Report Overview

Growing adoption of sustainable agriculture practices and favorable government initiatives are expected to boost the growth of the Asia-Pacific biostimulants market during the forecast period between 2023 and 2029.

Asia-Pacific Biostimulants Market - Industry Trends & Forecast Report, 2029

Asia-Pacific biostimulants market size was estimated to be worth USD 707.26 million in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific biostimulants market size is projected to grow at a CAGR of 10.25%, reaching a value of USD 1,270.46 million by 2029. Major growth factors for the Asia-Pacific biostimulants market include rising demand for agricultural produce along with increasing adoption of sustainable agricultural practices. Furthermore, a substantial increase in demand for organic food and extensive research and development activities in the sector is anticipated to provide lucrative growth opportunities to the Asia-Pacific biostimulants market during the forecast period.

Asia-Pacific Biostimulants Market – Overview

Biostimulants are compounds, either natural or synthetic, that may be administered to seeds, plants, and soil. These compounds alter critical and structural processes to impact plant development, boost seed and/or grain production and quality, and improve resistance to abiotic challenges. These stimulants are biological and are applied to boost plant productivity. Several processes are involved in the production of biostimulants such as cultivation, extraction, fermentation, processing and purification, hydrolysis, and high-pressure cell rupture treatment.

Asia-Pacific Biostimulants Market

Growth Drivers

Extensive Research and Development Activities

The rising demand for biostimulants is attractive extensive research activities in the domain from both public and private players. Scientists at India's Central Salt and Marine Chemical Research Institute are developing seaweed-based biostimulants that are predicted to boost agricultural output by 37%. Azelis, a specialty chemical and food ingredients provider based in Belgium, and Novozymes, a global biosolutions company, announced the expansion in their partnership to provide bio-based agricultural products, including biostimulants, in Malaysia. Such innovations and expansions are anticipated to provide lucrative growth opportunities to the Asia-Pacific biostimulants market during the forecast period.

Restraints

Deepening Penetration of Low Quality and Fake Biostimulants

One of the significant restraints on the growth of the biostimulants market is the prevalence of low-quality and counterfeit biostimulants in the Asia-Pacific market. These counterfeits of biostimulants damage the crop and cause huge losses to the farmers given that biostimulants are costlier than chemicals. Furthermore, in certain countries, the lack of strict government legislation against marketers of these counterfeit products is hampering the expansion of the biostimulants market.

Impact of COVID-19 on the Asia-Pacific Biostimulants Market

The unprecedented COVID-19 boosted the Asia-Pacific biostimulants market tremendously. The COVID-19 virus's impact on health, as well as an increase in the frequency of lifestyle illnesses during the lockdown, increased health awareness among consumers of Asia-Pacific countries. As a result, demand for organic and chemical-free agricultural produce increased, increasing demand for biostimulants. Furthermore, discussions about sustainability and the influence of human activities on the environment have increased, which has led to an increase in the utilization of biological resources in agricultural operations, which is expected to boost the total global biostimulants market during the projected period.

Asia-Pacific Biostimulants Market

Segmental Coverage

Asia-Pacific Biostimulants Market – By Active Ingredients

Based on active ingredients, the Asia-Pacific biostimulants market is segmented into amino acids, fulvic acid, humic acid, protein hydrolysates, seaweed extracts, and others. The amino acids segment holds the largest share in the Asia-Pacific biostimulants market by active ingredients. These active compounds are extremely beneficial to plant development, yield, and nutrition yield efficiency. Plants employ amino acids to make proteins, which are required for a variety of metabolic activities. Glycine and glutamic acid are two of the most widely utilized amino acids in agriculture, where they act as metabolites in the production of vegetable tissue and chlorophyll synthesis.

Asia-Pacific Biostimulants Market – By Form

Based on form, the Asia-Pacific biostimulants market is split into liquid and dry. The liquid biostimulant segment accounts for a higher share in the market. This is because the liquid is thought to be convenient for both application and transportation. Furthermore, the liquid form is easily absorbed by plants via their roots, increasing nutrient intake and consequently cellular activity.

Asia-Pacific Biostimulants Market – By Crop Type

Based on crop type, the Asia-Pacific biostimulants market is segmented into cash crops, horticultural crops, and row crops. The row crops segment holds the highest share in the Asia-Pacific biostimulants market by crop type. The growth of the segment is mainly attributed to the rising demand for row crops, including potato, maize, buckwheat, cotton, and soybeans. The horticulture crops segment also holds a substantial market share. Fruits and vegetables, as well as medicinal plants, are in high demand in major Asia-Pacific countries, such as Japan and India, contributing to the market expansion.

Asia-Pacific Biostimulants Market – By Mode of Application

Based on the mode of application, the Asia-Pacific biostimulants market is divided into foliar, soil treatment, and seed treatment segments. The foliar treatment segment accounts for the highest share in the market by mode of application. This method of application delivers liquid fertilizers directly to nutrient-deficient plants. This increases overall absorption capacity through the roots, resulting in quick positive effects. The soil treatment segment also holds a significant market share owing to the rising levels of contaminants in soils, such as heavy metals, pesticides, and lead.

Asia-Pacific Biostimulants Market – By Region

The in-depth report on Asia-Pacific biostimulants market covers a number of country-specific markets, including China, India, Japan, South Korea, Australia and New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and the rest of APAC. China dominates the Asia-Pacific biostimulants market owing to the strong agriculture sector of the country. China is the world's biggest producer of grains, cotton, and different fruits and vegetables, according to the Food and Agriculture Organization. The rising demand for organic produce in China is projected to have a favorable impact on the demand for biostimulants in the country.

Competitive Landscape

Major players operating in the Asia-Pacific biostimulants market include Biolchim SpA, Biostadt India Limited, Gujarat State Fertilizers & Chemicals Ltd., T. Stanes and Company Limited, Valagro, Koppert Biological Systems, Trade Corporation International, Syngenta, and Novozymes.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In November 2022 - Yara, a crop nutrition solution provider, signed an agreement with Sea6 Energy to market and distribute its biostimulant ‘AG Boost’ in India.

Scope of the Report

By Active Ingredients

• Amino Acids

• Fulvic Acid

• Humic Acid

• Protein Hydrolysates

• Seaweed Extracts

• Others

By Form

• Liquid

• Dry

By Crop Type

• Cash Crops

• Horticultural Crops

• Row Crops

By Mode of Application

• Foliar

• Soil Treatment

• Seed Treatment

By Country

• China

• India

• Japan

• South Korea

• Australia & New Zealand

• Indonesia

• Malaysia

• Singapore

• Vietnam

• Rest of APAC