Biostimulants Market Size, Growth Drivers, Opportunities, Top Companies, and Challenges
Edward Scott
Associate Marketing Director | Food & Beverage, Agriculture Research Reports & Consulting
The biostimulants market size is projected to reach USD 7.6 billion by 2029 from USD 4.3 billion by 2024, at a CAGR of 12.0% during the forecast period in terms of value. Biostimulants contain substances that stimulate plant growth, enhance nutrient uptake, and improve stress tolerance, leading to higher crop yields and improved quality. Farmers are increasingly adopting biostimulants to maximize their crop productivity and profitability. Many biostimulants are derived from natural sources and are compatible with organic farming practices. They offer organic growers effective tools to enhance crop productivity and resilience while adhering to organic certification standards.
Biostimulants Market Drivers : Rise in demand for sustainable agricultural practices
One major driver fueling the growth of the biostimulants market is the increasing demand for sustainable agricultural practices. As awareness of environmental issues grows and consumers demand more eco-friendly products, there is a rising interest in agricultural solutions that minimize chemical inputs, reduce environmental impact, and promote long-term sustainability. Biostimulants, with their ability to enhance crop productivity while minimizing the use of synthetic fertilizers and pesticides, align well with this trend towards sustainable agriculture. As a result, the market for biostimulants is experiencing significant growth as farmers seek out solutions that support both environmental stewardship and economic viability.
Challenge: Variability of product efficacy
Biostimulant effectiveness can be influenced by various factors, such as product formulation, application timing, environmental conditions, and crop genetics. Due to this variability, farmers may experience inconsistent results when using biostimulant products, leading to uncertainty about their economic and agronomic benefits. Additionally, the lack of standardized testing protocols and performance metrics makes it difficult for farmers to evaluate and compare different biostimulant products accurately.
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By mode of application, the soil treatment segment is expected to hold a significant market share in the biostimulants market.
Soil treatment with humic substances extracted from different sources has been extensively shown to enhance the iron nutrition of crop plants. The presence of humified organic matter in soil sediments further contributes to building up a reservoir of iron for plants by releasing metal ligands and forming Fe-humic substance complexes that can be readily utilized by plants for iron uptake. Enzymatic hydrolysis has emerged as a recent method to produce various biostimulants, including those derived from sewage sludge, chicken feathers, okra, and rice bran. These biostimulants are applied in soil bioremediation to address contamination by various pesticides such as chlorpyrifos, MCPA, oxyfluorfen, 2,4-D, and dicamba. Overall, soil treatment with biostimulants offers numerous benefits, including enhanced iron nutrition for crops and remediation of pesticide-contaminated soils.
Europe to dominate the biostimumlants market during the forecast period.
European farmers and policymakers increasingly prioritize sustainable agricultural practices to address environmental concerns, reduce chemical inputs, and enhance food security. Biostimulants align well with these goals as they offer solutions to improve soil health, crop resilience, and yield sustainability. European consumers are increasingly demanding environmentally friendly and sustainably produced food products. This consumer trend translates into a growing market demand for biostimulant-treated crops, prompting farmers to integrate biostimulants into their agricultural practices.
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BASF SE (Germany)
BASF SE is a leading figure in the chemical industry, boasting a wide array of business segments including nutrition and care, materials, chemicals, agricultural solutions, industrial solutions, and surface technologies. The company provides a diverse range of chemical products such as intermediates, monomers, petrochemicals, dispersions, pigments, care chemicals, nutrition and health products, paper chemicals, performance chemicals, catalysts, construction chemicals, coatings, performance materials, and crop protection products. As of April 2024, BASF SE has restructured its business segments into chemicals, materials, industrial solutions, surface technologies, nutrition and care, agricultural solutions, and others. Within agricultural solutions, the company focuses on offering biostimulant products to consumers across various regions.
BASF has significantly increased its investment in the agricultural solutions sector, particularly in biostimulants, which are substances or microorganisms used on plants to enhance nutrient absorption, stress resistance, and growth stimulation. This emphasis on biostimulants aligns with the growing demand for sustainable agricultural practices and solutions to boost crop yields while minimizing environmental impacts. With a strong global presence, BASF SE operates through subsidiaries and joint ventures in over 93 countries. The company manages six integrated production sites and 234 additional production facilities situated across Europe, Asia, Australia, the Americas, and Africa.
In August 2022, BASF Venture Capital GmbH and Aqua-Spark invested in Sead Energy Pvt. Ltd. during a Series B funding round, totaling INR 1402 million (approximately USD 18.5 million). Sead Energy specializes in producing biostimulants for agriculture using red seaweed, a sustainable raw material mainly found in tropical waters in Asia. Their integrated model includes cultivation technology suited for deep waters and adverse weather conditions, aided by satellite imagery to optimize seaweed farm locations. With operations in Bali, Indonesia, for commercial seaweed farming and processing plants in Tuticorin, India, Sead Energy leads in tropical red seaweed production and processing. BASF's investment diversifies its biostimulants portfolio and strengthens its position in the emerging market for seaweed-derived products.
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UPL (India)
UPL is a leading provider of comprehensive crop solutions dedicated to ensuring global food security. Its operations are divided into the Agrochemical Products and Industrial Chemicals segments. Within the Agrochemical activities segment, UPL offers a range of services including biostimulants, seeds, crop protection solutions, post-harvest solutions, aquatics, farmer engagement, and other related businesses. With a presence in over 138 countries and 48 manufacturing plants, UPL's ProNutiva program stands out by combining natural BioSolutions, such as bioprotection, biostimulants, and bionutrition, with traditional crop protection products to meet or exceed real-world needs. UPL utilizes acquisitions as a key strategy to solidify its market presence.
In May 2022, UPL announced a strategic partnership with Kitesca M660 Innovation Center, marking a significant advancement in the biostimulants market, particularly in North America. The collaboration aims to commercialize innovative BioSolutions technologies, providing tailored solutions for optimal plant development, improved yields, and enhanced crop quality. This long-term agreement underscores the strategic importance of biosolutions in UPL's global vision, demonstrating their commitment to sustainable food production and grower profitability. Through this partnership, UPL plans to introduce five biostimulants and innovative nutrition products, including ALFA, MOTO, VELEXI, SERENIS, and CEVO, targeting specific crops and offering diverse solutions for agricultural needs. This partnership solidifies UPL's position as a major player in the biostimulants market and addresses the growing demand for sustainable agriculture practices.
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Biostimulants Market Segmentation:
This research report categorizes the biostimulants market based on active ingredients, crop type, mode of application, formulation, and region.
By Active Ingredients
By Crop Type
By Mode of Application
By Formulation
By Region:
For more information about the biostimulant industry, visit: https://www.marketsandmarkets.com/Market-Reports/biostimulant-market-1081.html
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