Biostimulant Market Size, Development, Future Scope, and Analysis

Organic biostimulants are gaining popularity among agricultural users due to its natural components that help increase the growth of the crops without any harmful effects, and is expected to drive the biostimulant market growth.

Biostimulants are naturally derived fertilizer additives used to enhance plant growth and productivity. These products also contribute toward the nutritional enhancement of agricultural products. Acid and extract-based biostimulants are the major types of biostimulants available in the market. Acid-based biostimulants include humic acid, fulvic acid, and amino acid, whereas seaweed extracts and other plant extracts are considered under plant extracts. Various regulations are imposed on the use of biostimulants by regulatory bodies.An increase in demand for high crop yields and quality, and a focus on sustainable agriculture to protect the environment drive the growth of biostimulant products. However, a lack of education and awareness among farmers about the benefits of using biostimulant in agricultural activities is expected to impede the biostimulant market growth shortly.

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The biostimulant market was valued at $2,572.60 million in 2020, and is estimated to reach $8,004.10 million by 2031, growing at a CAGR of 10% from 2022 to 2031.

"The COVID-19 pandemic disrupted the food & beverage industry all across the globe. COVID-19 resulted in labor mobility restrictions, closure of production facilities, and a drop in the demand for the products has hindered the market growth. The sector also faced acute labor shortages as a result of recurrent lockdowns that disrupted manufacturing and trade operations. The decline in revenue in the first few months of 2020, along with decreased demand from a few important sectors, has put pressure on the profitability of biostimulant producers and suppliers. The vaccination drive and lockdown practices to limit the spread of the virus globally are likely to aid the biostimulant market growth."

The players operating in the global biostimulant market have adopted various developmental strategies to expand their biostimulant market share to increase profitability, and remain competitive in the market. The key players profiled in this report include BASF SE, BiolchimS.p.A., Biostadt India Limited, Biovert S.L., Hello Nature, IsagroS.p.A., Koppert B.V., Lallemand, Inc., Novozymes A/S, and Valagro.