The Agricultural Biostimulants Market size is expected to reach USD 8,166.0 Million in 2030 and register a revenue CAGR of 11.2% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of Agricultural Biostimulants is due to various factors such as increase in need for sustainable agriculture and easier availability of seaweeds as raw materials. However, commercialization of low quality biostimulants products is a restraint that can affect market revenue growth.
Agricultural biostimulants are biological or biologically derived fertilizer additives and similar products that are used in crop production to supplement and enhance existing agricultural practices and crop outputs. This might help in improving nutrient-use efficiency, thereby helping plants tolerate abiotic stresses like heat, cold, drought and excessive water and to improve quality attributes like nutritional content, appearance, and shelf-life.
The agricultural sector is facing concomitant challenges of increasing productivity to feed the growing global population and increasing resource efficiency while minimizing impact on the environment and human health. Fertilizers and pesticides play a crucial role in agriculture, representing a powerful tool for farmers to increase yield and guarantee continuous productivity throughout the seasons under both optimal and suboptimal conditions. To reduce significant use of synthetic agrochemicals like pesticides and fertilizers, various technological innovations have been proposed to enhance the sustainability of agricultural production systems. Natural plant biostimulants, for example, can improve tolerance to a wide range of biotic stresses and improve flowering, plant growth, fruit set, crop productivity, and nutrient use efficiency.
Various agricultural companies are working to enhance crop health and nutrition with agricultural biostimulants derived from naturally occurring, diverse communities of microorganisms and biochemical byproducts they produce. Rigorous scientific research program continues to be focused on developing biostimulants and biological products in order to improve plant nutrition performance and provide farmers with the tools they need to increase productivity and sustainability, which is expected to drive market revenue growth.
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Some Key Highlights from the Report
- Among active ingredient segment, amino acids segment accounted for largest revenue share in 2021 and is expected to register a faster revenue CAGR during the forecast period. Amino acids help in activating seed germination and metabolic systems of plants and also stimulate fruit development, flowering, fruit setting, and seedling growth in plants as well as increased crop productivity under stressful environmental conditions. Amino acids increase plant tolerance to a variety of abiotic stresses, including salinity, drought, temperature, and oxidative conditions. Amino acids are the basic building blocks of proteins and fulfill multiple functions in the plant: structural, metabolic and transport. Amino acids are also known in the industry of products for agriculture as chelates of metal ions. Microelements chelated with amino acids form very small, electrically neutral molecules, which accelerate their absorption and transport within the plant. These types of products are beneficial for plants that require supplementation with microelements, which is expected to drive the segment revenue growth.
- Among application segment, foliar treatment segment accounted for largest revenue share in 2021 due to rising need to supply micronutrients in order to prevent the occurrence of deficiencies during the early stages of growth. As micronutrients are essential elements for plant growth, this is boosting the usage of foliar spray applications. Foliar spray application is one of the most preferred methods of utilizing biostimulants to enhance crop productivity and increase production efficiency. It helps plants to rapidly absorb micronutrients as it is directly applied to leaves. Foliar treatment of plants increases cellular activity and plant growth, and enhance nutrient uptake, which is expected to drive the segment revenue growth.
- Agricultural Biostimulants Market in North America accounted for largest revenue share in 2021 due to rapid growth in organic farming in countries in the region. Supportive government initiatives to increase production of organic food owing to rising demand are projected to increase usage of agricultural biostimulants going ahead. Government has also supported research and development activities to boost utilization of bio-based products in the agriculture sector. The market in this region is driven by the increasing importance of a sustainable agriculture approach and development of new innovative products that target specific agronomic needs.
- In January 2022, UPL Ltd. and other shareholders in Sinagro Produtos Agropecuarios SA, Brazil, announced an agreement in which Bunge Ltd. would acquire a 33% stake in Sinagro to strengthen its grain orientation strategy in Brazil. This deal basically strengthens the partnership with Bunge in a relationship that would generate mutual benefits. Bunge’s expertise in risk management and its logistics capacity maximizes opportunities in the grain market for sustainable, traceable, and verifiable production.
- Companies profiled in the global market report include FMC Corporation, BASF SE, UPL Limited, Agricen, Marrone Bio Innovation, Biolchim SpA, Valagro SpA, Biostadt India Limited, Andermatt Biocontrol AG, Koppert B.V., Micromix Plant Health Ltd.
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