Biostimulants Market by Active Ingredients (Humic Substances, Seaweed Extracts, Microbial Amendments, Amino Acids), Mode of Application (Folier, Soil Treatment, Seed Treatment), Form (Liquid, and Dry), Crop Type, & by Region – Global Forecast to 2026
Northbrook, IL — (SBWIRE) — 02/01/2022 — The biostimulants market is estimated at USD 3.2 billion in 2021; it is projected to grow at a CAGR of 12.1% to reach USD 5.6 billion by 2026. Food and agricultural production systems worldwide are facing unprecedented challenges from an increasing demand for food for a growing population, rising hunger and malnutrition, adverse climate change effects, overexploitation of natural resources, loss of biodiversity, and food loss and waste. There is an increased demand for sustainably produced food, with lesser concentration of synthetic chemicals and higher concentration of biologicals. Hence, biostimulants are helping to address this issue in a sustainable manner, by providing protection against stress and thereby stimulating the growth of the plant.
The amino acids sub-segment is estimated to account for the largest market share in the by active ingredient segment for the biostimulants market.
For the production of biostimulants, amino acids can be obtained through chemical synthesis of plant proteins and by enzymatic hydrolysis of animal proteins. Amino acids are the monomers of protein chain being involved in many plant physiological processes, such as metabolic and nutrient transport functions. Plants have the ability to produce amino acids, but the process of synthesis is tedious and slow, which can be overcome by external application of amino acids. Thus their larger use is estimated to account for their higher market shares.
By mode of application, the seed treatment sub-segment is estimated to account for the fastest growth in the biostimulants market.
Application of biostimulants as seed treatment aids to reduce environmental stress at the time of sowing, and improving yield, all starting from seed germination. These benefits of seed treatment are driving their growth in the biostimulants market.
The liquid sub-segment by form is estimated to account for the largest market share of the biostimulants market over the forecast period.
Liquid biostimulants are manufactured on large industrial scale levels and also can be developed according to the increasing demands without further addition to manufacturing costs. Ease of application, and transports are some of the driving factors for their growth in biostimulants market. Major companies that manufacture liquid-based biostimulants include UPL (India), Koppert (Netherlands), BASF SE (Germany).
The cereals & grains sub-segment is estimated to observe the fastest market growth in the biostimulants market during the forecast period.
The global production of cereals and grains is ever-increasing and simultaneously with the increase in population and per capita income of the countries such as India, China, Japan the Asian region the populations there are increasingly becoming aware of agricultural sustainability and consumption of nutritious and organically produced food, thus their market is projected to grow speedily.
Europe is estimated to be the largest market.
EU has boosted many biostimulant companies in Europe who have been expanding their global network to reach the untapped market. The region has also launched the “European Green Deal” initiative under which aims to expand the use of sustainable practices such as precision agriculture, organic farming, agroecology, agro-forestry and stricter animal welfare standards. Further the new Farm to Fork Strategy aims at reducing the environmental and climate footprint of the EU food system, strengthening its resilience, ensuring food security, facilitating the transition towards competitive sustainability from farm to fork and making use of new business opportunities.
Key players in this market include BASF SE (Germany), UPL (India), Valagro S.p.A (Italy), Gowan Group (US), FMC Corporation (US), ILSA S.p.A (Italy), Rallis India Limited (India), and Haifa Group (Israel). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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