Feb. 12, 2024
According to a recently compiled report from Market.us, the biostimulant market size is forecast to exceed $5.6 billion (USD) by 2033. This reflects significant growth from its estimated value of $2.7 billion (USD) in 2023. The expected growth would equate a compound annual growth rate of 7.5% from 2024 to 2033.
The report’s authors write the biostimulant market has experienced strong growth, driven by the worldwide transition to sustainable agriculture. ″Farmers are progressively recognizing the advantages of combining biostimulants with conventional fertilizers, motivated by strict environmental regulations. Continuous research and development endeavors are producing inventive formulations to augment the effectiveness of biostimulants, addressing the increasing need for environmentally friendly solutions.″
A Few Takeaways From the Report
• Based on active ingredients, the acid-based active ingredients segment maintained a stronghold on the market, with a market share of 49%.
• When classified based on crop type, the segments observed in the market are row crops and cereals, fruits and vegetables, turf and ornamentals, and others. The row crops and cereals segment managed to achieve the highest revenue share in 2023, reaching 62%.
Factors Affecting Growth of the Biostimulant Market
• The increasing popularity of organic farming and shifting preference toward sustainable practices have encouraged the growth of the biostimulant market.
• Strict regulatory processes often discourage new players from entering the market. The high research and development costs act as barriers to entry as well. These factors effectively hinder market growth.
• There has been increasing demand for sustainable agriculture, especially in developing countries. This has encouraged the use of precision agriculture practices with digitalization and data-driven technologies, which has ultimately propelled the growth of the market.