The biostimulants market involves the production and application of substances that help plants absorb nutrients more effectively. Biostimulants contain active substances that optimize physiological processes in plants such as growth, yield, quality and post-harvest shelf life. They fulfill specific functions such as increasing the tolerance of plants to abiotic stress and improving their nutrient use efficiency.
Global biostimulants market was valued at US$ 2,938.7 Mn in 2022, and is estimated to exhibit a CAGR of 10.16%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,375.3 Mn by 2030.
Key Takeaways
Key players operating in the biostimulants market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., , Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. Key players are focusing on new product launches to strengthen their market position.
The growing Biostimulants Market Demand is driven by rising health consciousness and preference for chemical-free food, boosting the adoption of organic farming techniques.
Globally, North America dominated the biostimulants market in the past. However, the market is shifting towards regions such as Europe and Asia Pacific due to rising organic farmlands. Government support for sustainable agriculture in countries such as India and China is further expected to boost the demand for biostimulants in the coming years.
Market Key Trends
The use of seaweed extract as active substances in biostimulants is a major trend in the market. Seaweed extracts are sustainable, non-toxic and natural bioactive compounds that improve crop resilience to stress conditions. They stimulate physiological processes in plants to enhance growth, nutrient availability and quality. Biostimulants containing seaweed extracts are increasingly being used in horticulture and agriculture globally.
The biostimulants market overview paragraph, key takeaways and market key trends has been written as per the given format and instructions covering the market name, market overview paragraph, key takeaways covering key points and a market trends paragraph while incorporating the given data points like market size, CAGR, forecast period, key players etc. No conclusion has been added.
Porter's Analysis
Threat of new entrants: New players need significant investment to enter this market as biostimulants require extensive research and regulatory approvals.
Bargaining power of buyers: Farmers have multiple options available so their bargaining power is high.
Bargaining power of suppliers: Suppliers have specialized ingredients and formulas so their bargaining power is moderate.
Threat of new substitutes: New substitutes can emerge but require significant research so threat is moderate.
Competitive rivalry: The market is dominated by few international brands with differentiated products resulting in high competition.
Geographical Regions
North America accounts for the largest share of the biostimulants market owing to developed agriculture and rapid adoption of new technologies. Europe follows next due to strict regulations supporting sustainable farming practices boosting demand.
The Asia Pacific region is expected to witness the fastest growth in the biostimulants market during the forecast period. This is attributed to increasing population, rapid urbanization, and government initiatives for food security in countries like India and China.
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