by Biostimulants are agricultural adjuvants that contain substances or microorganisms that enhance one or more physiological processes in crops benefiting the quality of yield and/or the abiotic stress tolerance of plants. They promote root and foliar development, nutrient uptake, biological fixation, and increase tolerance to biotic and abiotic stresses. Farmers are increasingly adopting biostimulants to boost crop productivity in a sustainable manner by enhancing resistance against harsh climatic conditions as well as soil-borne and foliar diseases.
The global biostimulants market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the biostimulants market is the increasing organic farming practices globally. As the demand for organic foods rises among health-conscious consumers, farmers are adopting organic farming techniques that reduce dependency on chemical fertilizers and pesticides. Biostimulants help organic farmers boost crop yields without compromising on the organic certification. They support plant growth through non-GMO and naturally-derived microbial products. Furthermore, growing policy support for sustainable agriculture in various countries is promoting the adoption of biostimulants. For instance, the European Commission’s Farm to Fork strategy aims to reduce chemical pesticide use by 50% and fertilizer use by 20% by 2030 to foster more environment-friendly agricultural production in Europe. Such supportive regulations are fueling revenue opportunities for biostimulants manufacturers in the region.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the biostimulants market is moderate as it requires huge R&D investments and knowledge to develop biostimulants products.
Bargaining power of buyers: The bargaining power of buyers is high in the biostimulants market as there are many established players providing similar products.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers providing raw materials needed to produce biostimulants.
Threat of new substitutes: The threat of new substitutes is low as there aren’t many effective substitute products for biostimulants.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous established players competing intensely based on product quality, innovation, and pricing.
Key Takeaways
The Global Biostimulants Market Demand is expected to witness high growth during the forecast period. The global biostimulants market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
The North American region currently dominates the global market owing to increasing adoption of biostimulants products in countries like the US and Canada for crops cultivation. The adoption of biostimulants is rapidly growing in the Asia Pacific region mainly due to the increasing population, rising food demand, and initiatives by governments to enhance crop yield in countries like India and China.
Key players: Key players operating in the biostimulants market are BASF SE, UPL, Novozymes, Isagro, Valagro, Koppert Biological Systems, Italpollina, and Trade Corporation International. BASF and UPL hold a significant share in the global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
