The Latin America biostimulants market size reached US$ 389.2 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 785.2 Million by 2028, exhibiting a growth rate (CAGR) of 12.3% during 2023-2028.
Biostimulants are agricultural products made using plant hormones, seaweed extracts, enzymes, microorganisms, and trace elements. They are applied to seed, soil leaves of cereals, grains, fruits, vegetables, oilseeds and other plantation crops. They assist in promoting sustainable agricultural practices and enhancing crop productivity by reducing the use of fertilizers. They also increase antioxidants in plants and minimize environment-induced stress. Besides this, they help preserve the ecological balance of nature by boosting metabolism, nutrient intake, water retention capacity, and chlorophyll production. As a result, biostimulants are applied in crops, including maize, oilseed, sugar beet, turf, flowers, and ornamentals, across Latin America.
Rapidly changing climatic conditions in Latin America represents one of the primary factors contributing to the market growth. Moreover, the flourishing agriculture sector, along with the rising adoption of organic farming practices, is positively influencing the sales of biostimulants in the region. This can also be accredited to increasing concerns about agricultural sustainability, soil health and environmental safety. Besides this, farmers are widely adopting biostimulants as an alternative to fertilizers as they have a low ecological footprint and do not contaminate the soil. However, the surge in coronavirus disease (COVID-19) cases and lockdown restrictions imposed by government authorities in the region have impacted the market. It is anticipated to grow on account of numerous innovations in the field of agricultural sciences and increasing research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Latin America biostimulants market report, along with forecasts at the regional and country levels from 2023-2028. Our report has categorized the market based on product type, crop type, form, origin, distribution channel, application and end-user.
Breakup by Product Type:
- Humic Acid
- Fulvic Acid
- Amino Acid
- Seaweed Extract
- Other Plant Extracts
- Microbial Soil Amendments
- Chitin & Chitosan
Breakup by Crop Type:
- Cereals and Grains
- Fruits and Vegetables
- Turf and Ornamentals
- Oilseeds and Pulses
Breakup by Form:
Breakup by Origin:
Breakup by Distribution Channel:
Breakup by Application:
- Foliar Treatment
- Soil Treatment
- Seed Treatment
Breakup by End-User:
- Research Organizations
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Product Type, Crop Type, Form, Origin, Distribution Channel, Application, End-User, Country
||Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others
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Key Questions Answered in This Report:
- How has the Latin America biostimulants market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Latin America biostimulants market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the crop type?
- What is the breakup of the market based on the form?
- What is the breakup of the market based on the origin?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end-user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Latin America biostimulants market and who are the key players?
- What is the degree of competition in the industry?