Plant biostimulants are substances and micro-organisms that enhance plant health, productivity, and tolerance by stimulating plant functions when applied. Although this market serves only a fraction of its potential, it has been growing since the formal introduction of biostimulants in the 1990s.
Market Dynamics
Market Growth
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The biostimulants market is projected to reach $5.33 billion by 2025, with a compound annual growth rate (CAGR) of 11.6% during the forecast period (2019-2025). This growth is attributed to increasing regulatory acceptance and changing consumer preferences towards healthier food alternatives.
Research Methodology
The biostimulants market analysis combines secondary sources and in-house methodology, supported by primary insights. Real-time assessment and parametric estimations form an integral part of the market sizing and forecasting methodology.
Key Market Insights
Regulatory Challenges: Biostimulants faced challenges due to their unclear categorization. Some were classified with fertilizers, while others fell under crop protection chemicals. Lack of recognition by many governments led to labeling issues in different countries.
Market Growth Factors: The biostimulants market has witnessed robust growth due to benefits such as reduced agrochemical usage, improved crop quality, and increased overall yield. European farmers have actively adopted biostimulants, focusing on crop quality and yield improvement. However, many developing countries, especially in Central & Eastern Europe, lag in biostimulant adoption. The US market has been receptive, but regulatory gaps limit its scope.
Regulatory Framework: Inclusion of biostimulants within the regulatory framework will facilitate market growth, especially in the European Union (EU). The US market is gaining momentum with double-digit growth expected from 2021 onwards.
Application Modes: Foliar application remains the preferred mode, while seed treatment is gaining attention and is expected to grow faster. Consumer demand for healthier fruits and vegetables sustains the crop category’s dominance.
Competitive Landscape
The biostimulants market is competitive, although rivalry is moderate due to its nascent nature and high growth potential. Key players like BASF, Bayer, Syngenta, FMC Corporation, Valagro, Adama, Solvay, Ajinomoto, Stoller Group, Koppert Biological Systems, and Lallemand Inc. offer biostimulant products, often acquired through internal development or inorganic growth strategies.
Report Scope
- Application Mode
- Foliar
- Soil
- Seeds
- Active Ingredients
- Amino Acid & Derivatives
- Humic Acid & Fulvic Acid
- Seaweed Extracts
- Microbial Amendments
- Others (e.g., Vitamins)
- Crops
- Fruits & Vegetables
- Cereals & Grains
- Turf & Ornamental
- Pulses & Oilseeds
- Others
- Geographies
- Europe
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Industry Outlook
The biostimulants market outlook covers market trends, drivers, restraints, and opportunities, offering a comprehensive view of the industry. These insights are designed to assist business decision-makers in making informed plans and decisions for future growth. Venture capitalists can also benefit from a better understanding of companies in the market.
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