The global biostimulants market has seen significant growth in recent years due to the increasing demand for sustainable agriculture practices, growing population and food demand, and the need for crop yield improvement. Biostimulants are substances or microorganisms that enhance plant growth and health, improve nutrient uptake, and increase stress tolerance.
According to a report by MarketsandMarkets, The global biostimulants market is estimated to be valued at USD 3.5 billion in 2022. It is projected to reach USD 6.2 billion by 2027, recording a CAGR of 11.8% during the forecast period. The market is driven by the increasing demand for organic food, government initiatives to promote sustainable agriculture practices, and rising awareness about the benefits of biostimulants among farmers.
- Adoption of microbial biostimulants: Microbial biostimulants, such as beneficial bacteria and fungi, are gaining popularity due to their ability to enhance plant growth and yield by improving nutrient uptake and providing protection against pathogens. The use of microbial biostimulants is expected to increase in the coming years due to their effectiveness and eco-friendliness.
- Emphasis on sustainable agriculture practices: The increasing demand for sustainable agriculture practices, such as reducing chemical inputs and promoting natural farming, is driving the demand for biostimulants. Biostimulants are considered an essential component of sustainable agriculture practices, as they promote plant growth without harming the environment.
- Technological advancements: The biostimulants industry is undergoing significant technological advancements, such as the development of new biostimulant products, the use of precision agriculture techniques, and the development of innovative delivery systems. These advancements are expected to improve the effectiveness and efficiency of biostimulants, leading to increased adoption by farmers.
- Growing demand for organic food: The increasing demand for organic food, which is produced without the use of synthetic fertilizers and pesticides, is driving the demand for biostimulants. Biostimulants are widely used in organic farming to improve soil fertility and enhance plant growth, which leads to higher yields and better-quality produce.
Overall, the biostimulants market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for sustainable agriculture practices, growing population and food demand, and the need for crop yield improvement.