Latin America Biostimulants Market

Latin America Biostimulants Market Growth (2022 - 2027):

Latin America Biostimulants Market was worth USD 302.56 million in 2021 and estimated to be growing at a CAGR of 14.33%, to reach USD 700.66 million by 2026.

With the scarcity of land and water, amplified importance is being put on the support of advanced tools that can help improve crop harvest. Biostimulant is an organic substance that considerably impacts plant health. It is used in small amounts in order to encourage plant growth, thereby enhancing crop return and quality.

Plant hormones, microorganisms, trace elements, and enzymes are combined in specific amounts to make biostimulants. Hence, biostimulants cannot be characterized as fertilizers that are used to provide nutrients to plants with nutritional deficiencies. They increase nutrient availability, metabolism, and boost the production of chlorophyll and antioxidants.

Latin America Biostimulants Market Drivers:

The growth of the Latin America Biostimulants market is majorly driven by factors such as rising population, easy availability, and eco-friendly nature of biostimulants. Another key factor driving the market is climate change. Regular deviations in climate due to global warming have resulted in instability in yields of several food and cash crops. This has led to a growing predilection towards the utilization of biostimulants by farmers. However, issues such as lack of awareness among the farmers and high R&D costs involved in this field are hindering the growth of the market in this region.

LATIN AMERICA BIOSTIMULANTS MARKET REPORT COVERAGE:

Market Segmentation:

Latin America Biostimulants Market – By Active Ingredients:

• Fulvic Acid

• Protein Hydrolysates
• Seaweed Extracts
• Amino Acid
• Humic Acid
• Others

In this segment, humic acids and fulvic acids lead the market for Biostimulants, accounting for more than 30% of the market.

Latin America Biostimulants Market – By Application:

• Seed
• Foliar
• Soil

The foliar technique of application is the most favored for biostimulant supply, as it delivers ingredients in a much more direct manner when compared to the others.

Latin America Biostimulants Market – By Crop Type:

• Fruits & Vegetables
• Cereals & Oilseeds
• Turfs & Ornaments
• Others

Cereals & Oilseeds lead the market on the basis of Crop Type and this trend is expected to remain the same during the forecast period.

Regional Analysis:

Latin America market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. The biostimulants market in Latin America is anticipated to be driven by agriculture-based economies such as Brazil and Argentina, owing to the growing predilections towards bio-based agricultural stimulants in these countries. Elevated production of sugarcane and corn in these countries is another key factor propelling the growth of the market in the region.

Key Players:

Important strategies such as product expansions and investments have been implemented by the key players in the biostimulants industry. These companies are improving their capabilities by diversifying their commercial operations across high-growth markets with efficient distribution systems. The major companies dominating the Biostimulants market in this region are BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V.