Biostimulants Market to Reach US$ 6.6 Bn By 2031, TMR Study

·6 min read
  • Incorporation of humic acid and fulvic acid in biostimulant compositions help manufacturers tap into vast avenues; adoption of products to improve yield of fruits and vegetables generate substantial revenue streams in biostimulants market

  • R&D in mechanisms of novel raw materials to open up new application areas, particularly in seaweed extracts

WILMINGTON, Del., Aug. 18, 2022 /PRNewswire/ -- A detailed demand analysis of biostimulants market underscores the trend that efforts of industry players in raising the awareness about appropriate usage of products for variety of crops and plant types have translated into sizable revenues. Initiatives undertaken to make agriculture more resilient has spurred the application of products in improving the yield, especially for oilseeds and pulses, cereals and grains, and fruits and vegetables. The biostimulants market is projected to advance at a CAGR of 9.6% during 2021–2031.

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Continuous advancements in functional characteristics of biostimulants have paved way to new opportunities for agrochemical companies. Growers are likely to benefit from next-gen products in the biostimulants market in that their applications will improve nutrient use efficiency and tolerance to abiotic stresses. Stridently, massive commercialization of new biostimulants formulations containing humic acid and fulvic acid has propelled sales of sales of biostimulants market.

Contemporary breeding programs for improving seed and grain yield and quality are leaning on reducing the need of fertilizers and adopting biostimulants for agriculture production. Extensive R&D in recent years have increasingly expanded understanding of the mode of action of biostimulants based on seaweed extracts and plant hormones. Of note, macroalgae seaweeds extracts have evoked interest among industry players, as emerging trends of the biostimulants market indicate.

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Key Findings of Biostimulants Market Study

  • Raising Awareness About Appropriate Usage in Different Crops Enriching Prospects: Industry players are keen on creating awareness of the appropriate usage of biostimulants, since the mode of action varies for different crops and plants. This will help growers improve the yield of their plants in suboptimal conditions. In particular, the need for natural alternatives for fertilizers for boosting yield of crops has nudged manufacturers and distributors to raise awareness, such as through workshops.

  • Abundant Demand for Humic Acid and Fulvic Acid-Based Biostimulants Underpins Lucrative Opportunities: Massive demand for biostimulants products based on humic acid and fulvic acid has created an enormous revenue potential. The products are gaining rapid adoption in the agriculture industry, notably for fruits and vegetables. The segment held a major share of the biostimulants market in 2020.

  • Firms Keen on Unveiling Next-Gen Products to Enhance Crop Quality Traits to Capture Value: The past few years have witnessed extensive R&D on exploring and incorporating novel raw materials in the formulations. Of note, organic non-microbial biostimulants have witnessed substantial research in recent times. In this regard, seaweed extracts have evoked massive interest. Growing understanding of the targets of seaweed extracts-based biostimulants for various crops will expand the commercialization of next-gen products in biostimulants market.

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Biostimulants Market: Key Drivers

  • Technological advancements around the world in boosting the sustainability of agricultural production systems are reinforcing the market prospects of biostimulants. Their commercialization hinges on the rising adoption of these in the agriculture industry in improving plant development in various plant growth conditions.

  • Advancements in agriculture practices have led stakeholders to reduce the consumption or use of fertilizers and pesticides, and shift their attention to natural biostimulants. The initiatives pivot from growing understanding of mechanism of their action, introduction of cutting-edge processes for their extraction, and better purification techniques.

Biostimulants Market: Key Players

Agrochemical companies in the market are gearing toward entering into collaborations, making strategic moves for mergers, and leaning on joint ventures to strengthen their positions or shares. Some of the key players in the biostimulants market are Haifa Group, Agricen, Agriculture Solutions Inc., Biolchim SPA, Italpollina S.p.A., Premier Tech Ltd., Agrinos, Isagro S.p.A., AGC Chemicals, Valagro SpA, and Syngenta.

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Biostimulants Market Segmentation

  • Product

  • Application

Regions

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

Countries

  • U.S.

  • Canada

  • Germany

  • U.K.

  • France

  • Italy

  • Russia

  • Japan

  • China

  • India

  • ASEAN

  • Brazil

  • Mexico

  • GCC Countries

  • South Africa

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