The global biostimulants market size was valued at USD 3.64 billion in 2023. The market is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, exhibiting a CAGR of 11.69% during the forecast period.

To improve crop quality, abiotic stress tolerance, and nutrition efficiency, biostimulant cultivation—which applies chemicals or microbes to plants—is becoming more and more popular in the agricultural industry. increased interest in organic farming, a move toward sustainability, and increased worries about the environment and climate are all contributing to the growth of the biostimulant market.

However, the COVID-19 epidemic had a negative impact on the market. The pandemic-induced fall in sales for major market participants and disruptions to the supply chain impeded the market’s expansion. The market for biostimulants has a promising future despite this setback because of the persistent need for sustainable farming methods and creative ways to boost crop resilience and productivity.

Fortune Business Insights™ mentioned this in a report titled, “Biostimulants Market, 2024-2032.”

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Improving Biochemical and Physiological Traits of Crops to Boost Non-Microbial Segment Growth

By source, the market is classified into microbial and non-microbial. The non-microbial segment leads the market and is expected to grow significantly during the forecast period. The segment’s growth is attributed to the improving biochemical and physiological traits of crops.

Rising Seaweed Cultivation Globally to Drive Seaweed Extracts Market Growth

Based on active ingredient, the market is divided into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others. The seaweed extracts segment is dominating the market due owing to the growth in the cultivation of seaweed.

High Effectiveness of Foliar Spray to Improve Plant Health Augment Foliar Application Segment Expansion

By application, the market is classified into foliar application, soil treatment, and seed treatment. The foliar application segment held the largest part in the biostimulants market share due to its high effectiveness of foliar spray in improving plant health.

Increasing Adoption of Greenhouse Vegetable Production to Drive Row Crops Segment Growth

Based on crop, the market is categorized into row crops, fruits and vegetables, turf & ornamentals, and others. The row crops segment is projected to dominate the market during the forecast period owing to increasing adoption of greenhouse vegetable production and rising demand for high-value crops.

Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The biostimulants market report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the biostimulants market players.
  • The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints

Increasing Awareness Regarding Environmental Impact of Chemical-Based Fertilizers to Boost Market Growth

As more people become aware of the negative consequences of synthetic plant protection products and fertilizers based on chemicals, the market for biostimulants is expanding. Because farmers are looking for more natural and eco-friendly ways to raise their crops, biostimulants are becoming more and more popular. The expansion of the market is further propelled by these products, which are specifically designed to target crop growth and plant pests.

Nevertheless, the lack of laws governing the sale of biostimulants may prevent the industry from growing. To guarantee the effectiveness and quality of biostimulant products, as well as to give makers and users alike clarity, precise norms and criteria are required. Ensuring product safety and promoting innovation through regulatory frameworks could help realize the full potential of the biostimulant market.

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Regional Insights

Formation of Many Government Organizations to Aid Market Growth in Europe

In 2023, Europe held a dominant market share of USD 1.43 billion in the biostimulants industry. The formation of numerous governmental entities, such the Biostimulants Associations of ACI and the European Biostimulants business Council, has been a major factor in propelling the expansion of the regional business.

The Asia Pacific area is expected to experience significant growth during the forecast period. This growth can be explained by the fact that Asian manufacturers are depending more and more on premium agricultural products to fuel the growth of the local market. Consequently, it is anticipated that the biostimulants market in Asia Pacific will experience substantial growth in the upcoming years.

Competitive Landscape

Growing Key Players Focus on New Product Launches to Aid Market Expansion

The existence of significant market competitors contributes to the fierce rivalry found in the biostimulants industry. These businesses are putting more of an emphasis on innovation and launching new goods in response to farmers’ requests for improved crop resilience and efficient use of nutrients. The market is growing as a result of the focus on innovation and product development, as farmers look for cutting-edge solutions to maximize their crop yields and sustainable practices.

Key Industry Development

December 2023: Agro-K, a well-known family-run biostimulus manufacturer in the United States, was purchased by Rovensa Group, a prominent player in the agricultural input market. The acquisition will provide a superior array of supplementary solutions and bolster Rovensa’s biostimulant portfolio in the United States.

List of Key Players Present in the Report:

  • Bayer AG (Germany)
  • Syngenta AG (Switzerland)
  • UPL Limited (India)
  • Gowan Group (U.S.)
  • BASF SE (Germany)
  • Marrone Bio Innovations (U.S.)
  • SEIPASA S.A. (Spain)
  • I. Industries (India)
  • Novozymes A/S (Denmark)
  • Koppert Biological Systems (Netherlands)

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