Biostimulants Market Size to Hit $ 8.7 Billion by 2031, At 10.9% CAGR: The Insight Partners

Biostimulants Market research includes key company profiles like - BASF SE, UPL Limited, Valagro, Gowan Company, FMC Corporation, ILSA S.p.A, Haifa Negev technologies LTD, ADAMA, Rallis India Limited, AgriTecno Biostimulants and Plant Nutrition and more.

/EIN News/ -- US & Canada, Jan. 15, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Global Global Biostimulants Market is expected to reach US$ 8.71 billion by 2031 from US$ 3.42 billion in 2023; it is anticipated to record a CAGR of 10.9% during the forecast period. Consumers across the world are increasingly interested in organic products, such as organic fruits, vegetables, and other organic food products. The rise in the demand for organic food is mostly due to the increasing number of health-conscious people and a surging awareness about the health risks posed by the use of chemical fertilizers and plant growth promoters.

Biostimulants have no side effects on beneficial plants or human health. The changing preference of most people for healthier food products is increasing the demand for organic products. This is encouraging farmers worldwide to produce crops using organic methods. Additionally, using organic and bio-based compounds in agriculture and forestry offers a significant opportunity for farmers to improve root and shoot growth, better growth potential, and stress resistance. According to the International Federation of Organic Agriculture Movements (IFOAM) and Research Institute of Organic Agriculture (FiBL), in 2020, agricultural and under organic certification was 3.14 million hectares in China. Thus, the strong emphasis from the government and other stakeholders on the organic and sustainable mode of farming has increased the acceptance of these biostimulants.

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Overview of Report Findings

1. Market Growth: The biostimulants market is expected to reach US$ 8.71 billion by 2031 from US$ 3.42 billion in 2023; it is anticipated to record a CAGR of 10.9% during the forecast period. Consumers across the world are increasingly interested in organic products, such as organic fruits, vegetables, and other organic food products. The rise in the demand for organic food is mostly due to the increasing number of health-conscious people and a surging awareness about the health risks posed by the use of chemical fertilizers and plant growth promoters. Biostimulants have no side effects on beneficial plants or human health. The changing preference of most people for healthier food products is increasing the demand for organic products. This is encouraging farmers worldwide to produce crops using organic methods. Additionally, using organic and bio-based compounds in agriculture and forestry offers a significant opportunity for farmers to improve root and shoot growth, better growth potential, and stress resistance. According to the International Federation of Organic Agriculture Movements (IFOAM) and Research Institute of Organic Agriculture (FiBL), in 2020, agricultural and under organic certification was 3.14 million hectares in China. Thus, the strong emphasis from the government and other stakeholders on the organic and sustainable mode of farming has increased the acceptance of these biostimulants.
   
   
2. Technological Advancements in Biostimulant Production: In the last few decades, technological innovations have been proposed to enhance the sustainability of agricultural production systems by significantly reducing synthetic agrochemicals, such as pesticides and fertilizers. A promising eco-friendly innovation would be using natural plant biostimulants (PBs) that enhance flowering, plant growth, fruit set, crop productivity, and nutrient use efficiency (NUE) and can also improve the tolerance against a wide range of abiotic stressors.
   
   
3. Increasing Use of Biostimulants as Alternative Due to Rise in Prices of Conventional Fertilizers: Biostimulants can be a mixture of substances or microorganisms that help improve the crop condition without having any harmful impact on the environment. Biostimulants can be used as a preservative to fertilizers and, thus, reduce fertilizer use. They can also help nutrient uptake, plant growth, and tolerance against abiotic stress. The high use of chemical fertilizers has been affecting water bodies. Nutrients are washed off farms and reach nearby rivers, lakes, and ponds, causing eutrophication. Besides, chemical fertilizers have low use efficiency. It means that plants uptake only a mixture of nutrients from fertilizers. For example, essential nutrients, such as phosphorus, precipitate after being added to the soil and thus remain less available for plants. Also, nitrogen, another essential nutrient, can be depleted due to factors such as nitrate leaching.
   
   
4. Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by Asia Pacific and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
   
   

Report Attributes	Details
Market Size in 2023	US$ 3.4 billion
Market Size by 2031	US$ 8.7 billion
CAGR	10.90	%
Base Year	2022
Forecast Period	2023-2031
Historical Data	2021-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe - [UK, Germany, France, Russia, Italy, Rest of Europe]
	Asia-Pacific - [China, India, Japan, Australia, Rest of Asia-Pacific]
	South and Central America [Brazil, Argentina, Rest of South and Central America]
	Middle East and Africa [South Africa, Saudi Arabia, UAE and Rest of Middle East and Africa]

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Market Segmentation

• Based on product, the biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. The seaweed extracts segment held the largest share of the market in 2023.
• In terms of mode of application, the biostimulants market is segmented into foliar spray, seed treatment, and soil application. The foliar spray segment dominated the market in 2023.
• Based on crop type, the biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. The cereals and grains segment dominated the market in 2023.
• The biostimulants market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Segments Covered –

By Product

• Humic Substance
• Amino Acids
• Microbial Stimulants
• Seaweed Extracts

By Mode of Application

• Foliar Spray
• Seed Treatment
• Soil Application
  
  

By Crop Type

• Cereals and Grains
• Oilseeds and Pulses
• Fruits and vegetables
• Turf and Landscape

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Competitive Strategy and Development 

• Key Players: A few of the major companies operating in the biostimulants market are BASF SE; UPL Limited; Valagro; Gowan Company; FMC Corporation; ILSA S.p.A.; Haifa Negev technologies LTD.; ADAMA; Rallis India Limited; and AgriTecno Biostimulants and Plant Nutrition, among others.
• Trending Topics: Soil Microbiomes, Organic Fertilizers, Microbial Biostimulants, Nitrogen-Fixing Microorganisms, and Protein Hydrolysates

Global Headlines on Biostimulants

• UPM launched a new biostimulant product range as a long-term solution for sustainable agriculture
• Yara North America launched the YaraAmplix Biostimulant portfolio to drive sustainable food production
• Rovensa Next launched Wiibio, a soil-regenerating biofertilizer with biostimulant properties that aims to naturally enhance plant development
• Bioiberica launched the new probiotic biostimulant Terra-Sorb SymBiotic for the optimization of fertilization

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Conclusion

The demand for biostimulants is escalating due to the growing awareness among farmers and mounting food demand due to the increasing population. An increase in the demand for excellent agricultural products and organic produce's increasing need for high productivity and yield are expected to boost the consumption of biostimulants in developing countries, especially in China, Indonesia, and India. Given their competitive and increasing agriculture sector, these countries determine a high product consumption rate. Manufacturers in various regions are developing unique products with superior efficiency and low toxicity levels, instigating a speedy approval of the products. These opportunities are implementing biostimulants market growth.

The report from The Insight Partners, therefore, provides several stakeholders—including information on raw material suppliers, biostimulants manufacturers, and distributors/suppliers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

Regional analysis Market –

• The Biostimulants market in North America is expected to grow from US$ 616.16 million in 2022 to US$ 1,167.84 million by 2028; it is estimated to grow at a CAGR of 11.2% from 2022 to 2028.
• The Biostimulants market in Asia Pacific is expected to grow from US$ 734.41 million in 2022 to US$ 1,419.36 million by 2028; it is estimated to grow at a CAGR of 11.6% from 2022 to 2028.
• The Biostimulants market in Europe is expected to grow from US$ 1,172.10 million in 2022 to US$ 2,171.62 million by 2028; it is estimated to grow at a CAGR of 10.8% from 2022 to 2028.
  
  

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