The biostimulants market size is estimated at USD 4.3 billion in 2024 and is projected to reach USD 7.6 billion by 2029, at a CAGR of 12.0% from 2024 to 2029. The biostimulants market experiences significant influence from various pivotal factors. Firstly, there is a mounting demand for sustainable agricultural practices, driven by increased awareness of the environmental repercussions of conventional farming methods. Biostimulants present a viable avenue for bolstering crop productivity while reducing dependence on synthetic chemicals. Secondly, government regulations aimed at curtailing chemical usage in agriculture, promoting organic farming, and ensuring food safety exert a substantial impact on the biostimulants market. Incentives and subsidies further propel the adoption of biostimulants. Thirdly, farmers’ perpetual quest to enhance crop yields, quality, and resilience against diverse stressors like droughts, diseases, and pests fuels the demand for biostimulants, which augment nutrient uptake, stress tolerance, and overall plant growth. Moreover, ongoing advancements in biotechnology and the elucidation of plant-microbe interactions contribute to the development of more efficacious biostimulant products, including the discovery of novel microbial strains and tailored formulations for specific crops and environmental conditions.
Biostimulants Market Drivers: Rise in demand for sustainable agricultural practices
One major driver fueling the growth of the biostimulants market is the increasing demand for sustainable agricultural practices. As awareness of environmental issues grows and consumers demand more eco-friendly products, there is a rising interest in agricultural solutions that minimize chemical inputs, reduce environmental impact, and promote long-term sustainability. Biostimulants, with their ability to enhance crop productivity while minimizing the use of synthetic fertilizers and pesticides, align well with this trend towards sustainable agriculture. As a result, the market for biostimulants is experiencing significant growth as farmers seek out solutions that support both environmental stewardship and economic viability.
Restraint: Lack of regulations
One restraint of the biostimulants market is the lack of standardized regulations and definitions. Unlike conventional agricultural inputs such as fertilizers and pesticides, biostimulants often encompass a diverse range of products with varying compositions and modes of action. This lack of uniformity makes it challenging for regulators to establish clear guidelines for product registration, labeling, and usage. Additionally, the absence of standardized definitions can lead to confusion among farmers, retailers, and consumers regarding the efficacy and appropriate application of biostimulant products. Consequently, regulatory uncertainty and ambiguity may hinder market growth by creating barriers to market entry, limiting investment, and undermining consumer confidence in biostimulant technologies.
By mode of application, the soil treatment segment is expected to hold a significant market share in the biostimulants market.
Soil treatment with humic substances extracted from different sources has been extensively shown to enhance the iron nutrition of crop plants. The presence of humified organic matter in soil sediments further contributes to building up a reservoir of iron for plants by releasing metal ligands and forming Fe-humic substance complexes that can be readily utilized by plants for iron uptake. Enzymatic hydrolysis has emerged as a recent method to produce various biostimulants, including those derived from sewage sludge, chicken feathers, okra, and rice bran. These biostimulants are applied in soil bioremediation to address contamination by various pesticides such as chlorpyrifos, MCPA, oxyfluorfen, 2,4-D, and dicamba. Overall, soil treatment with biostimulants offers numerous benefits, including enhanced iron nutrition for crops and remediation of pesticide-contaminated soils.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1081
In active ingredients segment, amino acids hold the significant share in the biostimulants market.
Amino acids, vital components in plant growth and development, hold a significant share in the biostimulants market for several reasons. Their effectiveness in enhancing plant growth, yield, and stress tolerance through roles in protein synthesis and nutrient uptake make them indispensable to modern agriculture. Moreover, their compatibility with various farming practices, from foliar sprays to soil applications, offers farmers flexibility in application methods. Recognized as environmentally friendly, derived from natural sources, amino acids promote sustainable agricultural practices and reduce reliance on synthetic chemicals.
Europe to dominate the biostimumlants market during the forecast period.
European farmers and policymakers increasingly prioritize sustainable agricultural practices to address environmental concerns, reduce chemical inputs, and enhance food security. Biostimulants align well with these goals as they offer solutions to improve soil health, crop resilience, and yield sustainability. European consumers are increasingly demanding environmentally friendly and sustainably produced food products. This consumer trend translates into a growing market demand for biostimulant-treated crops, prompting farmers to integrate biostimulants into their agricultural practices.
