Latin America Biostimulants Market is presumed to expand at 13.40 % CAGR during the forecast period (2017-2023) owing to the rising demand for organically produced food, asserts Market Research Future (MRFR). A plant biostimulant is referred to a biological extract or substance which is used as a plant supplement in order to enhance the nutrition efficiency and abiotic stress tolerance, regardless of the nutrient content. Biostimulants are used in the diverse spectrum which comprises horticulture and agriculture. They can be any substance or microorganisms applied to soil or plants to regulate and improve the physiological processes of the crops.
Drivers and Restraints Impacting the Market
With the increasing demand for organically produced food, there has been an increasing demand for biostimulants. Moreover, biostimulants are eco-friendly in nature and are easily available, which is further propelling the market growth during the forecast period. Due to global warming, there have been regular deviations in climate which has resulted in the instability in yields of cash crops and food crops. This has resulted in the shift towards the utilization of biostimulants by the farmers. Latin America involves in the production and export of a number of agricultural commodities ranging from coffee in Brazil. The need to improve agricultural yield is predicted to drive the market during the review period.
On the flip side, lack of awareness among the farmers coupled with high research and development activity costs associated with biostimulants are some of the major factors expected to inhibit the market growth in the coming years.
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The major players operating the global market are
- ARYSTA Life Science Limited (Japan),
- KOPPERT B.V (The Netherlands),
- BASF SE (Germany),
- SAPEC Group (Trade Corporation International) (Spain),
- VALAGRO S.P.A (Italy),
- ITALPOLLINA (Italy),
- ISAGRO S.P.A (Italy)
Acadian Seaplants Limited has announced a major milestone in the company’s geographical expansion. Acadian Seaplants Limited had earlier established a fully owned subsidiary company in India and opened a processing facility in collaboration with a local partner at Vadodara. The event was preceded by APH forming new business partnerships and the launch of their biostimulant products and Acadian BioSwitch technology in India.
The global Latin America biostimulants market has been segmented on the basis of type, application, crop type, active ingredients, and region.
By mode of type, the Latin America biostimulants market has been segmented into natural and synthetic.
By mode of crop type, the Latin America biostimulants market has been segmented into row crops, fruits and vegetables, turfs and ornaments, and others.
By mode of application, the Latin America biostimulants market has been segmented into foliar treatment, seed treatment, soil treatment, and others. Among these, the foliar treatment is likely to dominate the market followed by seed treatment owing to the growing popularity of e-commerce industry and increasing internet users across the globe.
By mode of active ingredients, the Latin America biostimulants market has been segmented into extracts, acid-based, and others. The acid-based ingredients have been further sub-segmented into Humic Acid, Amino Acid, Fulvic Acid, and others. The extract-based ingredients have been further sub-segmented into plant, microbial, seaweed, and others. Among these, the acid-based biostimulant is likely to dominate the market.
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Geographically, the Latin America biostimulants market span across countries like Argentina, Brazil, Mexico, and Rest of Latin America.
Among all the countries, Brazil is estimated to dominate the global market and is likely to maintain its dominance over the assessment period. The growth is attributed to the growing shift towards bio-based agricultural stimulants in this country. Also, increasing production of corn and sugarcane in this country is another major factor augmenting the market growth during the review period.
Mexico is presumed to expand at the highest CAGR owing to the increasing demand for clean label food and beverages along with organic food ingredients.
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