The North American biostimulants market was valued at US$628.210 million in 2021 and is estimated to witness a CAGR of 11.56% over the forecast period to reach US$1,350.607 million by 2028.
Biostimulants are organic compounds administered to soil, seeds, and plants to impact plant growth and boost seed or grain production and quality. These natural or synthetic chemicals alter essential and structural processes by enhancing plants' tolerance to abiotic stimuli. Consumers' growing concern for their health and the environment is fueling the biostimulants market throughout the projection. The demand for biostimulants is also expected to peak due to a noticeable movement among North American consumers toward organic farming practices. Due to the presence of organic natural and biodegradable products in biostimulants, government and regulatory bodies are passing laws and taking up initiatives to promote the use of biostimulants in agricultural practices.Moreover, increasing investment in research and development operations for biostimulants, along with companies concentrating on forming alliances with other businesses to increase the range of their products, will provide massive opportunities for key market players in the region.
However, lack of transparency, uncertain regulatory environment, and high application cost are some of the key challenges to market growth.
The focus on organic farming is driving the North American biostimulants market.
According to USDA data, sales of organic goods in the United States in 2021 were US$11.2 billion, up US$1.28 billion in 2019. According to official data, the production of certified organic vegetables in Canada increased by 4.5% in 2021. Therefore growing demand for organic products is also spurring the demand for biostimulants in the North American region. Biostimulants are composed of organic, biodegradable ingredients that do not have any adverse effects on the environment and soil health. As a result, these are seeing a significant demand for organic agricultural methods in this region. According to the United States Department of Agriculture data, 82% of American farmers intend to increase the yield of organic produce. There are 1,558 certified organic farms in the United States and 657 additional farms to be certified in 2021. There are around 23,957 organic farmers, including over 5,000 in Canada and 18,000 in the United States.Companies are making significant strides in developing efficient biostimulants that can aid in soil treatment, consequently diminishing the need for synthetic fertilizers and promoting organic crop growth. This endeavor is exemplified by the collaboration between Mosaic, a leading fertilizer producer in the United States, and BioConsortia, as they joined forces in 2022 to distribute BioConsortia's latest microbial biostimulant, Zaffre, across the Asia-Pacific (APAC) region. Zaffre is designed to establish an environment conducive to robust root development, facilitating optimal nutrient absorption by plants. Furthermore, its application has demonstrated a positive impact on seed germination, further highlighting the potential of biostimulants in enhancing agricultural productivity while adhering to sustainable practices.
The USA biostimulants market is projected to dominate the regional market.
The North American biostimulants market is analyzed into the USA, Canada, and Mexico. The demand for biostimulants is fueled by the growing need for organic farmers to improve the productivity and quality of their crops to meet the rising demand for organic products, both domestically and internationally. As the USA expands its organic product exports, the demand for biostimulants as a tool to enhance crop production in organic farming systems is likely to rise, contributing to the growth of the biostimulants market in the country. Further, the EPA's involvement ensures that biostimulants undergo a thorough evaluation to assess their composition, manufacturing process, and intended application. This evaluation process helps determine their safety, efficacy, and potential environmental impacts. The EPA sets stringent criteria and standards for biostimulant products to gain registration and approval for commercial distribution.Market Segmentation:
By Active Ingredients
- Acidic Biostimulants
- Extract Biostimulants
- Others
By Crop Type
- Fruits
- Vegetables
- Turfs
- Ornamentals
- Row Crops
By Type
- Humic and Fulvic Acid
- Seaweed Extract
- Amino Acid
- Others
By Application
- Foliar
- Soil
- Seed
By Country
- US
- Canada
- Mexico
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. NORTH AMERICA BIOSTIMULANTS MARKET BY ACTIVE INGREDIENTS
6. NORTH AMERICA BIOSTIMULANTS MARKET BY CROP TYPE
7. NORTH AMERICA BIOSTIMULANTS MARKET BY TYPE
8. NORTH AMERICA BIOSTIMULANTS MARKET BY APPLICATION
9. NORTH AMERICA BIOSTIMULANTS MARKET BY COUNTRY
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
11. COMPANY PROFILES
Companies Mentioned
- Itallpolina
- BASF
- BayerKoppert BV
- Isagro SpA
- Taminco Corp
- Valagro SpA
- Brandt Consolidated Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 110 |
Published | June 2023 |
Forecast Period | 2021 - 2028 |
Estimated Market Value ( USD | $ 628.21 million |
Forecasted Market Value ( USD | $ 1350.61 million |
Compound Annual Growth Rate | 11.5% |
Regions Covered | North America |
No. of Companies Mentioned | 7 |