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Biostimulants Market to Record Steady Growth by 2027

The global biostimulants market is estimated to be valued at USD 3.5 billion in 2022. It is projected to reach USD 6.2 billion by 2027, recording a CAGR of 11.8% during the forecast period. Biostimulants are biologically derived compounds that help to improve crop vigor, yield, quality, and tolerance to abiotic stresses. They can be applied to plants, seeds, soil, and other growing media to nurture the plant’s growth and development throughout its lifecycle, from seed germination to plant maturation. Biostimulants have been used for many years; the industry began to gain importance among growers and manufacturers due to many factors, such as the development of new technologies, growth in investment in the industry, and the lower growth rate of the agrochemical industry with falling commodity prices.

Biostimulants Market

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Restraints: Commercialization of low-quality biostimulant products

Lack of transparency in patent protection laws in various countries has led to the prevalence of low-quality products. Even though the biostimulants market has limited entry barriers and allowed many competitors to commence operations, the nature of the market has become fragmented into smaller pockets of market holdings. This has been a factor in introducing low-quality products in the market by regional or local manufacturers to reap the benefits of the growing demand for biostimulants. The low prices of these products from small-scale domestic manufacturers also attract farmers to purchase them. Similar product formulations from many competitors reduce consumer loyalty as well as the brand value of the products. The biostimulants market is expected to be a niche market experiencing strong growth trends, which has to be capitalized on by developing innovative products that act on a wide range of crops with better results. When a company does not develop its unique selling proposition in the biostimulants market, it would find difficulty expanding its presence other than in the regional market.

Opportunities: Growing demands for seed treatment

According to MarketsandMarkets insights, there is a growing demand for biostimulant treated seeds globally. The production of high-quality and effective seeds is essential for obtaining a higher crop yield. Biostimulants facilitate an increase of seed vigor during the crucial growth phases, due to which they are being used globally for seed treatment purposes. In addition, many companies have already started exploring this segment with increased investments in R&D activities. The right combination of synthetic crop protection and biological-based seed treatments is proving to be useful. Cotton seedlings were the first to be treated on a large scale with biological solutions in the US in 1999; the industry has grown since. Seed treatment provides an efficient mechanism for enhancing the activity of seeds in the soil environment, where they are appropriately positioned to colonize seedlings and roots and protect them against soil-borne diseases and pests.

Global initiatives such as the “Good Seed Initiative by Commonwealth Agricultural Bureaux International (CABI) for the Sub-Saharan, African and Asian countries and the SeEdQUAL by Consultative Group on International Agricultural Research (CGIAR) are driving the use of effective biostimulants in the global seed treatment industry. The biostimulant seed treatment products not only help in protecting seeds but also act as seed enhancers. With the intervention of changes in different formulations and active ingredients, these biostimulants, in combination with biopesticides, bioinsecticides, and other biocontrols, provide a broad spectrum of protection from insects, diseases, and nematodes. By establishing a symbiotic relationship between roots and soil, biostimulants provide essential benefits to crop efficiency and productivity. Such innovations are expected to offer growth opportunities for key players in the market.

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Europe dominated the biostimulants industry and is projected to grow at a CAGR of 11.5% during the forecast period

Europe accounted for the largest share in the biostimulants market in 2021. An increase in land degradation, the need for quality parameters, and the need for high product yield have strengthened the European regulatory authorities demand for clean and sustainable input solutions. The concept of organic production has also gained popularity among farmers and consumers in the last decade. The need for organic products, such as biostimulants, has seen a rising trend in the EU. This has boosted various European biostimulant companies expanding their global network to reach the untapped market. The region has also launched the ‘European Green Deal’ initiative, which aims to expand the use of sustainable practices, such as precision agriculture, organic farming, agroecology, agroforestry, and stricter animal welfare standards. The new ‘Farm to Fork’ Strategy aims at reducing the environmental and climate footprint of the EU food system, strengthening its resilience, ensuring food security, facilitating the transition toward competitive sustainability from farm to fork, and making use of new business opportunities.

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: edwardscott1121