The Global Biostimulant Market is projected to register a CAGR of 13.2% during the forecast period. As a result of the recent COVID-19 pandemic, the supply and demand got poorly hit and this has led to reduced demand for the products in the market. Most of the biostimulant plants and companies were allowed for operation as they were deemed as an essential business in the United States. Therefore, companies were able to continue manufacturing products. However, the pandemic did affect the market dynamics in terms of demand falling off for some crops in the wake of the virus.

The organic food industry, which is growing at a healthy rate, is the major driving force behind the growth of the biostimulant market. Increased awareness among the farmers especially in the Asia-Pacific region regarding the benefits of biostimulants is another factor augmenting the growth of the market studied. The market is also growing due to the increased adoption of sustainable farming methods.

Europe is the largest geographical segment of the market studied. The increasing concern on environmental health is anticipated to aid the growth in the market, over the forecast period. Biostimulants are widely used on cereals, fruits, and vegetables. These segments account for around half of the market share. The demand from the North America region is driven by the demand from turf & ornamental segment of the region.

UPL Corporation Limited, Tradecorp International, and Biostadt India Ltd. cover the majority of the market share. Acquisitions, partnerships, and investments are the most adopted strategies in the market.

Key Market Trends

Expansion in Organic Production Practice is Driving the Market

The increasing support and acceptance within mainstream agriculture, for sustainable agriculture techniques, have led to a safer field application of products, like plant biostimulants. Sustainable farming drives farmers toward the use of biostimulants, thereby saving costs, enhancing productivity, and the environment. ​ Organic biostimulants are significant for the future of the agricultural industry, in terms of promoting organic practices. Biostimulants can enhance soil microflora, which, in turn, helps make the uptake of nutrients more efficient and boost internal defenses against environmental stresses and disease pressure.

Biostimulants are associated with organic farming and gardening, which are currently witnessing healthy progress in conventional agriculture as well. Biostimulants are increasingly being perceived as a response to the consumer demand for ‘softer’ agricultural practices. According to the Research Institute of Organic Agriculture (FiBL), the area under organic production increased from 58.09 million hectares in 2016 to 72.29 million hectares in 2019. As organic food products are produced without using any pesticide or fertilizer, the demand for plant biostimulants is on the rise. Consequently, the increasing popularity of organic farming drives the demand for biostimulants.

Europe Dominates the Global Market

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The European Union’s stringent regulations on environmental safety and support for organic farming have paved the way for a flourishing biostimulant market in European countries, such as Germany, Italy, and France. In addition, inventions in plant biostimulants, targeting specific agronomic needs, are attracting new customers in Europe. According to FiBL, the organic area share of total farmland in Europe increased from 2.0% in 2016 to 3.0% in 2019. An expansion of organic area from 13.54 million hectares to 16.53 million hectares was observed during the sale period.

Being an export-oriented market, European countries use biostimulants in cereal-based crops. The recent changes in regulations in the fertilizer industry are further strengthening the European segment. Furthermore, owing to the ready availability of raw materials and high effectiveness, humic acid is the largest category of biostimulants consumed and marketed in Europe. Some of the major crops where biostimulants are applied are citrus, pome fruits, grape, olives, broccoli, cabbage, carrots, cauliflower, cucumber, onion, eggplant, garlic, melons, tomato, squash, watermelon, pepper, tomato, wheat, rice, maize, oilseed, sugar beet, turf, flowers, and ornamentals.

In Germany, the German Federal Office of Consumer Protection and Food Safety (BVL) has developed a regulatory framework for “plant strengtheners” (PS) that corresponds to biostimulants. Commercial products containing more than 5.0% of seaweed extracts cannot be considered as PS. Therefore, a new regulation, specifically for biostimulants, can help in strengthening the market in the future.

Competitive Landscape

The Global Biostimulant Market is highly fragmented, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market. North America and Europe are the two regions showing maximum competitor activities. The major companies in the Global Biostimulant Market include: UPL Limited, Biostadt India Limited, Agrinos AS, Valagro SpA., and Ilsa SpA., among others.

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