The biostimulants market is estimated at USD 3.9 billion in 2023 and is projected to reach USD 6.8 billion by 2028, at a CAGR of 11.8% from 2023 to 2028. Climate change and environmental concerns have become paramount in shaping agricultural practices. The unpredictability of climatic conditions, including shifts in temperature and the increased frequency of extreme weather events, poses significant challenges to crop production. In this context, biostimulants emerge as valuable tools to help plants adapt to stress conditions induced by climate change. The capacity of biostimulants to enhance plant resilience, mitigate the impact of drought, and aid in acclimatizing crops to extreme temperatures positions them as essential components of climate-smart agriculture. As the agricultural sector grapples with the realities of a changing climate, the role of biostimulants in promoting crop adaptability becomes increasingly crucial for ensuring food security and sustainable farming practices.
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Drivers: Strong demand for high-value crops
A high-value agricultural good is one that has a high economic value per kilogram (or pound) per hectare or calorie. Fruits, vegetables, meat, eggs, milk, and fish are examples of high-value items. The main drivers of expanding demand for high-value crops (fruits, vegetables, and plantation crops) are rising incomes, rapid urbanization, and greater awareness of fruits and vegetables’ health advantages. Foreign direct investment (FDI) is another element that has accelerated the transition of agricultural production toward high-value agriculture. According to the FAD Statistical Yearbook 2020 Report, primary crop production in 2020 was 9.3 billion tons, up 52% from 2000. Sugar cane, com, wheat, and rice account for half of global primary crop production
Challenges: Uncertainty in global biostimulant regulatory framework
Biostimulants are not governed by any uniform classification anywhere in the world. They are not classed as a distinct category with a standardized global definition. According to EBIC, there is disagreement in Europe over whether biostimulants should be classified as plant protection or plant nourishment, resulting in a divided set of contradictory perspectives on the goods. In France, they are classified as additives, whereas in Germany, they are sold as plant straighteners or growth promoters.
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Based on crop type, fruits and vegetables is anticipated to have the highest growth rate in the market
Increasing consumer awareness regarding the impact of conventional farming on the environment and health has led to a rising demand for fruits and vegetables grown using organic and sustainable practices, further fueling the need for biostimulants. The surge in demand for biostimulants in the fruits and vegetables market reflects a broader shift towards sustainable and environmentally friendly agricultural practices. As the industry continues to evolve, businesses involved in the production and distribution of biostimulants are well-positioned to capitalize on this growing market. Some of the commonly used biostimulants for fruits & vegetables are- Seaweed extracts, another key category, are rich in essential nutrients. These extracts not only stimulate plant growth but also fortify plants against stress, ultimately enhancing their resilience and overall vigor. Their wide array of essential elements contributes significantly to plant health; Derived from decomposed organic matter, humic substances form another vital group of biostimulants. These substances play a pivotal role in enhancing soil fertility, increasing water retention, and improving nutrient availability. The result is a soil environment conducive to robust plant development; Amino acids and protein hydrolysates, as biostimulants, offer plants a readily available source of amino acids. This facilitates critical processes such as protein synthesis, nutrient absorption, and stress tolerance, contributing to the overall well-being of the plant.
The Europe region is accounted for the largest share in 2022 in terms of value.
The region’s agricultural landscape is characterized by a strong commitment to environmental stewardship, with farmers increasingly seeking innovative solutions to enhance productivity without compromising long-term sustainability. The European Union’s endorsement of bio-based products, coupled with supportive regulatory frameworks, has provided a conducive environment for the widespread adoption of biostimulants across various crops. Biostimulants, which encompass a diverse range of substances fostering plant growth, have garnered increasing attention as key contributors to optimizing crop yields while minimizing ecological impact. The European market for biostimulants is experiencing robust growth, driven by stringent regulations promoting sustainable farming practices and the increasing preference for organic produce.
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Key players operating in this market include BASF SE (Germany), UPL (India), Valagro (Italy), Gowan Group (US), FMC Corporation (US), ILSA S.p.A (Italy), Rallis India Limited (India), Haifa Group (Israel), ADAMA (Israel), Biovert-Manvert (Spain), Koppert (Netherlands), and AgriTecno (Spain). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.
