Market Overview
The biostimulants industry size was valued at USD 3.2 billion in 2021, and it is projected to grow at a CAGR of 12.1% to reach USD 5.6 billion by 2026. Food and agricultural production systems worldwide face unprecedented challenges from increasing demand for food for a growing population, rising hunger and malnutrition, adverse climate change effects, overexploitation of natural resources, loss of biodiversity, and food loss and waste.
Biostimulants encompass a diverse range of active ingredients, including microbial inoculants, amino acids, humic acids, fulvic acids, seaweed extracts, and others (including polysaccharides, trace minerals, and vitamins). There has been an increase in the demand for market inputs like sustainably produced food, with a lesser concentration of synthetic chemicals and a higher concentration of biologicals. Hence, biostimulants are helping to address this issue sustainably by providing protection against stress and stimulating the plant's growth in the global market.
Amid the spread of the COVID-19 pandemic, the consumption pattern of consumers showed a responsible shift from non-organic to organic, which is happening today. The trends highlight an emerging focus on preventive healthcare is gradually but systematically bringing about a shift in the global conventional farming practices, and producers are encouraged to produce more using sustainable methods and resources.
There has been an increase in the demand for sustainably produced food, with a lesser concentration of synthetic chemicals and a higher concentration of biologicals. Hence, biostimulants are helping to address this issue sustainably by providing protection against stress and thereby stimulating the plant's growth.
Market Segmentation
The segmentation for the biostimulants market is mentioned as follows:
Active Ingredients
● Humic substances
● Humic acid
● Fulvic acid
● Seaweed extracts
● Microbial amendments
● Amino acids
● Other active ingredients (include vitamins, trace minerals, and polysaccharides)
Mode of Application
● Foliar
● Soil Treatment
● Seed treatment
Form
● Liquid
● Dry
Crop Type
● Cereals & grains
● Oilseeds & pulses
● Fruits & vegetables
● Turfs & ornamentals
● Others (forage and plantation crops)
Region
● North America
● Europe
● Asia Pacific
● South America
● Rest of World (RoW)
Regional Analysis
The European biostimulants market report is likely to be driven by the growing importance of a sustainable agriculture approach and the increasing development of new innovative products that target specific agronomic needs. Spain, Italy, and France are emerging as the primary drivers of higher consumption of biostimulants in the region. These participating countries are also the major exporters of biostimulants to global markets. Further, the underdeveloped regulatory framework prevailing in the market for the participating sector in the region has led to the development of numerous startups for biostimulants.
Some of the key players are as follows:
● Rallis India Limited (India)
● Gowan Group (US)
● ILSA S.p.A (Italy)
● Haifa Group (Israel)
● FMC Corporation (US)
Industry News
In 2021 February, UPL AgroSolutions Canada emerged as an excellent player in the biostimulants market as it announced that its first biosolutions product in Canada, OHM Biostimulant, had received registration from the Canadian Food Inspection Agency. OHM is understood as a highly advanced and highly concentrated liquid form of Ascophyllum nodosumseaweed extract that optimizes nutrient use efficiency for enhanced plant growth and development, thus, helping in the expansion of the global market during the period.
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