The global biostimulants market is expected to garner substantial growth through 2032 owing to its various beneficial impacts on on-farm profitability.
Rapidly expanding population and shrinking arable land has necessitated the requirement to maximize agricultural productivity worldwide to feed the population. Farmers depend on chemical pesticides and fertilizers to transform the agricultural industry. Synthetic fertilizers indirectly endanger human health and have negative consequences on the environment. This has resulted in the substitution of biostimulants for synthetic stimulants, which is likely to foster industry growth over the review timeline.
The biostimulants market has been divided in terms of active ingredients, application, crop, form, and region.
Based on active ingredients, the industry has been bifurcated into acid-based, extract-based, and others. The others segment was valued at $368 million in 2022. Growing global food consumption, combined with increased use of biostimulants to boost crop output, is expected to drive the product demand during the projection period.
With respect to application, the soil treatment segment is poised to grow appreciably by 2032. The increased demand for soil treatment is being fueled by efforts to increase soil fertility to better utilize arable lands. Improved water retaining capacity is yet another important element that is favorably affecting biostimulants use in soil treatment.
In terms of crop, the row crops segment is anticipated to foresee sizable growth over the review timeline credited to the high production of oilseeds and food grains. Due to an increase in sustainable practices with limited resources such as water and land, biostimulant products are becoming more significant in the agricultural sector to reduce the environmental consequences.
Considering form, the dry segment is set to witness steady expansion through the forthcoming years attributed to the several advantages it offers including low cost, promotion of cell division, plant respiration, and photosynthesis that enhance lateral bud growth and postpone the aging process of plant tissues.
From the regional perspective, the Asia Pacific biostimulants market is projected to exhibit more than 11% CAGR from 2023 to 2032. Agriculture plays a significant role in people’s livelihoods in the different economies of Asia Pacific. The region’s growing population has a strong demand for food. Biostimulants are utilized to increase agricultural production in order to meet the productivity needs.
The use of biostimulants leads to improved plant yield as they aid in optimum plant nutrient absorption without compromising the environmental aspects. The product also contains beneficial microorganisms, which when applied to plants increase nutrient uptake, abiotic stress tolerance, and crop development in general.
Some of the renowned companies partaking in biostimulants industry are Bayer S.p.A, BASF SE, AGRICHEM, BioAg, Lallemand, and others.