Biostimulants Market Report Size, Share, Global Industry Trends, Growth Statistics and Forecast - 2029

Chicago, June 21, 2024 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the biostimulants market is projected to reach USD 7.6 billion by 2029 from USD 4.3 billion by 2024, at a CAGR of 12.0% during the forecast period in terms of value. The global biostimulants market is experiencing significant growth with growing concerns about the environmental impact of conventional farming methods and the need to address issues like soil degradation and water scarcity, farmers and agricultural stakeholders are turning to biostimulants as a more sustainable alternative.

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Biostimulants offer a way to improve crop productivity and resilience while reducing reliance on synthetic chemicals, thereby aligning with the goals of sustainable agriculture. Additionally, there is a growing need for improved crop yields and quality to meet the demands of a growing global population. Biostimulants offer solutions to enhance nutrient uptake, stress tolerance, and overall plant health, thereby helping farmers achieve higher yields and better-quality crops. This need for increased agricultural productivity, coupled with the challenges posed by climate change and environmental degradation, further drives the adoption of biostimulants.

In the active ingredients segment, Seaweed extracts hold the largest share of the biostimulants market.

Seaweeds are rich sources of naturally occurring compounds such as cytokinins, auxins, and gibberellins, which have been shown to stimulate plant growth and development. These bioactive compounds act as potent biostimulants, promoting root growth, enhancing nutrient uptake, and improving stress tolerance in plants. Secondly, seaweed extracts contain a diverse array of micronutrients, vitamins, and trace elements essential for plant health, making them highly effective in supplementing soil fertility and correcting nutrient deficiencies. Additionally, seaweed possesses unique polysaccharides and other organic compounds that stimulate beneficial microbial activity in the soil, fostering a healthier rhizosphere environment for optimal plant growth.

In the crop type segment fruits & vegetables hold the largest share of the biostimulants market

Seaweed extracts sourced from Ascophyllum nodosum and Ecklonia maxima are commonly used biostimulants to enhance fruit quality. Protein hydrolysates are another effective option, improving plant nutrition and consequently fruit and vegetable quality. Extracts derived from Ulva lactuca, Pterocladia capillacea, and Jania rubens have been shown to increase fruit length and diameter in hot peppers, while Ascophyllum nodosum extracts have led to higher soluble sugar content in eggplants. Inorganic compounds containing carboxylic acids have demonstrated the ability to enhance fruit dimensions, including width, length, and thickness in apricots. Protein and nitrogen-based biostimulants are recognized for their capacity to improve fruit color. For instance, the capsicum variety Palermo exhibited enhanced fruit color through increased carotenoid levels after application of a commercial biostimulant composed of amino acids and vitamins as a leaf and fruit spray. Furthermore, humic and fulvic acids have been found to positively impact fruit length in apricots. Application of humic acids as foliar and soil sprays has resulted in increased total soluble solids and an improved ratio of BRIX to acidity, ultimately enhancing the taste of various fruits.

The Asia Pacific region is projected to be the fastest growing in the biostimulants market

With a growing population and shrinking arable land, there's a pressing need for higher crop yields and improved crop quality in the Asia-Pacific region. Biostimulants, by enhancing nutrient uptake, stress tolerance, and overall plant health, can help farmers meet these demands. The Asia-Pacific region is increasingly adopting advanced agricultural technologies, including biotechnology and precision farming practices. These technologies drive innovation in the development and application of biostimulants, making them more effective and tailored to the region's diverse crops and farming systems.

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Key Players in the Market

  • BASF SE (Germany)
  • Syngenta Crop Protection AG (Switzerland)
  • UPL (India)
  • FMC Corporation (US)
  • Rallies India Limited (India)
  • Sumitomo Chemical Co., Ltd. (Japan)
  • Corteva. (US)
  • Nufarm (UK)

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