Biostimulants Market Size, Share, Demand & Trends by 2032
The market for biostimulants is predicted to
be worth US$ 3.4 billion in 2023, and rise to US$ 9.6 billion by 2033. Demand
is expected to increase at a CAGR of 10.8% over the projected period.
Due to their numerous potential applications and
promising futures, biostimulants are employed in horticulture and agriculture.
Growing demand for eco-friendly agricultural solutions in developing nations
like China and India opens up a new market opportunity for biostimulants
producers.
Since food security and public health are closely
related, all parties participating in the agri-food sector have sought to
enhance sustainable food production. The largest phytopharmaceutical companies
in Asia Pacific and Europe have intensified their production and research
activities for natural products.
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Lack of restrictions related to the product's
commercialization may impede the market's development and expansion during the
projection period. Growth is constrained by a lack of confidence in new
products, a shortage of information about high-quality products, and a lack of
clear regulatory.
In the majority of markets, the data requirements for
the product are often obtained from those produced from synthetic substances.
Similarly, there are still no well-established endpoints for risk evaluations
despite the fact that these products have been used in commerce for years.
Key Takeaways
- By
2033, the US dominates the biostimulants market, with a CAGR of 9.6%.
- The
market for biostimulants increased at a 10.1% CAGR between 2017 and 2022,
citing FMI's study.
- The
expansion in China is anticipated to expand at an adequate CAGR of 13.3%
by 2033. China’s market is likely to generate a share of US$ 1.1 billion
by 2033.
- Japan's
market share for biostimulants is 10.8% by 2033, with the value of US$ 490
million.
- Between
2023 and 2033, the biostimulants market is likely to increase in South
Korea at 11.6% CAGR, respectively.
- The
expansion in the UK is anticipated to expand at an adequate CAGR of 9.9%
by 2033. The UK's market is expected to generate a share of US$ 476.2
million by 2033.
- Based
on active ingredients, the acid-based segment is expected to dominate the
market with a CAGR of 10.6% by 2033.
- The
adoption trends of biostimulants are predicted to change due to the rising
demand for organic farming. As a result, the market is anticipated to
increase positively by 1.09x between 2022 and 2023.
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Key Strategies in the Industry
The main factor of the market's fragmentation is the
growth of local players and regional marketplaces in various regions of the
world. The two regions with the biggest market activity are North America and
Europe.
UPL Limited, Biostadt India Limited, Isagro SPA,
Valagro SpA, and Tradecorp International are a few of the leading businesses in
the biostimulants market. For the purpose of expanding their businesses, these
significant firms invest in new products, product improvement, expansions, and
acquisitions.
Recent Developments
- A
new line of biostimulant solutions based on GoActiv Technology was
launched by UPL Australia in June 2021. These products are intended to
target particular crop physiological "pain points" or abiotic
stresses in fruit and vegetable, vine, and tree crops.
- Isagro
Group acquired Phoenix Del in 2020 in order to increase the variety of
copper-based fungicides and biostimulants it offers. The goal of this
acquisition was to advance technology and transform the products in its
"BioSolutions" section.
Key segments
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
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