The global biostimulants market size was valued at USD 3.64 billion in 2023. The market is projected to grow from USD 4.03 billion in 2024 to USD 9.75 billion by 2032, exhibiting a CAGR of 11.69% during the forecast period.
Biostimulants are substances or microorganisms applied to plants that help enhance nutrition efficiency, crop quality, and abiotic stress tolerance. The rising adoption of organic farming, the shift toward sustainability, and increasing climatic and environmental concerns are boosting the market growth.
The COVID-19 pandemic negatively impacted the market. The increased supply chain disruptions and decreased sales of the key market players during the COVID-19 pandemic hindered the market growth.
Fortune Business Insights™ mentioned this in a report titled, “Biostimulants Market, 2024-2032.”
Information Source: https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414
Segments
Improving Biochemical and Physiological Traits of Crops to Boost Non-Microbial Segment Growth
By source, the market is classified into microbial and non-microbial. The non-microbial segment leads the market and is expected to grow significantly during the forecast period. The segment’s growth is attributed to the improving biochemical and physiological traits of crops.
Rising Seaweed Cultivation Globally to Drive Seaweed Extracts Market Growth
Based on active ingredient, the market is divided into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others. The seaweed extracts segment is dominating the market due owing to the growth in the cultivation of seaweed.
High Effectiveness of Foliar Spray to Improve Plant Health Augment Foliar Application Segment Expansion
By application, the market is classified into foliar application, soil treatment, and seed treatment. The foliar application segment held the largest part in the biostimulants market share due to its high effectiveness of foliar spray in improving plant health.
Increasing Adoption of Greenhouse Vegetable Production to Drive Row Crops Segment Growth
Based on crop, the market is categorized into row crops, fruits and vegetables, turf & ornamentals, and others. The row crops segment is projected to dominate the market during the forecast period owing to increasing adoption of greenhouse vegetable production and rising demand for high-value crops.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
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