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The global biostimulants market size was valued at USD 2.24 Billion in 2018 and is projected to reach USD 5.69 Billion by the end of 2026, exhibiting a CAGR of 12.4% in the forecast period (2019-2026).
Global inorganic fertilizers (primary nutrients) industry is growing at a rate of 1.3-1.8% annually and the prominent market players are focusing on the other lucrative product areas, such as specialty fertilizers and organic fertilizer segments considering the growth opportunities in these segments. Even crop producers are increasingly demanding for more products that have a high level of nutrient use efficiency, multifunctionality, and are environment-friendly.
The rapid increase in the demand for organic food and feed products combined with the hazardous effects of synthetic fertilizers and pesticides have raised questions about the environment safety and sustainability of agriculture in the long run. The sustainability of agricultural production is essential to meet the growing demand for food, feed, fuel, and fibre.
Agricultural biologicals (includes biofertilizers, biopesticides, and biostimulants) have gained higher importance in recent years over the synthetic farm inputs. Plant and microbial-derived products that enhance plant growth, improve the resource use efﬁciency, and increasing tolerance to unfavorable soil and environmental conditions have received higher acceptance from the industry stakeholders including farmers/growers and government bodies. Rising demand for high-value crops and increasing abiotic soil and plant stress is encouraging farmers to adopt bio-based agriculture products (such as biostimulants) that can potentially increase the crop yield.
Increasing governmental support to high-quality agricultural product and launch of programs to educate farmers about various eco-friendly agri-input products use in farming are some of the crucial reasons that are projected to enhance the biostimulants market growth during the forecast years. Furthermore, increasing product launches by market players and increased focus on novel substances that can potentially act as biostimulant are anticipated to aid market growth.
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To encourage and support a favorable business environment for biostimulants industry, several regulatory authorities and councils have been formed, especially across the developed economies of Europe and North America. For instance, in Europe, the European Biostimulant Industry Council (EBIC) and in North America the U.S. Biostimulant Coalition actively addresses various legislative and regulatory issues associated with biological plant additives that also includes biostimulants. These councils and coalitions work in association with the leading agriculture product manufacturing companies to develop and launch quality products in the region as well as potential international markets.
The future of biostimulants is expected to be promising and continued benefits are expected in the forthcoming years. Persistent efforts by the market players to produce and launch biostimulants by using a variety of naturally existing microbial cultures and substances are projected to further aid the market growth of biostimulants.
In many emerging economies, the lack of regulations associated with biostimulants commercialization may hamper the development and growth of the biostimulants market size during the forecast years. Limited awareness and availability of quality products, lack of trust in new products, and lack of stable regulatory and supporting policy network are some of the inhibiting factors for the growth of market.
"Humic Substances Segment to Exhibit Growth Due to Their Cost-Effective Nature"
Humic substances, that include humic and fulvic acids have been widely used by growers to produce a variety of crops as these products are highly capable in inducing significant changes in root morphology and also aid in modifying plant membrane activities of nutrient acquisition and uptake. The reason for their high adoption by farmers and producers can also be attributed to their cost-efficacy. Humic substances are extracted from the soil by using alkaline solution and are then fractionated into fulvic and humic acids, based on their water solubility.
The demand for seaweed extract biostimulants is projected to witness strong growth during the projected period from 2019 to 2026, owing to the growing cultivation of seaweed in a prominent and potentially growing biostimulants industry revenue. Increasing research by market players on seaweed varieties that can act as biostimulants is further anticipated to fuel the segment’s growth.
Presence of effective seaweed extraction methods and cost benefits are expected to encourage the usage of seaweed-based biostimulants across economies. Furthermore, the presence of crucial phytohormones such as gibberellins, auxins, ethylene, and cytokinins in seaweed species stimulate growth across different parts of the plants. For instance, cytokinins participate actively in the process of cell division, while auxins play crucial roles in the elongation of plant tissues. The seaweed extracts market segment is projected to grow at an impressive double-digit CAGR of 12.7% during the forecast years.
"Hassle-Free Application is Likely to Increase the Adoption of Foliar Treatment"
On the basis of application, the biostimulants market has been classified into foliar treatment, soil treatment, and seed treatment. In 2018, foliar treatment accounted for the highest share in the. Application of biostimulants through foliar spray or treatment potentially maximizes the production efficiency in several crops. Foliar sprays are very beneficial for numerous high-value crops and are extremely convenient to apply on plants (leaves or foliage) as compared to the other application methods. Foliar treatment segment is anticipated to grow by an impressive CAGR of 12.5% during the forecast period.
