using synthetic chemicals, pesticides, fertilizers, and insecticides, which are prerequisites to large-scale industrial production.

A majority share of the regional market is controlled by acid-based products, which include the humic acid segment, which is likely to witness rapid growth. Biostimulants enhance microflora, which, consequently improves the nutrient intake of plants. They intensify antioxidant action and reduce plant strain owing to environmental conditions and various infections. The hormones fuel root growth, cell development, and overall growth, thereby aiding the potency and inclusive health of the plant. They encompass natural, eco-friendly, and naturally degradable ingredients, which do not distress the plant environment. As a result, they are witnessing high demand for organic agricultural practices.

 

U.S. Biostimulants Market size, by active ingredients, 2020-2030 (USD Million)

 

Biostimulants Market Segmentation 

Based on the Active Ingredients Insights, the market is segmented into acid-based, seaweed extract, microbial and others

  • The acid-based active ingredient segment dominated the global market and accounted for the largest share of over 49.00% of the total revenue in 2021. This is attributed to the high demand for these ingredients due to their plant potency enhancement characteristics and sustainability properties.
  • Seaweed extracts are estimated to record the fastest CAGR over the projected period. The presence of components like plant growth hormones, such as auxins, cytokines, and gibberellins, and various nutritional metal elements, like potassium, nitrogen, manganese, aluminum, and iron aiding the plant growth & productivity, is the major driving the demand for seaweed extracts as biostimulants.
  • Microbial biostimulants are expected to have a moderate growth rate over the forecasted period. They include the use of a microorganism or numerous microorganisms as biostimulants to help stimulate plant growth. Commonly used microbial biostimulants include fungi, yeasts, and bacteria. They help the plant to cope with environmental stress, increase its nutritional absorption capacity, and improve productivity.

 

Based on the Crop Type Insights, the market is segmented into row crops & cereals, fruits & vegetables, turf and ornamentals and others

  • The row crops and cereals segment dominated the market with a revenue share of more than 59.5% in 2021. The segment includes crops, such as soybean, corn, millets, barley, cotton, and oats among others. These crops offer beneficial growth opportunities for the companies and are cultivated widely across the globe over large areas of land. It helps in increasing the size of the seed, harvest, and the rate of cell division.
  • The key biostimulants included in row crops and cereals are amino acids, polyamines, and Indole-3-acetic acid (IAA). It helps in overcoming the different barriers to cell development and cell division. Multinationals and agriculture experts are progressively using biostimulants for the farming of row crops and cereals.
  • Furthermore, the high demand for organic cereals, such as oats and millets, is estimated to supplement the segment growth. Increasing recognition and acceptance of ecological and sustainable organic farming to cater to the rising food demand are expected to generate immense growth opportunities for the market.
  • Turf & ornamental was the second-largest segment in 2021 due to a rise in the usage of turf and ornamentals across the globe. The segment majorly uses acid-based biostimulants for enhancing the yield. The market in this segment is highly competitive due to the presence of numerous players.

 

Based on the Application Insights, the market is segmented into foliar treatment, soil treatment and seed treatment

  • The foliar treatment application segment dominated the market with a revenue share of more than 79.5% in 2021. This is attributed to the benefits associated with foliar treatment including faster absorption of nutrients and increased cellular activity. Foliar treatment includes direct application of the biostimulants on plant leaves to assist the quick absorption of nutrients from the surface.
  • The seed treatment application is efficient and effective and requires lower labor input as compared to other techniques, which makes it a cost-efficient method.
  • The soil treatment segment accounted for a significant revenue share in 2021. The treatment includes the usage of biostimulants in the soil to promote growth, fertility, and productivity. Soil treatment incorporates four key techniques, namely physical, mechanical, chemical, and biological treatments.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

  • Europe dominated the global market in 2021 and accounted for the largest share of over 37.5% of the total revenue. This is attributed to the growing consumption of organic foods and the growing preference of manufacturers for sustainable & eco-friendly production alternatives.
  • Asia Pacific was the second-largest regional market in 2021 owing to the presence of various manufacturing companies along with the rapid growth of agriculture-based economies, such as India and China. The increased product utilization due to growing population, soil erosion, growing awareness among farmers, stringent government regulations & encouragement for the use of biostimulants, and the need for more sustainable solutions for product enhancement will support market growth.
  • Central & South America is estimated to register the second-highest growth rate, in terms of revenue, over the forecast period. Although currently, the region is growing at a stagnant rate, it has a lot of growth potential due to the presence of economies, such as Brazil, which are primarily agriculture-based.
  • The industry is expected to exponentially grow in the region over the forecasted period for all the segments owing to the rising population, use of new technology in agriculture, increasing awareness among farmers, declining use of artificial chemical fertilizers, which degrade the quality of the soil, and extensive usage of sustainable & eco-friendly alternatives.

 

Market Share Insights:

  • October 2021: UPL Limited collaborated with Chr. Hansan, a global bioscience company, to develop microbial-based biosolutions (including biostimulants and biopesticides).
  • October 2020: Isagro SPA acquired Phoenix Del to grow through external lines in the segments of copper-based fungicides and biosolutions. This acquisition is aimed to innovate more products under the biostimulant segment.
  • March 2018: Tradecorp International launched PhylgreenVR, an exciting first-person 360º virtual reality experience in Kenya. The stereoscopic 360º trip through the whole process of the Phylgreen may entice the nation’s farmers, thus, driving the sales of the Phylgreen range in the Kenyan market.

 

Key Companies Profile:

The competition in this market is highly dependent on the type of crop, active ingredient type, grade of products, number of sellers/manufacturers, and geographical location. Key companies are engaged in continuous R&D activities, mergers & acquisitions, capacity expansion, and other strategies to gain an advantage in the market. Manufacturers are focusing mainly on improving their product portfolios by forming strategic joint ventures with other prominent companies and highly investing in R&D.

Some of the prominent players in the global biostimulants market include:

  • Isagro Group
  • BASF SE
  • Biolchim SpA
  • Sapec Agro S.A.
  • Platform Specialty Products Corp.
  • Novozymes A/S
  • Valagro SpA
  • Italpollina SAP
  • Koppert B.V.
  • Biostadt India Ltd.

 

Order a free sample PDF of the Biostimulants Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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