Biostimulants are applied to the soil, plants, seeds, and other substrates for stimulating the natural processes of plants, which are intended to improve the nutrient use efficiency of plants. Biostimulants enhance the crop quality, crop vigor, and crop yield as well as crop tolerance to the abiotic stress. Biostimulants contain various formulations of microorganisms, substances, and compounds, which are applied to plants or soils. Biostimulants nurture the development of plants throughout their life cycle, right from seed germination to crop maturity. Biostimulants differ from conventional agrochemical solutions such as pesticides and fertilizers, as they work for the vigor of plants, but they are not intended for use against pests or diseases.
The global biostimulants market is anticipated to expand at a substantial pace during the forecast period, owing to the rising demand for eco-friendly agro products across the world. Biostimulants serve as an effective tool for the development of sustainable agricultural products. Factors such as increasing ecological concerns led by excessive usage of synthetic pesticides, reduction in the availability of arable land, rising demand for higher-value crops, and increasing adoption of eco-friendly agro products are estimated to promote the growth of the global biostimulants market during the forecast period.
A decrease in the availability of arable land has been triggering the usage of bio-based crop protection chemicals to increase crop yield over the last few years. There has been a significant decrease in the availability of arable land, due to a surge in population and erosion of soil over the last 50 years. Frequent plowing of fields and a rise in the usage of chemical-based fertilizers have led to soil degradation. Growing population and its varying consumption patterns are likely to create substantial demand for food in the near future, thereby pressurizing the existing arable land resources. Biostimulants serve as an eco-friendly solution that not only improves the quality and quantity of the crop yield but also enriches the structure and nutritive value of the soil. Thus, the decline in the availability of arable land is anticipated to present significant opportunities to the global biostimulants market in the near future.
Among products, the humic acid & fulvic acid segment is projected to dominate the global biostimulants market during the forecast period. These products improve nutrient uptake, root growth, and crop tolerance to abiotic stress. Among applications, the cereals & grains segment is anticipated to expand significantly during the forecast period. Biostimulants are widely employed in cereal and grain crops across the globe. Biostimulants offer better germination and root development. This, in turn, increases the crop yield. With the rising demand for organic products among consumers, the demand for biostimulants is likely to increase during the forecast period.
Biostimulants Market Forecast
Increasing responsiveness regarding the implementation of sustainable agricultural measures is expected to boost the demand for biostimulants in the next few years. However, lack of awareness among farmers regarding the benefits and efficacy of biostimulants, particularly in developing countries, is likely to hamper the global biostimulants market during the forecast period. Growers in developing nations prefer conventional techniques and they are likely to exhibit a sluggish rate of adoption of innovative agro products (including biostimulants) between 2019 and 2027.
The global biostimulants market has been segmented based on product, application, and region. Based on the product, the market has been divided into humic acid & fulvic acid, amino acids, microbial stimulants, seaweed, vitamins, and rationals. In terms of revenue, the humic acid & fulvic acid segment held a major share of the market in 2018. Based on the application, the global biostimulants market has been divided into oilseeds & pulses, cereals & grains, fruits & vegetables, and others. In terms of both revenue and volume, the fruits & vegetable segment constituted a significant share of the global market in 2018 and it is anticipated to expand at a rapid pace during the forecast period.
Based on the region, the global biostimulants market has been classified into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Europe dominated the global market in 2018. This trend is estimated to continue during the forecast period also. The region is projected to create lucrative opportunities for the biostimulants market in the near future. Factors such as stringent regulations about approval of agrochemicals in Europe, led by harmful effects of chemical-based agro products, and increasing demand for organic food is likely to boost the demand for biostimulants in Europe between 2019 and 2027. Germany is likely to lead the biostimulants market in Europe, followed by France and Italy, during the forecast period. The fruits & vegetable segment is likely to be a major consumer of biostimulants in Europe in the next few years.