CHICAGO, April 26, 2024 /PRNewswire/ -- The Biostimulants Market is estimated at USD 4.3 billion in 2024 and is projected to reach USD 7.6 billion by 2029, at a CAGR of 12.0% from 2024 to 2029 according to a report published by MarketsandMarkets™. The global biostimulants market has witnessed remarkable growth in recent years, driven by factors Such as growing awareness among farmers about the benefits of biostimulants in improving crop yield, quality, and resilience to stress factors such as drought, salinity, and disease. As more research validates the efficacy of biostimulants, their adoption is increasing across different crop types and regions. The increasing demand for organic food products has fueled the expansion of organic farming practices globally. Biostimulants play a crucial role in organic agriculture by providing natural solutions for nutrient management, pest control, and soil fertility enhancement, further boosting market growth.

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By formulation type, the liquid type holds the largest share in the biostimulants market.

The most commonly used biostimulants are humic acids, seaweed extracts, liquid manure composting, and beneficial bacteria and fungi. Seaweed extracts are usually available in liquid form, which is derived through various extraction processes. Liquid manure composting is created by mixing manure water with a blend of proprietary materials, which feeds specific bacteria in the manure, providing adequate conditions for microbial growth. This liquid is then used as a biofertilizer. Biostimulants in liquid form are usually applied through Foliar, which is one of the most commonly used methods for applying biostimulants. The demand for liquid biostimulants has been increasing with growing awareness about the benefits of their application.

By mode of application, seed treatment segment grows at the highest rate in the biostimulants market.

Seed treatment with biostimulants is a technology that helps counteract environmental stress during sowing while improving yield, starting from seed germination. This method is faster than conventional breeding or plant genetic modification, making it useful for seed treatment in countries where high temperatures during sowing could be a limiting factor. Biostimulant seed treatments provide a significant benefit by improving stress tolerance in plants. These treatments stimulate stress-responsive genes, prompting the production of protective compounds and reinforcing antioxidant defense systems. By enhancing stress tolerance, biostimulant seed treatments enable crops to begin the season with a stronger ability to maintain their yield potential from the outset.

By active ingredients type, the microbial amendments segment is estimated to grow at the highest rate in the biostimulants market.

Two prominent groups of microorganisms, beneficial fungi and beneficial bacteria, play vital roles in supporting plant health and growth. Notably, mycorrhizal fungi engage in a mutualistic symbiosis with plant roots, colonizing them to facilitate nutrient and water uptake from the soil through an external network of hyphae. In exchange, the plant provides the fungi with organic compounds and sugars. This symbiotic relationship significantly enhances the plant's root surface area, up to 1000 times, thereby improving its ability to absorb nutrients and water. Mycorrhizae can be produced using either in vivo or in vitro techniques, with the former ensuring the fungi's adaptation to soil conditions due to their growth in natural environments. Additionally, certain fungi, such as specific strains of Trichoderma, contribute to plant growth and productivity by promoting root formation and facilitating the colonization of the rhizosphere and roots by other beneficial microorganisms.

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The European region constitutes the largest share of the biostimulants market in terms of value.

Europe's agricultural sector plays a significant role in occupying land, according to the European Environment Agency. The region has many small farms that practice intensive farming and cultivate various crops. These factors contribute to its strong agricultural sector, making Europe one of the leading consumers of biostimulants. The European Biostimulants Industry Council (EBIC) plays a pivotal role in promoting the biostimulants sector's contribution to assisting farmers in cultivating sufficient quantities of high-quality crops profitably, while also employing resources efficiently. EBIC advocates for a regulatory framework that fosters a unified European market for biostimulants and acknowledges their role in promoting sustainable agricultural production, driving green innovation, fostering economic growth, and advancing other societal objectives. The utilization of biostimulants in agriculture is rapidly gaining momentum across Europe. Initially concentrated in lucrative sectors such as wine-growing, horticulture, and fruit-growing, their application is now expanding to encompass herbaceous field crops.

Key players in this market include BASF SE (Germany), UPL (India), FMC Corporation (US), Rallies India Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Corteva. (US), Nufarm (Australia), Syngenta Crop Protection AG (Switzerland), PI Industries (India), ILSA S.p.A. (Italy), Coromandel International Limited (India), Haifa Group (Israel), T.Stanes and Company Limited (India), Gowan Company (US), and Koppert (The Netherlands).

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