Biostimulants Market Size, Share, Demand & Trends by 2029
Future Market Insights has forecasted the global bio-stimulants market to reach a valuation of US$ 6,383.6 Mn in 2029. Owing to its emergence as a sustainable solution that could improve agricultural sustainability and enhance crop yields.
The bio-stimulants are anticipated to showcase
absolute dollar opportunities in the global market with a current valuation of
around US$ 2,773.8 Mn and are anticipated to reach US$ 6,383.6
Mn by 2029. The global business is estimated to witness a considerable
CAGR of 11.0% during the period between 2022 and 2029.
A half-yearly comparison has been presented by FMI,
analyzing its key insights into the growth outlook of the bio-stimulant market.
The market is predominately influenced by certain demographic factors,
macroeconomic and innovation factors including, population growth, agricultural
production outlook, increasing yield and productivity of crops and others.
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Key Takeaways
- The
global demand for bio-stimulants increased by a magnitude of 10.3% over
the first half of 2021, it was further estimated to witness a growth rate
of 10.8% during the first half of 2022, however, bio-stimulants demand to
witness an increase of 20 bps as per the current estimates.
- There
are several recent developments witnessed in the bio-stimulants market
including product innovations, enhancement of the applicability and
mergers and acquisition of key market participants.
- The
demand for bio-stimulants is anticipated to bolster during the forecast
years 2022 to 2029 due to extensive development taking place in the
agricultural industry as it is used to increase yield per unit area and
crop productivity.
- Bio-stimulants
are used as active ingredients for fruits, vegetables, turfs, and
ornamental crops along with amino acid and fulvic acid-based goods are
also attributed to the growth of the market.
- Between
2014 and 2021, sales of Bio-stimulants expanded at a 9.7% compound annual
growth rate (CAGR), owing to increasing demand for agricultural products
and coupled with increasing the productivity of the crops.
- Bio-stimulants
imbibe various promising and potential prospects across the horticulture
and agriculture sectors. Increasing need for an eco-friendly solution to
agriculture, especially in developing countries such as India, China,
and others creating a new opportunistic market for the bio-stimulants
Competitive Landscape
BASF SE, Isagro S.p.A., Novozyme A/S, UPL Corporation
Limited, FMC Corporation, Acadian Seaplants Limited, Agrinos AS, BioAtlantis
Ltd., Biostadt India Ltd., Koppert B.V., Italpollina Spa, Micromix, Syngenta
AG, Trade Corporation International, Agricen, Omex Agrifluids Ltd., Valagro
SpA, Oxon Italia S.p.A. are some of the key companies profiled in the full
version of the report.
Through numerous mergers and acquisitions, major firms
are working on growing their global influence. Over the next few years, this
tendency is projected to continue. Many market players have been able to expand
their separate operations in numerous geographies as a result of the increasing
number of strategic partnerships in the bio-stimulants sector.
- In
2019, PI Industries Limited (PI), acquired Isagro (Asia) Agrochemicals
Private Ltd (Isagro Asia) from Isagro Spa and its affiliates, the total
transaction was valued at around US$ 46.5 Mn.
- In March
2018, the Syngenta AG, acquired Strider, a leading market player in
the Latin America digital agriculture market.
- In
2017, FMC Corporation acquired a significant portion of DuPont’s global
crop protection business.
More Insights into the Bio-stimulants
Market
The United States is likely to dominate the
bio-stimulants market in the global sphere throughout the forecast period of
2022-2029. The United States is expected to lead the North American
market with a substantial value share in terms of consumption.
Owing to the rapid expansion of the organic food
business is one of the primary drivers of the bio-stimulants market’s outreach.
The market is expected to outgrow further as farmers adopt sustainable farming
practices. The lawn and ornamental segment of the region drives demand in the
North American region.
Implementation of favorable rules for regional product
adoption should be boosted along with an emphasis on organic farming and yield
enhancement. This booming region also gives new industry participants an
opportunity to enter the market for agricultural investment. The United
States’ major focus is on organic farming which is helping to boost
regional market share.
Due to increasing environmental concerns and strict
regulations in the region, the U.S has been one of the major consumers of
bio-based products. Vast technological advancements act as an added bonus for
the country as it gives attractive production location for bio-stimulant
manufacturers. U.S. is expected to reach about US$ 1,154.2 Mn by the
year 2029.
Germany is anticipated to reach an estimated
value of US$ 518.1 Mn by the end of 2029. The European region has
emerged as one of the world’s largest revenue-generating areas and is expected
to dominate the global market over the forecast period.
Owing to supportive government policies that aim at
increasing organic food production are likely to propel growth in the
bio-stimulants market. Germany has the largest share of the European
bio-stimulants market among all other nations and is likely to maintain its
dominance over the forecast period.
What was the Impact of COVID-19 Crisis on
Biostimulants Market?
During the Covid-19 outbreak, consumer purchasing
patterns demonstrated a significant transition from non-organic to natural,
which is still occurring now. A growing emphasis on preventative healthcare is
slowly but steadily causing a shift in global traditional farming practises,
with producers being urged to produce more utilising environmentally friendly
methods and resources. The pandemic has accelerated the shift from globally to
more local economies in the manufacturing sector.
In the midst of this, biostimulant raw material
manufacturers experienced supply shortages and trouble maintaining operational
continuity. The agriculture industry, on the other hand, was overwhelmingly
supported by governments around the world, and huge efforts were made to manage
the streamline of their operations as usual in order to maintain productivity.
Biostimulants Market by Category
By Active Ingredient:
- Acid-Based
- Extract-Based
- Others
(Including Microbial Amendment, Trace Minerals, etc.)
By Crop Type:
- Row
Crops
- Fruits
& Vegetables
- Turfs
& Ornamentals
- Other
Crop Types
By Application:
- Foliar
- Soil
- Seed
By Region:
- North
America
- Latin
America
- Europe
- South
Asia
- East
Asia
- Middle
East & Africa
- Oceania
Browse
Full Report: https://www.futuremarketinsights.com/reports/biostimulants-market
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