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Description
Biostimulant Market size was valued at USD 3,274.6 billion in 2021 and is poised to grow at a significant CAGR of 12.1% over 2022–2028. In terms of supporting organic practices, biostimulants are critical for the agriculture industry’s future. Biostimulants can improve soil microflora, making nutrient uptake more efficient. Others strengthen internal defense against environmental challenges and disease pressure by increasing antioxidant activity in plants. Biostimulants are commonly linked with organic farming and gardening, but they also make headway in conventional agriculture. These are increasingly seen as a response to consumer desire for “kinder” farming techniques. The organic food sector is growing at a double-digit exponential rate in response to the growing need for food security and the need of safe farming practices. Manufacturers can develop new products in the biostimulant and plant growth promotor areas due to technological advancements in the biostimulant industry. Using biostimulant as plant growth promoters is gaining traction in the agricultural business. Biostimulants were formerly reserved for high-value crops like ornamentals and plantation crops and vegetables and fruit crops. They now play an essential role in conventional food crops like corn, wheat, and rice, where they are employed as a supplement to fertilizers to stimulate the crop’s nutrient uptake process. As a result, prominent firms such as UPL (India) and Valagro S.p.A. are developing various novel sources (Italy). Chemical preservatives and genetically modified elements in inorganic food are causing detrimental health impacts on a growing number of health-conscious consumers throughout the world. Furthermore, industry expansion will be fueled by a focus on increasing soil fertility as well as the need to improve farm production. Furthermore, essential benefits such as improved plant tolerance and recovery from abiotic stresses such as harsh climatic conditions, droughts, adverse salinity, and floods would boost the overall market value of biostimulants. Also, acid-based biostimulants have acquired popularity as a result of their widespread use, which has improved crop quality. The widespread use is projected to propel the global biostimulant industry to new heights.
Key Developments:
In October 2020, Isagro SPA acquired Phoenix Del to grow through external lines in the segments of copper-based fungicides and biosolutions. This acquisition is aimed at innovating more products under the biostimulant segment.
In July 2017, Valagro and Syngenta entered into an agreement to supply biostimulants for the seed treatment.
In February 2017, Bioiberica launched Equilibrium, a new biostimulant for fruit set and the start of fruit ripening
