The biostimulants market in North America is expected to grow from US$ 616.16 million in 2022 to US$ 1,167.84 million by 2028; it is estimated to grow at a CAGR of 11.2% from 2022 to 2028.
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Biostimulants can be a mixture of substances or microorganisms that help improve crop conditions without harming the environment. Biostimulants can be used as an additive to fertilizers and, thus, reduce fertilizer use. It can also help in nutrient uptake, plant growth, and tolerance against abiotic stress. The high use of chemical fertilizers has been affecting water bodies. Nutrients are washed off farms and reach nearby rivers, lakes, and ponds, causing eutrophication. Besides, chemical fertilizers have low use efficiency. It means that plants uptake only a portion of nutrients from fertilizers. For example, essential nutrients, such as phosphorus, precipitate after being added to the soil and thus remain less available for plants. Also, nitrogen, another essential nutrient, can disappear due to factors such as nitrate leaching.
According to the American Farm Bureau Federation, in December 2021, significant nutrients used in the production of primary row crops in the US, i.e., nitrogen (in the forms of anhydrous ammonia, urea, or liquid nitrogen), phosphorus and potassium (potash), experienced varying degrees of upward price pressure. Compared to September 2020 prices, ammonia increased by over 210%, liquid nitrogen increased by over 159%, urea rose by 155%, and MAP increased by 125%. Similarly, DAP increased by over 100%, and potash rose above 134%. These increasing prices of chemical fertilizers are expected to boost the demand for biostimulants in the coming years.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America biostimulants market at a substantial CAGR during the forecast period.
North America Biostimulants Strategic Insights
Strategic insights for the North America Biostimulants provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚· BASF SE
ï‚· UPL Ltd
ï‚· Valagro S.P.A.
ï‚· Gowan Company
ï‚· FMC Corporation
ï‚· Haifa Negev Technologies Ltd.
ï‚· ADAMA
ï‚· Rallis India Limited
North America Biostimulants Regional Insights
The geographic scope of the North America Biostimulants refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
North America Biostimulants Market Segmentation
The North America biostimulants market is segmented based on product, application, crop type, and country. Based on product, the market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. In 2022, the humic substances segment held the largest share of the market. The same segment is expected to register the highest CAGR during the forecast period. Based on application, the North America biostimulants market is segmented into foliar spray, seed treatment, and soil application. The foliar spray segment held the largest market share in 2022, and it is also expected to register the highest CAGR in the market during the forecast period. Based on application, the North America biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. The cereals and grains segment held the largest market share in 2022, and the turf and landscape segment is expected to register the highest CAGR in the market during the forecast period. Based on country, the North America biostimulants market is segmented into the US, Canada, and Mexico. In 2022, the US held the largest market share. It is also expected to register the highest CAGR during the forecast period.
BASF SE, UPL Ltd, Valagro S.P.A., Gowan Company, FMC Corporation, Haifa Negev Technologies Ltd., ADAMA, and Rallis India Limited are among the leading companies in the North America biostimulants market.
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Akshay
Senior Market Research Expert at Business Market Insights
