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) -- 01/04/2022 -- The market for biostimulants 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.
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Driver: Increase in need for sustainable agriculture
Agricultural producers are required to identify possible ways to be more efficient and effective in the coming decade. Biostimulants can address this issue in a sustainable manner, by providing protection against stress and thereby stimulating the growth of the plant. The market for biostimulants is projected to grow in the coming years due to the increasing consumer awareness about the benefits of organic foods, implementation of organic regulations, and adoption of GLOBALGAP (Global Good Agricultural Practices) policies.
Restraint: Commercialization of low-quality biostimulant products
Lack of transparency in patent protection laws in various countries has led to the prevalence of low-quality products. Even though the biostimulants market has limited barriers for entry and has allowed many competitors to commence operations, the nature of the market has become fragmented into smaller pockets of market holdings. This has been a factor in the introduction of low-quality products in the market by regional or local manufacturers to reap the benefits of the growing demand for biostimulants. The low prices of these products from small-scale domestic manufacturers also attracts farmers to purchase them, which is in turn hampering the sales of biostimulants.
Opportunity: Technological advancements for biostimulant production
Technological innovation in the biostimulant sector creates the opportunity for the manufacturers to come up with new products in the biostimulant and plant growth promotor segments. Biostimulants are gaining pace in the agricultural industry with their increasing use as plant growth promotors. Initially, biostimulants were only used for vegetables and fruit crops, along with other high-value crops such as ornamentals and plantation crops. Now, they also play an importunate role in traditional food crops such as corn, wheat, and rice, by being used as an added compliment with fertilizers to catalyze the nutrient uptake process of the crops. Thus there are may innovative sources being developed by key players such as UPL (India) and Valagro S.p.A (Italy).
Challenge: Prevalence of uncertainty on the regulatory framework of biostimulants, globally
Biostimulants have not yet being governed under any standard categorization across the globe. Currently, biostimulants are not classified as a specific category with a consistent global definition. The lack of proper regulatory framework leads to the manufacture and sales of many questionable products in the market. This further Impact the adoption rate of biostimulants in the global markets.
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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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