Biostimulants Industry worth $7.6 billion by 2029, at a CAGR of 12.0%

(EMAILWIRE.COM, December 07, 2024 ) The biostimulants market 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.
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Biostimulants Market Driver: Rise in demand for sustainable agricultural practices
The application of biostimulants will increase due to growing awareness of benefits of organic foods, organic regulations implementation, and adaptation of GLOBALGAP policies. The majority of fruits, vegetables, and cereals have had an increasing government subsidies and financial aid to utilize on organic practices. Organizations that facilitate in research is the Research Institute of Organic Agriculture (FBL) in Switzerland and regulatory support by the US Department of Agriculture (USDA). The European Commission has set the Farm to Fork (F2F) strategy, facilitating the transition in the best way possible to a sustainable, resource-efficient, and resilient food system that complies with proper standards. It was launched on May 20, 2020 and is one of the key elements of the European Green Deal—new growth strategy for the European Union—setting ground for reaching a climate-neutral continent by 2050. The use of microbial inoculants ensures correct and timely enhancement of nutrient availability, uptake, and assimilation from the soil solution, which can be a tool to foster sustainable agricultural practice. Biostimulants enhance nutrient-use efficiency by designing the root system architecture and by enhancing the solubilization of macro and micronutrient fertilizers. This has strategic effects not only for the improvement of crop growth but also in the area of environmental conservation and sustainability.
In crop type segment, cereals & grains holds significant market share in the global biostimulants market.
The consumption of cereals and grains is crucial for meeting the dietary needs of a growing population. There is a need to enhance cereals & grains yield to fulfill the growing demand. The application of biostimulants is helping to fulfill the demand. According to the FAO reports, global cereal utilization for the year 2023/24 is likely to show an upward movement tendency compared to previous years. More global stocks of cereals are forecast by 2024. This suggests a steady supply of cereals to meet demand. The growing demand for cereals highlights the importance of improving agricultural productivity, potentially leading to greater use of biostimulants to optimize yields and meet global requirements.
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The European region constitutes the largest share of the biostimulants market in terms of value.
Europe’s agricultural sector plays a significant role in occupying land, according to the European Environment Agency. The region has many small farms that practice intensive farming and cultivate various crops. These factors contribute to its strong agricultural sector, making Europe one of the leading consumers of biostimulants. The European Biostimulants Industry Council (EBIC) plays a pivotal role in promoting the biostimulants sector’s contribution to assisting farmers in cultivating sufficient quantities of high-quality crops profitably, while also employing resources efficiently. EBIC advocates for a regulatory framework that fosters a unified European market for biostimulants and acknowledges their role in promoting sustainable agricultural production, driving green innovation, fostering economic growth, and advancing other societal objectives. The utilization of biostimulants in agriculture is rapidly gaining momentum across Europe. Initially concentrated in lucrative sectors such as wine-growing, horticulture, and fruit-growing, their application is now expanding to encompass herbaceous field crops.
Key players 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 (Israel), T.Stanes and Company Limited (India), Gowan Company (US), and Koppert (The Netherlands).
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