Bio-stimulants Market to Grow at an Opulent CAGR of 11% Over 2022-2029 Owing to Expansion in the Organic Food Business | Future Market Insights, Inc.
Bio-stimulants are used as active ingredients for fruits, vegetables, turfs, and ornamental crops along with amino acid and fulvic acid-based goods are attributed to the growth of the market.
NEWARK, Del., Aug. 1, 2022 /PRNewswire/ -- Future Market Insights has forecasted the global bio-stimulants market to reach a valuation of US$ 6,383.6 Mn in 2029. Owing to its emergence as a sustainable solution that could improve agricultural sustainability and enhance crop yields.
The bio-stimulants are anticipated to showcase absolute dollar opportunities in the global market with a current valuation of around US$ 2,773.8 Mn and are anticipated to reach US$ 6,383.6 Mn by 2029. The global business is estimated to witness a considerable CAGR of 11.0% during the period between 2022 and 2029.
A half-yearly comparison has been presented by FMI, analyzing its key insights into the growth outlook of the bio-stimulant market. The market is predominately influenced by certain demographic factors, macroeconomic and innovation factors including, population growth, agricultural production outlook, increasing yield and productivity of crops and others.
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Key Takeaways
- The global demand for bio-stimulants increased by a magnitude of 10.3% over the first half of 2021, it was further estimated to witness a growth rate of 10.8% during the first half of 2022, however, bio-stimulants demand to witness an increase of 20 bps as per the current estimates.
- There are several recent developments witnessed in the bio-stimulants market including product innovations, enhancement of the applicability and mergers and acquisition of key market participants.
- The demand for bio-stimulants is anticipated to bolster during the forecast years 2022 to 2029 due to extensive development taking place in the agricultural industry as it is used to increase yield per unit area and crop productivity.
- Bio-stimulants are used as active ingredients for fruits, vegetables, turfs, and ornamental crops along with amino acid and fulvic acid-based goods are also attributed to the growth of the market.
- Between 2014 and 2021, sales of Bio-stimulants expanded at a 9.7% compound annual growth rate (CAGR), owing to increasing demand for agricultural products and coupled with increasing the productivity of the crops.
- Bio-stimulants imbibe various promising and potential prospects across the horticulture and agriculture sectors. Increasing need for an eco-friendly solution to agriculture, especially in developing countries such as India, China, and others creating a new opportunistic market for the bio-stimulants
Competitive Landscape
BASF SE, Isagro S.p.A., Novozyme A/S, UPL Corporation Limited, FMC Corporation, Acadian Seaplants Limited, Agrinos AS, BioAtlantis Ltd., Biostadt India Ltd., Koppert B.V., Italpollina Spa, Micromix, Syngenta AG, Trade Corporation International, Agricen, Omex Agrifluids Ltd., Valagro SpA, Oxon Italia S.p.A. are some of the key companies profiled in the full version of the report.
Through numerous mergers and acquisitions, major firms are working on growing their global influence. Over the next few years, this tendency is projected to continue. Many market players have been able to expand their separate operations in numerous geographies as a result of the increasing number of strategic partnerships in the bio-stimulants sector.
- In 2019, PI Industries Limited (PI), acquired Isagro (Asia) Agrochemicals Private Ltd (Isagro Asia) from Isagro Spa and its affiliates, the total transaction was valued at around US$ 46.5 Mn.
- In March 2018, the Syngenta AG, acquired Strider, a leading market player in the Latin America digital agriculture market.
- In 2017, FMC Corporation acquired a significant portion of DuPont's global crop protection business.
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More Insights into the Bio-stimulants Market
The United States is likely to dominate the bio-stimulants market in the global sphere throughout the forecast period of 2022-2029. The United States is expected to lead the North American market with a substantial value share in terms of consumption.
Owing to the rapid expansion of the organic food business is one of the primary drivers of the bio-stimulants market's outreach. The market is expected to outgrow further as farmers adopt sustainable farming practices. The lawn and ornamental segment of the region drives demand in the North American region.
Implementation of favorable rules for regional product adoption should be boosted along with an emphasis on organic farming and yield enhancement. This booming region also gives new industry participants an opportunity to enter the market for agricultural investment. The United States' major focus is on organic farming which is helping to boost regional market share.
Due to increasing environmental concerns and strict regulations in the region, the U.S has been one of the major consumers of bio-based products. Vast technological advancements act as an added bonus for the country as it gives attractive production location for bio-stimulant manufacturers. U.S. is expected to reach about US$ 1,154.2 Mn by the year 2029.
Germany is anticipated to reach an estimated value of US$ 518.1 Mn by the end of 2029. The European region has emerged as one of the world's largest revenue-generating areas and is expected to dominate the global market over the forecast period.
Owing to supportive government policies that aim at increasing organic food production are likely to propel growth in the bio-stimulants market. Germany has the largest share of the European bio-stimulants market among all other nations and is likely to maintain its dominance over the forecast period.
What was the Impact of COVID-19 Crisis on Biostimulants Market?
During the Covid-19 outbreak, consumer purchasing patterns demonstrated a significant transition from non-organic to natural, which is still occurring now. A growing emphasis on preventative healthcare is slowly but steadily causing a shift in global traditional farming practises, with producers being urged to produce more utilising environmentally friendly methods and resources. The pandemic has accelerated the shift from globally to more local economies in the manufacturing sector.
In the midst of this, biostimulant raw material manufacturers experienced supply shortages and trouble maintaining operational continuity. The agriculture industry, on the other hand, was overwhelmingly supported by governments around the world, and huge efforts were made to manage the streamline of their operations as usual in order to maintain productivity.
Biostimulants Market by Category
By Active Ingredient:
- Acid-Based
- Extract-Based
- Others (Including Microbial Amendment, Trace Minerals, etc.)
By Crop Type:
- Row Crops
- Fruits & Vegetables
- Turfs & Ornamentals
- Other Crop Types
By Application:
- Foliar
- Soil
- Seed
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
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