The biostimulants market is expected to grow enormously by 2028 owing to surging need for nutritious diet among consumers globally. In addition, mounting awareness pertaining to the benefits of healthy lifestyle, along with soaring emphasis on better food and soil productivity, is likely to further support market growth through the forecast period.
Escalating requirement for fertile lands and higher crop yield to accommodate the rapid population growth have increased the focus on product innovation and bolstered investments in R&D activities to develop effective biostimulants. For instance, in February 2022, Department of Pharmacy, University of Naples Federico II, discovered that biostimulants improved plant health and mitigated the damage caused to young olive trees due to abiotic stress.
The biostimulants market has been bifurcated based on form, active ingredients, application, crops, and region. The active ingredients segment has been further classified into acid based, extract based, and others. Under acid based, the industry has been segregated into fulvic acid, humic acid, and amino acid.
The fulvic acid segment is estimated to be valued at over USD 380 million by 2028, growing at a CAGR of approximately 12% through the forecast period owing to increasing number of products containing fulvic acid in the market due to advancements in biotechnology. The amino acid segment is expected to expand at a rate of around 11.5% by 2028 on account of innovations like crop penetrant technology in synergistic approach with other agrochemicals.
Under extract based, the industry has been categorized into seaweed extracts and protein hydrolysates. The seaweed extracts segment is anticipated to garner a revenue of approximately USD 2220 million by the end of 2028. Seaweed has emerged as a cost-effective biostimulant in developing countries like India since it does not require fresh water, fertilizers, pesticides, or energy.
The others extract based active ingredients comprise of antioxidants and marine polysaccharides, which are expected to drive segmental progress at about 10% CAGR with sales of roughly USD 685 million by 2028.
In terms of crops, the biostimulants market has been divided into row crops, turfs & ornamentals, fruits & vegetables, and others. The row crops segment has been further segmented into corn, wheat, rice, soyabean, rape/mustard seed, and others. The corn segment is projected to cross over USD 1 billion in sales revenue, depicting a CAGR of around 12% through the study timeframe.
Meanwhile, global consumption of biostimulants from the wheat segment is estimated to reach over 180 kilo tons by 2028 as it is a staple food product that is used as an animal feed product and in making biscuits, breads, and cakes. Owing to its many health benefits like preventing obesity, treating Alzheimer's disease, and bettering heart health, the rice segment is poised to be valued at around USD 310 million by 2028.
The biostimulants market share from the soyabean segment is anticipated to grow at above 12% CAGR in the review period since soyabean is rich in antioxidants and phytonutrients that have different health benefits. Similarly, the rape/mustard seed market is forecast to achieve more than USD 210 million in revenue by 2028. Other row crops, such as dry beans, are projected to expand at a rate of around 9% by 2028.
Under fruits & vegetables, the market has been further categorized into fruits (strawberry, apple, grapes, citrus fruits, and others) and vegetables (solanaceous and root crops, leafy vegetables, seed vegetables, and others). Fruits are estimated to be worth approximately USD 850 million by 2028.
The strawberry segment is expected to grow at a CAGR of over 13% through the forecast timeframe while the grapes market is likely to expand at roughly 12.5% CAGR between 2022 and 2028. The apple segment is foreseen to garner a revenue of above USD 140 million by 2028 on account of growing demand for antioxidant rich apples.
Owing to increased applications of citrus fruits in making salads, jams, and pies, the citrus fruits market is set to exceed USD 260 million valuation by 2028. The others segment is estimated to depict more than 11.5% CAGR over the forecast period supported by several benefits of key nutrients imparted by other fruits, such as avocados, bananas, and blueberries.
Moreover, the vegetables segment is calculated to be worth nearly USD 1300 million by 2028 driven by surging usage of biostimulants in vegetables to improve their nutrition efficiency and accelerate growth. The solanaceous and root crops segment is likely is likely to witness growth at over 11.6% CAGR through the review time period as these crops offer increased productivity.
The potatoes segment size would reach around USD 390 million in revenue by 2028 due to the wide range of applications of potatoes. The tomatoes segment is expected to observe strong growth at approximately 12% CAGR through the study timeline owing to prevalent demand in skincare and processed products.
Capsicum and chilies offer rich antioxidant properties, which is speculated to boost global consumption of the crops to over 11 kilo tons by 2028. The onion segment is projected to be valued at above USD 95 million by 2028 on account of massive cultivation preference for onions. Other vegetables like carrots and radishes are foreseen to exhibit steady growth at over 10.5% between 2022 and 2028.
Leafy vegetables are contemplated to record a market size of above USD 200 million by 2028 due to their high content of iron, fiber & potassium as well as extensive use in dietary foods. The leafy vegetables segment has been further segmented into lettuce, spinach, cabbage, cauliflower, and others.
The lettuce segment is likely to grow massively through 2028 on account of increased consumer preference for green diet. Driven by rejuvenation of traditional recipes that are encourage spinach consumption, the spinach segment is primed to attain a valuation of above USD 25 million over the study timeframe.
Biostimulants in cabbage are responsible for increased content of photosynthetic pigments and decreased polyphenol content, which is slated to help the cabbage segment grow at about 12% CAGR by 2028. The cauliflower segment has witnessed a spike in consumption owing to increased cultivation to help improve digestion and weight loss and is anticipated to grow at above 12% in terms of volume by 2028. Other leafy vegetables, which include mustard green, kale, collard green, and watercress, is expected to reach about USD 15 million valuation by the end of the review period.
Seed vegetables, including cucumbers, brinjals, pumpkins, bottle guards, and others, depend on biostimulants for growth and are likely to exhibit notable expansion at around 11% CAGR by 2028. Other crops are primed to contribute about USD 80 million in revenue by 2028 to the biostimulants market globally.
In the regional landscape, the Latin America biostimulants market is foreseen to observe sizable growth at a rate of over 11.5%, with sales surpassing USD 690 million by 2028. Rising demand & popularity of organic products, environmental concerns over agrochemical consumption, and growing need to increase agricultural production to meet the needs of ever-growing population are some key drivers estimated to fuel biostimulants market growth in the LATAM region.
Meanwhile, the Middle East & Africa biostimulants industry is foreseen to garner a valuation of about USD 240 million by 2028, depicting a growth rate of nearly 10.5% through 2028. Biostimulants are used as microbial agricultural chemicals to enhance the growth of crops. Increased demand for organic farming for better health of crops in the MEA region is driving market growth. Further, rising concerns regarding soil health & environmental safety are anticipated to augment biostimulants market progress in the region.