Biostimulants Market worth $6.2 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 5, 2023 /PRNewswire/ -- The Biostimulants Market is estimated to be valued at USD 3.5 billion in 2022. It is projected to reach USD 6.2 billion by 2027, recording a CAGR of 11.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. Disasters also have a direct effect on agriculture through lower-than-expected production. This causes direct economic loss for the farmers, which eventually cascades through the entire value chain, affecting the growth of the sector or the entire national economy. During 2008-2018, billions of dollars were lost in various regions due to a decline in crop and livestock production. The top five most impactful disasters are droughts; over 34% of the crops and livestock production loss in the least developed countries (LDCs) and low-to-middle-income countries (LMICs) are due to droughts costing the sector USD 37 billion; floods, over 19% of total loss is due to floods and responsible for USD 21 billion of crops and livestock production loss; pest, diseases and infestation accounts for approx. 19% of all crop and livestock production losses. Agriculture and climate change are internally correlated factors, as climatic change is one of the main causes of biotic and abiotic stress development, which adversely impacts plant growth and overall agriculture for biostimulant products as they will gain a clear understanding of the function of these products.

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Foliar spray application most popular and efficient in maximizing plant growth because of increased soil absorption rate

Biostimulants applied through a foliar spray maximize the productivity of plants. This application of biostimulants directly on the leaves increases the effect of bioactive molecules on crop growth, resulting in increased absorption and improved uptake of micronutrients to every part of the plant. Plants absorb nutrients through the roots and the foliage. Many plant nutrients are needed in such great quantities that it is impractical to supply them through foliage. However, when soil conditions are unfavorable, it may be desirable to make foliar applications of the biostimulants. When biostimulants are applied to the plant's foliage, smaller quantities of fertilizer or other agrochemical material are required than when applied to the soil. The danger of fixation and/or leaching is also reduced when it is applied to the foliage of the plant. The ease of application of foliar spray is one of the key drivers for growth in the market. The danger of fixation and/or leaching is also reduced when it is applied to the foliage of the plant.

Seaweed based biostimulants market is a relatively untapped and small market in comparison to other biostimulants segment

Seaweed has an impact on soils and plants. They can be used as soil amendments, hydroponic solutions, or foliar treatments. Their polysaccharides contribute to gel formation, water retention, and soil aeration in soils. Polyanionic compounds aid in the fixation and exchange of cations, which is important for heavy metal fixation and soil remediation. In plants, nutritional effects, such as the provision of micro- and macronutrients, indicate that, in addition to their other functions, they act as fertilizers. The effects of hormones on seed germination, plant establishment, and subsequent growth and development are thought to be major causes of biostimulation activity in crop plants.

Seaweed extracts enhance soil fertility and increase crop productivity under various environmental conditions. The application of seaweed extracts improves soil structure and aeration; increases biotic and abiotic stress tolerance; enhances seed germination; and stimulates root growth, flower set, and fruit production. Seaweed extracts are rich in phytohormones and trace elements for plant growth.

Seaweeds and seaweed extracts are vital components of organic farming. They achieve yield maximization through their bio stimulatory role in crop plants. The application of seaweed extracts in agriculture not only reduces the side-effects of harmful agrochemicals but also helps in protecting the environment. Innovative companies, such as Sea6 Energy (India), are exclusively offering seaweed-based biostimulants along with technological platforms, such as TARMA and SPURT.

FMC Corporation (US) is one of the key players in the biostimulants markets because of diverse product portfolio

FMC Corporation provides solutions to growers through innovative development capabilities in crop protection, plant health, professional pest, and turf maintenance solutions. Earlier, the company operated through three business segments: agricultural solutions, health & nutrition, and lithium. Out of these, the agricultural solutions segment accounted for approximately 69% of its consolidated revenue. After November 2017, FMC Corporation acquired DuPont's crop protection business the company operated in FMC Corporation's acquisition of a significant part of DuPont's crop protection business and divestment of health and nutrition business to DuPont two active business segments: agricultural solutions and lithium. Today, the segments are herbicides, fungicides, plant health, and insecticides. FMC Corporation announced a new brand identity for its plant health business segment under the name of Biologicals by FMC. It will now sell biostimulants, bio fungicides, and other plant health products under this label.

The company has operations in North America, Europe, South America, the Middle East, and Asia Pacific, with most sales concentrated in the European, North American, and Asian regions. Its subsidiaries include FMC Agricultural Products International, AG (Switzerland), FMC Agroquimica de Mexico S.A. de C.V., FMC Foret, S.A. (Spain), FMC (Shanghai) Chemical Technology Consulting Co. Ltd. (China), FMC Australasia Pty. Ltd. (Australia), FMC Chemicals (Thailand) Limited, FMC Chemicals KK (Japan), and FMC BioPolymer UK Limited (UK).

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Asia Pacific is to grow at a CAGR of 12.5% during the forecast period

According to the FAOSTAT, in 2020, the region occupied about 170-million-hectare global agricultural land. The economic growth in most Asian countries, such as India and China, is highly dependent on agriculture. These countries are also the major exporters of crops in the global market. APAC is rich in plant diversity due to the wide variations in climate across the countries. Therefore, farmers opt for practices such as using plant growth promoters to sustainably increase crop yield or productivity.

Extreme weather conditions, such as storms, floods, and droughts, have frequently battered Asia's agriculture sector. Also, the Green Revolution succeeded partly through heavily using chemical fertilizers and pesticides. All of these have resulted in dire changes in the soil structure and fertility in the region. To counter these challenges, the region is adopting many new farming practices and is moving increasingly toward sustainability. The region also shows steady growth in key agricultural outputs per year. This is estimated to drive the demand for biostimulants in agriculture, especially fruits and vegetables.

The key players in this market include BASF SE (Germany), UPL Limited (India), Adama Ltd. (Israel) and FMC Corporation (US).

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Related Reports:

Agricultural Biologicals Market by Function, Product Type (Microbials, Macrobials, Semiochemicals, Natural products), Mode of Application (Foliar Spray, Soil and Seed treatment), Crop Type and Region - Global Forecast to 2027

Biopesticides Market by Type (Bioinsecticides, Biofungicides, Bionematicides, and Bioherbicides), Source (Microbials, Biochemicals, and Beneficial Insects), Mode of Application, Formulation (Dry, Liquid), Crop Type and Region - Global Forecast to 2027

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