Biostimulant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Biostimulant Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global biostimulant market is experiencing positive growth due to increasing interest in sustainable agriculture. Agriculture and food production systems are facing significant challenges such as a growing population, hunger and malnutrition, climate change, biodiversity loss, and overexploitation of natural resources. As a result, there is a substantial demand for biostimulants to enhance crop productivity, particularly due to the scarcity of cultivable land. Biostimulants are also being used in cosmetic products like soaps, shampoos, and creams, further contributing to market expansion. The use of liquid biostimulants in fertilizers and insecticides to improve plant stress tolerance is creating a sustained demand for advanced biostimulants. Ongoing investments in agricultural R&D efforts are driving innovation in the biostimulant market.

Increased Use of Biostimulants in Organic Farming Creates Growth Opportunities

Growing health concerns and a shift in consumer mindset towards organic food have led to an increase in the purchase of organic goods. This trend is expected to accelerate the growth of the organic food industry, creating a higher demand for biostimulants. Organic food is in high demand due to its residue-free, non-toxic, and environmentally friendly characteristics, promoting personal health and environmental reasons. The rising demand for organic food and farming is driving the need for biological crop nutrition, contributing to the maturity of the biostimulant market. Additionally, government support for the use of bio-based agricultural solutions, including biostimulants, is expected to create viable business opportunities in the market.

Growing Demand for Seaweed Extracts Drives Market Expansion

Seaweed extracts are gaining popularity in agriculture for their ability to enhance plant health and productivity. These extracts contain auxin, cytokinins, major and minor nutrients, amino acids, vitamins, and growth-promoting compounds, making them valuable for improving crop production and soil fertility. Humic compounds have also been widely used by farmers to grow various crops, as they can cause significant changes in root morphology and assist in nutrient absorption. Due to these benefits, seaweed extracts are expected to hold the largest market share in the global biostimulant market. The consistent growth in seaweed production and its diverse applications in agriculture will further drive its demand in international markets.

Optimistic Outlook Strengthens North America's Biostimulant Market

Europe is projected to dominate the revenue share in the biostimulant market, driven by government emphasis on sustainable farming techniques and the presence of biostimulant-promoting councils in the region. The EU's agricultural regulatory framework is becoming more receptive to environmental concerns, encouraging the development of sustainable and eco-friendly models and practices. North America's biostimulant market is expected to experience solid revenue growth due to promising funding for agricultural R&D endeavors.

Major Market Players
Key players in the global biostimulant market include BASF SE, UPL, Valagro S.p.a, Gowan Company, ILSA S.p.a., Rallis India Limited, Haifa Group, Adama Ltd., Biovert S.l., Koppert Biological Systems, Tradecorp International, Agritecno, Axeb Biotech Sl, Mafa Bioscience, Lawrieco, Devi Cropscience, Bioflora, Agricen, and Bonumose Inc.

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