- Biostimulants enhance a plant's nutrition efficiency, abiotic stress tolerance and other factors.
- Demand for organically produced foods is growing rapidly which is influencing greater use of biostimulants.
- Biostimulants restore and repair degraded agricultural soils and re-establish a productive soil ecosystem.
Plant biostimulants are biological substances or extracts used as plant supplements with the aim to enhance nutrition efficiency, abiotic stress tolerance and other factors, regardless of its nutrient content. Furthermore, plant biostimulants also designate commercial products containing mixtures of such substances and/or microorganisms.
Latin America Biostimulants Market
Demand for organically produced foods is growing rapidly which is influencing greater use of biostimulants. There is increasing investment in research to identify organic molecules and find the best formulations which improve plant metabolism and enhance plant performance in a shorter period of time and in a cheaper way.
These factors will support the growth of the biostimulants market during the forecast period: Soil quality is crucial for crop health and crop productivity. Use of biostimulants imparts additional nutrients or growth factors that are critical for altering soil and plant metabolic activities to improve crop growth and yield. Biostimulants are used to restore degraded soils by regulating soil pH and help in soil management. Rising awareness organic farming and the negative side effects due to use of chemical fertilizers will drive the market growth from 2017 to 2023 at a CAGR of 13.40%
With growing consumer awareness and increasing interest in natural and organic food products, the demand for biostimulants will drive the market growth from 2017 to 2023. Also, manufacturers are investing in R&D and investigative activities to improve existing products and procedures. Development of new products has boosted sales of biostimulants. Biostimulants restore and repair degraded agricultural soils and re-establish a productive soil ecosystem, creating a healthy and fertile soil. Biostimulants also maintain the salinity and sustainability of soil for long-term use making it safe for soils and crops. These factors will play a key role in the growth of the biostimulants market at the CAGR of 13.40% during 2017-2023.
Segmented By Application Analysis
Acid based biostimulants will dominate the market, followed by extract based biostimulants. Biostimulants are used for crop protection in organic farming; hence, its market demand is rising with the growing popularity of organic foods & beverages. Foliage treatment will dominate the market, followed by seed treatment. Growing internet users across the globe and the rise in the popularity of e-commerce have caused key players to launch and promote their product lines on various e-commerce sites and newspapers to reach out to farmers in rural regions as well.
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The leading market players in the Latin America Biostimulants market primarily are BASF SE (Germany), Sapec Group (Trade Corporation International) (Spain), Arysta Life Science Limited (Japan), Isagro S.P.A (Italy), Valagro S.P.A (Italy), Koppert B.V (The Netherlands), Italpollina (Italy)
The Latin America biostimulants market is mainly occupied by some key manufacturers. The competitive environment in this market is expected to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding operations across the land, augmenting capabilities and investing in research and development to offer products with better functionality.
The Latin America biostimulants market includes countries such as Brazil, Argentina, Mexico and rest of Latin America. Among these, Brazil dominates the market and will continue to dominate the market during the forecast period 2017-2023 and will grow at a CAGR of 10.70%. Mexico is estimated to grow at a highest CAGR during the forecast period, due to rising demand for organically grown food.