by Biostimulants are products containing substances that when applied to plants or soils enhance nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop quality. They help improve yield and quality of products such as fruits and vegetables without being toxic to humans or the environment.
The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for organic foods is a major factor driving the biostimulants market. There is increasing consumer preference for organic food due to rising health concerns regarding the consumption of chemical-based food products. Organic food production relies on natural materials like biostimulants instead of synthetic fertilizers and pesticides. Biostimulants help improve crop yield and quality under organic farming practices. As demand for organic food increases across regions, adoption of biostimulant products is also expected to rise significantly. This will support the market growth over the forecast period.
SWOT Analysis
Strength: Biostimulants improve crop yield and quality. They enhance nutrient uptake efficiency, abiotic stress tolerance and overall plant health.
Weakness: High R&D costs and lack of standardized regulations limit widespread adoption.
Opportunity: Increasing demand for sustainable agriculture practices and organic foods drives growth. Population rise boosts need to improve agricultural productivity.
Threats: Price fluctuations in raw materials impact production costs. Slow commercialization hampers market expansion.
Key Takeaways
The Global Biostimulants Market Size is expected to witness high growth. The market size for 2023 is US$ 3237.27 Bn and forecast period is 2023 to 2030 with a CAGR of 5.9%.
The global biostimulants market is dominated by North America and Europe due to rapid adoption of advanced agrochemicals to boost farm output. These regions account for over 60% market share due to favorable government initiatives and educated farmer communities. Growing Asia Pacific is also projected to emerge as a lucrative market for biostimulants with India and China as major contributors.
Key players operating in the biostimulants are BASF SE, Isagro, VALAGRO, Novozymes, Koppert Biological Systems.These major players are focusing on new product launches and strategic partnerships to strengthen their market presence. They invest heavily in R&D to develop innovative biostimulant formulations tailored for diverse crop types and geographies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
