The Global Biostimulant Market size was valued at $1,784 million in 2016, and is projected to reach $4,089 million by 2023, growing at a CAGR of 12.6% from 2017 to 2023.
Biostimulants are biologically produced fertilizers that are used to stimulate plant development and productivity, in addition to the nourishment of agrarian products. A biostimulant boosts plant development and growth throughout the crop life cycle, i.e., from seed germination to plant maturity. These fertilizers further help in facilitating nutrient translocation, assimilation, and use; and enhance soil fertility mainly by stimulating the development of interdependent soil microorganisms.
Humic acid has gained dominance in the recent years, owing to its superior properties as compared to other types of biostimulants. Humic substances are naturally occurring organic materials derived from biological sources, i.e., decomposed organic matter.
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Increase in demand for high crop yields and quality, and focus on sustainable agriculture to protect the environment drive the growth of biostimulant products. However, lack of education and awareness among farmers about the benefits of using biostimulants in agricultural activities is expected to impede the biostimulant market growth in the near future.
Acid-based biostimulants are expected to maintain dominance in the global biostimulant market during the biostimulant market forecast period. However, the extract-based biostimulants are anticipated to gain traction as well. In 2016, Europe dominated the acid-based biostimulant market, with more than 40% revenue share. Humic acid was the dominant type among the acid-based biostimulants in 2016, and is expected to maintain the similar trend during the forecast period. Among the extract-based biostimulants, seaweed extracts held a major market share in 2016.
In 2016, Europe and North America collectively accounted for approximately 65% share of the global market, and are expected to continue their dominance, owing to rise in focus on sustainable agriculture.
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The major companies profiled in the market include BASF SE, Biolchim S.p.A., Isagro S.p.A., Koppert B.V., Biostadt India Limited, Italpollina S.p.A, Novozymes A/S, Platform Specialty Product Corporation, Sapec Group, and Valagro S.p.A.
Key Findings of the Biostimulant Market:
- In terms of value, the extract-based segment is expected to grow at a CAGR of 13.2% during the forecast period.
- Europe is projected to maintain its lead position throughout 2023, growing at a CAGR of 12.2%, in terms of value.
- The seed application segment is estimated to grow at a high CAGR of 14.4%.
- Italy is expected to occupy around 25% of the European market by 2023.
- India is expected to grow at the highest CAGR of 13.7%, in terms of value, from 2017 to 2023.
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