The global biostimulant market revenue is being positively influenced by the growing interest in sustainable agriculture. Today, agricultural and food production systems are facing critical challenges such as a growing population, rising levels of hunger and malnutrition, climate change, biodiversity loss, and the overexploitation of natural resources. As a result, there is a substantial demand for biostimulants to enhance crop productivity due to the scarcity of cultivable land.
In addition, the market is expanding due to the use of biostimulants in cosmetic products such as soaps, shampoos, and creams. Furthermore, the use of liquid biostimulants in fertilisers and insecticides to improve plant stress tolerance is also creating a sustained demand for advanced biostimulants. The biostimulant market is also poised to witness innovation on the back of ongoing investments in agricultural RD efforts.
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Extensive Use of Biostimulants for Organic Farming Open New Growth Prospects
In recent years, customers have been purchasing more organic goods due to growing health concerns, helping to shift consumer mindset toward organic food items. This attitude shift is predicted to speed up the growth of the organic food industry, further enhancing the global demand for biostimulants. Since organic food is residue-free, non-toxic, and environmentally friendly, it is in high demand for personal health and environmental reasons.
Thus, the growing demand for organic food and farming is driving the demand for biological crop nutrition, steering the biostimulant market toward robust maturity. Meanwhile, government support for the utilisation of bio-based agricultural solutions, such as biostimulants, is predicted to open extremely viable business opportunities in the biostimulant market.
Seaweed Extracts Attract Higher Demand, Positively Impacting Market Expansion
Seaweed extracts are gaining popularity in agriculture as they enhance plant health and productivity. These extracts have been utilised for a long time to improve crop production and soil fertility as they contain auxin, cytokinins, major and minor nutrients, amino acids, vitamins, and growth-promoting compounds. Humic compounds have also been widely used by farmers to grow various crops.
These compounds have the potential to cause significant morphological changes in roots and aid in modifying nutrient absorption and acquisition activities in plant membranes. As a result of these benefits, the seaweed extract category is predicted to hold the largest market share in the global biostimulant market. Moreover, consistent growth in seaweed production and its diverse applications for agricultural purposes are likely to augment its demand across international markets.
Optimistic Outlook Toward Biostimulants Strengthens North America’s Biostimulant Market
Europe’s biostimulant market is expected to dominate revenue share amid the growing government emphasis on using sustainable farming techniques and the presence of several biostimulant-promoting councils in the region. Moreover, the EU’s agricultural regulatory framework is becoming more receptive to environmental concerns, encouraging the development of sustainable and eco-friendly models and practices that focus on optimising plant resources. On the other hand, North America’s biostimulant market will experience sound revenue growth throughout the forecast period, driven by promising funding for agricultural RD endeavours.
Major Market Players
Leading players in the global biostimulant market include BASF SE, UPL, Valagro S.p.a, Gowan Company, ILSA S.p.a., Rallis India Limited, Haifa Group, Adama Ltd., Biovert S.l., Koppert Biological Systems, Tradecorp International, Agritecno, Axeb Biotech Sl, Mafa Bioscience, Lawrieco, Devi Cropscience, Bioflora, Agricen, and Bonumose Inc.
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