by The global Biostimulants Market is estimated to be valued at US$ 2,938.7 Mn in 2022 and is expected to exhibit a CAGR of 10.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are specialty products that help enhance crop nutrition, tolerance to abiotic stress, quality and yield when they are applied in small quantities. They help improve plant metabolism by influencing physiological processes which play a pivotal role in enhanced plant growth. Biostimulants contribute towards reduced dependence on agrochemicals due to their organic growth enhancing properties. They help increase various economic and agronomic benefits for farmers with sustainability.
Market key trends:
One of the key trends in the biostimulants market is the increasing demand for organic and sustainable farming practices. Consumers are increasingly demanding chemical-residue free food which is propelling the demand for organic food. Biostimulants are regarded as more sustainable and environment-friendly substitute for agrochemicals. They help enhance soil quality and reduce pollution through safer farming techniques. Another major trend is the expansion of applications of biostimulants in turf and ornamentals along with row crops and fruits & vegetables. Their role in improving stress tolerance, color, quality and shelf life of flowers, turf grasses as well as landscape plants is driving greater adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Establishing operations requires significant capital investments in R&D and manufacturing facilities which pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high. The biostimulants market has numerous global as well as regional players providing similar products to customers. Buyers can easily switch between various brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials have the control over pricing and product differentiation but changing suppliers is not difficult.
Threat of new substitutes: The threat of substitutes is low. There are limited substitute products for biostimulants used in agriculture.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players providing similar products. Companies compete based on product performance, pricing and expansion strategies.
Key Takeaways
The global Biostimulants Market Insights is expected to witness high growth, exhibiting CAGR of 10.16% over the forecast period 2023-2030, due to increasing demand for organic farming and sustainable agriculture.
Regional analysis: North America dominated the biostimulants market in 2022 and is expected to continue its dominance during the forecast period. Asia Pacific is expected to be the fastest growing market due to increasing acceptance of biostimulants in countries like India and China.
Key players: Key players operating in the biostimulants market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S. These key players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
