Latin America Biostimulants Market to Rise at a CAGR of 13.40% by 2023. A plant biostimulant is biological substance or extracts used as plant supplements with the aim to enhance nutrition efficiency, abiotic stress tolerance and others, regardless of its nutrients content. Furthermore, plant biostimulants also designate commercial products containing mixtures of such substances and/or microorganisms.
The growing demand for organically produced foods is growing rapidly which is influencing higher demand and use of biostimulants. The increasing level of investment in research to identify organic molecules and right formulation to improve the plant metabolism and enhance plant performance in a short period of time and in a cheaper way. Biostimulants find its application in diverse spectrum which include agriculture and horticulture. These factors will support the growth of biostimulants market during the forecast period.
The quality of soil will be crucial factor crop health and crop productivity. Use of biostimulants impart additional nutrients or growth factors that are crucial in 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.
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This report includes a study of strategies used in the market, mergers and acquisitions in native starches, multiple product launch by Biostimulants market players. It further includes product portfolios and developments of leading major players which includes
- 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 estimated to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
Latin America Biostimulants Market is segmented by type, crop type, active ingredients, application and region. Based on crop type, market is segmented into fruits & vegetables, row crops, turfs & ornaments and others. On basis of application, market is segmented into seed treatment, foliar treatment, soil treatment. On basis of active ingredients, market is segmented into acid based, extracts, and others. On basis of acid-based ingredients, market is segmented into humic acid, fulvic acid, amino acid. On basis of extract-based ingredients, market is segmented into microbial, plant, seaweed.
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 organic food ingredients and clean label food & beverages in recent years.
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With the growing consumer awareness & their 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 to develop new products has boosted the sales of biostimulants. Biostimulants restores and repair degraded agricultural soils and re-establish a productive soil ecosystem and rebuild 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 biostimulants market at the CAGR of 13.40% during 2017-2023.