Biostimulants Market To Generate Revenue Worth $7.81 Billion by 2030

The global biostimulants market size is projected to generate $7.81 billion revenue by 2030, advancing at a CAGR of 11.3% during 2021–2030. This will be on account of the rising occurrence of soil degradation and the surging need for eco-friendly and sustainable alternatives to boost growth as well as productivity in the agriculture sector.

In addition, the demand for biostimulants has witnessed significant growth in recent years, on account of the increasing food wastage all over the world. As per the food waste index report 2021, published by the United Nations Environment Programme (UNEP), there is around 121 kg annual per capita food wastage globally, out of which 74 kg is from households, 32 kg from food services, and 15 kg from retail.

Globally, there has been an augmented focus on the importance of a healthy lifestyle and the benefits of nutritional food. Furthermore, with the increase in population worldwide, the demand for food products is likely to surge, thereby enhancing the need for biostimulants. Additionally, these products help diminish the amount of abiotic stress in plants. Thus, these factors are expected to drive the biostimulants market size in the forecast period.

Moreover, government organizations are actively involving themselves in the launch of various programs to educate farmers regarding several benefits offered by biostimulants, thereby leading to the industry expansion. For instance, in July 2021, the Indian government implemented Bhartiya Prakritik Krishi Padhati (BPKP), as a sub-scheme of Paramparagat Krishi Vikas Yojana (PKVY), for the promotion of traditional indigenous practices. The scheme mainly focuses on the exclusion of all synthetic chemical inputs and promotes on-farm biomass recycling with major stress on the use of cow dung-urine formulations, biomass mulching, and plant-based preparations. Thus, governmental efforts are projected to significantly aid market growth in the forthcoming period.

Amino Acid Dominates the Market Share

The demand for amino acid is witnessing rapid growth, based on active ingredients. This is primarily due to the increased need for amino acids like humic acid and fulvic acid to enhance the potency of various crops, including cereals & grains, oilseeds & pulses, and fruits & vegetables. These acids are prepared from organic components by the decomposition of animal, plant, and microbial residues.

Moreover, these substances alter the primary and secondary metabolism of plants, enhancing root growth, nutrient uptake, and crop tolerance to environmental stresses. Furthermore, humic acid influences plant physiology, rhizosphere microorganism composition, and function, which are leading to its high demand.

Europe Leads the Market

The European market held the largest share, of more than 36%, in 2021, owing to the increasing agronomic products production and demand and the changing consumer habits toward organic and eco-friendly products. Furthermore, the need to restore degraded soil, the availability of numerous acid and extract-based biostimulant variants for various crop types, and the presence of several agricultural operations in Europe accelerate the regional market growth.

The major players operating in the biostimulants market are BASF SE, Delair SAS, Biolchim S.p.A., Isagro S.p.A., Arysta Lifescience Corporation, Valagro S.p.A, Koppert Biological Systems, Italpollina SpA, Syngenta AG, and Adama Agricultural Solutions Ltd.