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By crop, the market is classified into row crops, fruits & vegetables, turf & ornamentals, and others. Row crop segment, which includes cereals, oilseeds, fiber crops, and pulses is expected to retain its dominance throughout the forecast years in the market, owing to the large cultivation area and application trend. However, a considerable amount of biostimulants goes for high-value crops, such as fruits and vegetables, hence the fruits & vegetable segment is projected to grow at a CAGR of 12.3% during the forecast years.
"Europe is the Largest Market for Biostimulants and the Asia Pacific is Projected to Grow Considerably"
North America and Europe are the largest markets for biostimulants. They cumulatively accounted for more than 50% share in the biostimulants market. The market in Europe is expanding considerably owing to an increased emphasis of government on adopting sustainable farming substances, tools, and methods, along with the presence of several biostimulant promoting councils in the region. The European Biostimulant Industry Council (EBIC) is one of the most prominent councils that is actively promoting the use of biostimulants among European farmers. According to the research findings, biostimulant materials are currently used on approximately 9.9 million acres in Europe and is projected to grow prominently during the forecast period.
Europe Biostimulants Market, 2018
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The biostimulants market in North America is witnessing a decent growth and is expected to exhibit promising growth in the forthcoming years, due to the existence of strict U.S. fertilizer regulations and escalating demand for organic products by consumers. Financial incentives offered through programs run by the U.S. Department of Agriculture (USDA) to producers or farmers who use innovative farming practices and substances that are able to reduce the environmental impact is further expected to boost the growth of biostimulants in the region. The market in Asia Pacific is projected to witness significant growth during the foreseeable years attributed to an increased adoption of sustainable farming in prominent Asian countries such as India and China. Rise in the adoption of quality agriculture products by Asian producers is also expected to contribute to the growth of the market.
"Launch of innovative products and collaborations are the key strategies for growth in the market"
Product launch and collaborations are the key strategies adopted by the players operating in the biostimulants market, wherein they are actively investing in R&D activities in collaboration with the agricultural research universities and government research centers to develop advanced biostimulants for applications across different crop varieties.
Biostimulants are those materials which contain microorganisms or substances that can be applied to rhizosphere or the plant to stimulate various natural processes in order to increase their nutrient uptake, tolerance towards abiotic stress, and to foster their nutrient utilization efficacy prominently. Biostimulants are potentially significant in promoting the health and growth of the plants, although they are not identified as fertilizers as well as pesticides.
The demand for biostimulants is increasing enormously among farmers and producers as they are not only beneficial in proliferating various high value as well as regular crop yields but are also a medium to attain sustainable farming. Rising regulations on synthetic fertilizers in developed economies, coupled with increasing investment on different substances that can be taken into account as biostimulants are some of the crucial factors that are boosting the biostimulants industry growth. Restricted awareness and knowledge about biostimulants in various developing economies and their lower adoption in these economies is expected to hinder the biostimulants industry growth.
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The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate (in terms of value) for all possible segments in the market. The market is segmented by source, type, active ingredients, application, crop, and geography. On the basis of source, the market is categorized into microbial biostimulants and non-microbial biostimulants. On the basis of active ingredients, the market is categorized into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others.
On the basis of application, the biostimulants market is categorized into foliar treatment, soil treatment, and seed treatment. On the basis of crop, the market is categorized into row crops, fruits & vegetables, turf & ornamentals, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, new product innovations and launches, the regulatory scenario in key countries, and key industry trends.
By Active Ingredients
Fortune Business Insights says that the biostimulants market is projected to reach USD 5.69 Billion by 2026.
In 2018, the global biostimulants market was valued at USD 2.24 Billion.
The biostimulants market is projected to grow at a CAGR of 12.4% during the forecast period (2019-2026).
The humic substance is the leading segment among the active ingredient types of biostimulants and is expected to hold the largest share in terms of value.
The increasing government support and launch of programs to educate farmers about several eco-friendly agri-input products are some of the crucial reasons driving the global biostimulants market.
Bayer CropScience, Valagro S.p.A., BASF SE, Isagro S.p.A., Syngenta AG, and UPL are the key active players in the biostimulants market.
Europe region is the largest market for biostimulants and is expected to hold the highest market share in the biostimulants market.
Increased adoption of sustainable farming and the usage of quality agricultural products are the factors expected to drive the adoption of biostimulants among the consumers.
The humic substances segment was accounted for 34.7% of share in the global biostimulants market.