(MENAFN- PR Newswire)
NEW YORK, Sept. 4, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global biostimulants market
size is estimated to grow by USD 1.74 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over
11.21%
during the forecast period. Increasing demand for biostimulants in the agricultural industry
is driving market growth,
with a trend towards
reduction in arable land. However,
rise in demand for fertilizers
poses a challenge. Key market players include ADAMA Ltd., Atlantica Agricola, Bayer AG, Bioiberica S.A.U., Biolchim Spa, Biostadt India Ltd., Biovert SL, Crop Demetra Ltd., FMC Corp., Haifa Negev technologies Ltd., Idai Nature S.L, Italpollina Spa, Koppert, Micromix Plant Health Ltd., Novozymes AS, OMEX, RAG Stiftung, SEIPASA SA, SICIT Group Spa, and UPL Ltd..
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Technavio has announced its latest market research report titled Global biostimulants market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Biostimulants Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 11.21% |
| Market growth 2024-2028 |
USD 1740.6 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
9.16 |
| Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
| Performing market contribution |
Europe at 32% |
| Key countries |
Germany, China, US, Japan, and Canada |
| Key companies profiled |
ADAMA Ltd., Atlantica Agricola, Bayer AG, Bioiberica S.A.U., Biolchim Spa, Biostadt India Ltd., Biovert SL, Crop Demetra Ltd., FMC Corp., Haifa Negev technologies Ltd., Idai Nature S.L, Italpollina Spa, Koppert, Micromix Plant Health Ltd., Novozymes AS, OMEX, RAG Stiftung, SEIPASA SA, SICIT Group Spa, and UPL Ltd. |
Market Driver
Due to the shrinking arable land worldwide, there is a pressing need to enhance crop productivity to meet the increasing food demand. By 2020, the global food demand is projected to increase by 70% compared to current levels, necessitating an additional 34 million square kilometers of new arable land. However, the global arable land area is expected to decrease by 11% by 2050. To maintain productivity in the existing arable land, the application of fertilizers must be increased. Total Factor Productivity (TFP), a crucial agricultural productivity indicator, is declining. Biostimulants offer a solution by improving crop yield, making them an essential tool for farmers. The market for biostimulants is poised to grow as the demand for food increases and arable land continues to shrink.
The Biostimulants Market is experiencing significant growth, particularly in the agriculture sector. Key trends include the use of biostimulants in oilseeds and pulses, durum wheat, and podded crops. Products like hydrolysates, humic substances, kelp extracts, biopolymers, and microbial-derived enzymes are gaining popularity. Nitrates Directive compliant phosphite, silicon, and foliar treatments are also in demand. Primary and secondary metabolites such as plant chemicals, amino acids, betaines, peptides, proteins, sugars, aminopolysaccharides, lipids, vitamins, nucleotides, nucleosides, humic chemicals, and beneficial microorganisms are essential components. The market caters to various crops, vegetables, and food products. Government bodies focus on improving crop water efficiency, addressing abiotic stress, and dealing with climatic scenarios. Soil aeration, water retention, and microbial capability are crucial factors. PH level plays a vital role in the effectiveness of biostimulants. The industry outlook is positive, with continued research and development in this area.
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Market Challenges
Micronutrients, such as zinc, iron, phosphorus, and magnesium, are essential elements for plant growth, although they are required in small quantities. A deficiency of these micronutrients can negatively impact critical plant functions, resulting in low yields, reduced growth, and abnormalities. These micronutrients play a crucial role in enhancing crop quality and soil fertility during various stages of plant growth. Biostimulants, which contain these micronutrients, can be applied to plants to rectify nutrient deficiencies. These nutrients enhance the nutritional content of horticultural crops, including fruits and vegetables. Additionally, they are vital components of fertilizers, widely used to improve soil fertility. However, the increasing demand for fertilizers may hinder the sales of biostimulants during the forecast period.
