The biostimulants market is estimated to be valued at USD 2.6 billion in 2019 and is projected to reach USD 4.9 billion by 2025, growing at a CAGR of 11.24% during the forecast period. The rising demand for sustainable agriculture and strong market demand for high-value crops drive the biostimulants market. The benefits associated with biostimulant products are the major factors contributing to the growth of this market, globally. With a growing population and declining arable land for crop production in many Asia Pacific countries, manufacturers, farmers, and governments are witnessing tremendous pressure to meet the growing demand for food. With limited availability of arable land, crop yield and crop nutrition availability have become an important concern among crop growers. Also, extreme environmental conditions and dynamic change in climatic conditions increase the chances of abiotic stresses such as salinity intolerance and drought stress and have a great impact on plant physiology. Biostimulant products help plants overcome abiotic stresses and maintain the crop nutrition sustenance throughout the plant growth cycle.
The increasing awareness of nutritional benefits associated with biostimulants and their application on broad-acre crops have widened the scope of growth within the biostimulants market.
The usage of biostimulants has evolved immensely from high-value crops such as fruits & vegetables to broad-acre crops such as cereals, pulses, and fiber crops. It has been observed that biostimulants enhance the uptake of nutrients, develop tolerance to abiotic stresses, and increase the vigor and yield of crops such as wheat, rice, and barley. The immense possibility in the application of biostimulants for these broad-acre crops can lead to the significant growth of this market. Many domestic manufacturers have begun to realize the prospective demand in the coming years, with several launches targeted on crops such as rice, corn, and wheat.
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Biostimulants are gaining pace in the agricultural industry, being used as plant growth promoters. Initially, biostimulants were only used for vegetable and fruit crops, along with other high-value crops such as ornamentals and plantation crops. Now, they also play an important role in traditional food crops such as corn, wheat, and rice, by being used as an added complement along with fertilizers to catalyze nutrient uptake process of the crops. Moreover, biostimulants are perfectly compatible with integrated crop management techniques that are a subset of sustainable agriculture. Innovations in process technologies for biostimulant formulation creates an opportunity for the manufacturers to come up with new products based on seaweed ingredients and plant extracts. For instance, Valagro (Italy), a biostimulant and specialty nutrient manufacturer, developed the GeoPower technology that acts as the platform for its biostimulant products. Development of such a technology and the entry of new players in the biostimulant industry create an opportunity for the market to grow in the next 6 years.
Asia Pacific is projected to witness the highest growth in the biostimulants market during the forecast period.
Asia Pacific is projected to witness the fastest growth in the biostimulants market from 2019 to 2025. The growth of the biostimulants market in the region is driven by the increasing investment of key players in countries such as China, India, and Indonesia. There are multiple domestic biostimulant manufacturers in the Chinese market; these companies are introducing both generic and patented products in the market. The contribution of regional companies—such as Sea6 Energy (India), which has increased the production of innovative marine-based biostimulant technologies and products such as AgroGain—has encouraged other domestic players in the industry to be competitive and come up with innovative methods in their regions. Even global companies have been introducing their innovative products and technologies in the Asian market through organic strategies. For instance, Valagro (Italy) recently launched its biostimulant product YieldOn in the Indian market as an expansion strategy.
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The key players in the biostimulants market include BASF (Germany), Valagro (Italy), Bayer (Germany), UPL (India), Biolchim (Italy), Isagro (Italy), Italpollina (Italy), Syngenta (Switzerland), FMC Corporation (US), Adama (Israel), Koppert (Netherlands), Acadian Seaplants (Canada), Biovert (Spain), Haifa Group (Israel), and Sapec (Portugal).