Top Companies in the Biostimulants Market
Key players within this market consist of reputable and financially robust biostimulants manufacturers. These entities boast extensive industry tenure, offering diversified product portfolios, advanced technologies, and robust global sales and marketing networks. Prominent companies in this market include BASF SE (Germany), UPL (India), FMC Corporation (US), Rallies India Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Corteva. (US), Nufarm (Australia), Syngenta Crop Protection AG (Switzerland), PI Industries (India), ILSA S.p.A. (Italy), Coromandel International Limited (India), Haifa Group (Isarel), T.Stanes and Company Limited (India), Gowan Company (US), and Koppert (The Netherlands).
BASF SE (Germany)
BASF SE is a leading figure in the chemical industry, boasting a wide array of business segments including nutrition and care, materials, chemicals, agricultural solutions, industrial solutions, and surface technologies. The company provides a diverse range of chemical products such as intermediates, monomers, petrochemicals, dispersions, pigments, care chemicals, nutrition and health products, paper chemicals, performance chemicals, catalysts, construction chemicals, coatings, performance materials, and crop protection products. As of April 2024, BASF SE has restructured its business segments into chemicals, materials, industrial solutions, surface technologies, nutrition and care, agricultural solutions, and others. Within agricultural solutions, the company focuses on offering biostimulant products to consumers across various regions.
BASF has significantly increased its investment in the agricultural solutions sector, particularly in biostimulants, which are substances or microorganisms used on plants to enhance nutrient absorption, stress resistance, and growth stimulation. This emphasis on biostimulants aligns with the growing demand for sustainable agricultural practices and solutions to boost crop yields while minimizing environmental impacts. With a strong global presence, BASF SE operates through subsidiaries and joint ventures in over 93 countries. The company manages six integrated production sites and 234 additional production facilities situated across Europe, Asia, Australia, the Americas, and Africa.
In August 2022, BASF Venture Capital GmbH and Aqua-Spark invested in Sead Energy Pvt. Ltd. during a Series B funding round, totaling INR 1402 million (approximately USD 18.5 million). Sead Energy specializes in producing biostimulants for agriculture using red seaweed, a sustainable raw material mainly found in tropical waters in Asia. Their integrated model includes cultivation technology suited for deep waters and adverse weather conditions, aided by satellite imagery to optimize seaweed farm locations. With operations in Bali, Indonesia, for commercial seaweed farming and processing plants in Tuticorin, India, Sead Energy leads in tropical red seaweed production and processing. BASF’s investment diversifies its biostimulants portfolio and strengthens its position in the emerging market for seaweed-derived products.
UPL (India)
UPL is a leading provider of comprehensive crop solutions dedicated to ensuring global food security. Its operations are divided into the Agrochemical Products and Industrial Chemicals segments. Within the Agrochemical activities segment, UPL offers a range of services including biostimulants, seeds, crop protection solutions, post-harvest solutions, aquatics, farmer engagement, and other related businesses. With a presence in over 138 countries and 48 manufacturing plants, UPL’s ProNutiva program stands out by combining natural BioSolutions, such as bioprotection, biostimulants, and bionutrition, with traditional crop protection products to meet or exceed real-world needs. UPL utilizes acquisitions as a key strategy to solidify its market presence.
In May 2022, UPL announced a strategic partnership with Kitesca M660 Innovation Center, marking a significant advancement in the biostimulants market, particularly in North America. The collaboration aims to commercialize innovative BioSolutions technologies, providing tailored solutions for optimal plant development, improved yields, and enhanced crop quality. This long-term agreement underscores the strategic importance of biosolutions in UPL’s global vision, demonstrating their commitment to sustainable food production and grower profitability. Through this partnership, UPL plans to introduce five biostimulants and innovative nutrition products, including ALFA, MOTO, VELEXI, SERENIS, and CEVO, targeting specific crops and offering diverse solutions for agricultural needs. This partnership solidifies UPL’s position as a major player in the biostimulants market and addresses the growing demand for sustainable agriculture practices.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1081
About MarketsandMarkets™
MarketsandMarketsTM has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/biostimulant-market-1081.html