The agriculture sector faces numerous challenges in enhancing crop water efficiency, particularly in growing plants like vegetables and fruits. Abiotic stress from climatic scenarios and soil degradation are major concerns. Biostimulants, such as protein hydrolysates, offer solutions by improving soil condition, increasing water retention, and boosting aeration. These products enhance crop quality and yield, contributing to improved farm production and shelf-life of food products. Government bodies encourage the use of biostimulants to mitigate environmental concerns and reduce reliance on synthetic chemical fertilizers. Biostimulants help plants better cope with stressors, ensuring germination and crop protection. The industry outlook is positive, with the fruits & vegetables segment expected to dominate due to increasing population growth and demand for high-quality produce. However, addressing challenges like PH level and microbial capability remains crucial for market success. Soil reclamation and crop improvement are key areas of focus for sustainable agriculture and biostimulant innovation.
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Segment Overview
This biostimulants market report extensively covers market segmentation by
Product
1.1 Acid-based
1.2 Extract-based
1.3 Microbial amendments and others
Application
2.1 Foliar
2.2 Soil
2.3 Seed
Type
3.1 Row crops and cereals
3.2 Fruits and vegetables
3.3 Turfs and ornaments
3.4 Others
Geography
4.1 Europe
4.2 APAC
4.3 North America
4.4 South America
4.5 Middle East and Africa
1.1
Acid-based-
The Biostimulants Market refers to the sale of products that enhance plant growth and improve crop yield. These include substances like humic acids, seaweed extracts, and microbial inoculants. Manufacturers produce these products using natural sources or through synthetic processes. The market is driven by increasing agricultural productivity and environmental sustainability concerns. Key players include Haifa Group, Valagro, and Bio-Techne. Companies focus on research and development to create effective and eco-friendly solutions. The market is expected to grow steadily due to rising demand from farmers and agricultural industries.
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Research Analysis
Biostimulants are organic or mineral substances that enhance plant growth and crop production by improving soil condition, water irrigation, and nutrient availability. Protein hydrolysates, beneficial microorganisms, and humic substances are common types of biostimulants. Population growth and climate change have increased the demand for sustainable agriculture practices, making biostimulants an attractive alternative to synthetic chemical fertilizers. Natural resources are finite, and biodiversity loss is a growing concern, making the use of biostimulants essential for maintaining land fertility and crop quality. Biostimulants can improve crop yield and crop improvement, particularly in oilseeds and pulses, vegetables, and other food products. They also help plants cope with abiotic stress and climatic scenarios, enhancing crop water efficiency and contributing to soil reclamation. Overall, biostimulants play a crucial role in ensuring food security and sustainable agriculture.
Market Research Overview
Biostimulants are organic or mineral substances that enhance plant growth and crop production by improving soil condition, water irrigation, and nutrient availability. These products include protein hydrolysates, synthetic chemical fertilizers, humic substances, kelp extracts, biopolymers, microbial-derived enzymes, phosphite, silicon, and foliar treatments, among others. The global biostimulants market is driven by population growth, climate change, and the need to protect natural resources and biodiversity. The agriculture sector, particularly in the fruits & vegetables segment, is a significant consumer of biostimulants. These products help improve crop quality, yield, and resistance to abiotic stress, as well as increase crop water efficiency and germination. The market also caters to the needs of arable lands suffering from soil degradation and environmental concerns. Government bodies are promoting the use of biostimulants to address soil reclamation and improve land fertility. The industry outlook is positive, with a focus on developing new products such as primary and secondary metabolites, amino acids, betaines, peptides, proteins, sugars, aminopolysaccharides, lipids, vitamins, nucleotides, nucleosides, humic chemicals, and beneficial microorganisms. The use of biostimulants in seed treatment and foliar sprays is also gaining popularity. However, the market faces challenges such as the Nitrates Directive, regulatory requirements, and the high cost of some products compared to synthetic chemical fertilizers. The market is expected to grow significantly in the coming years, driven by the increasing demand for sustainable agriculture and the need to address the challenges of climate change and population growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Acid-based
Extract-based
Microbial Amendments And Others
Application
Type
Row Crops And Cereals
Fruits And Vegetables
Turfs And Ornaments
Others
Geography
Europe
APAC
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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SOURCE Technavio
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