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. Rising awareness organic farming and negative side effects due to use of chemical fertilizers will drive the market growth from 2017 to 2023 and will at a CAGR of 13.40%
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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)
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.
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Latin America Biostimulants market is segmented
- by type,
- crop type,
- active ingredients,
- Natural Biostimulants is projected to dominate the market and will grow at a CAGR of 11.08%
- Foliar treatment will dominate the market and grow at a CAGR of 10.44%
- Brazil will continue to dominate the Latin America biostimulant market followed by Argentina during forecast period
- Acid based dominated the active ingredient market and humic acid dominated acid active ingredient market.
- Fruits and vegetables will grow at a higher CAGR of 11.14%
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.
Biostimulants are among some of the earliest agricultural inputs being used to improve crop performance and quality. Biostimulants complements conventional agriculture, providing crop nutrition and crop protection. Agricultural biostimulants include different formulation and use of various substance that are applied to plants, seed or soil in order enhance the physiological processes of crops along with improving crop productivity.
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 microorganisms.
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