The Latin American biostimulants market size is expected to reach USD 452.16 million in 2024 and is anticipated to reach USD 883.28 million by 2029, estimated to be growing at a CAGR of 14.33% from 2024 to 2029.
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.
The growth of the Latin American biostimulants market is majorly driven by factors such as rising population, easy availability, and the 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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
14.33% |
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Segments Covered |
By Active Ingredients, By Application, By Crop Type |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
Brazil, Argentina, Mexico |
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Market Leaders Profiled |
BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V. |
In this segment, humic acids and fulvic acids lead the market for Biostimulants, accounting for more than 30% of the market.
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.
Cereals and oilseeds lead the market by Crop Type, and this trend is expected to remain the same during the forecast period.
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.
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
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