Report : North America Biostimulants Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Humic Substance, Amino Acids, Microbial Stimulants, Seaweed Extracts, and Others), Mode of Application (Foliar Spray, Seed Treatment, and Soil Application), and Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and vegetables, Turf and Landscape, and Others)
At 7.7% CAGR, the North America Biostimulants Market is speculated to be worth US$ 3,225.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America biostimulants market was valued at US$ 616.16 million in 2022 and is expected to reach US$ 1167.84 million by 2028, registering an annual growth rate of 11.2% from 2022 to 2028. Surging demand for organic food and burgeoning use of biostimulants as an alternative due to the rise in the price of conventional fertilizers.
Consumers across the region are increasingly interested in organic products, such as organic fruits, vegetables, and other organic food products. The rise in the demand for organic food is mostly due to the increasing number of health-conscious people and a surge in awareness about the health risks posed by using chemical fertilizers and plant growth promoters. Biostimulants have no side effects on beneficial plants or human health. The changing preference of most people for healthier food products is increasing the demand for organic products. This is encouraging farmers to produce crops using organic methods. Additionally, using organic and bio-based compounds in agriculture and forestry offers a significant opportunity for farmers to improve root and shoot growth, better growth potential, and stress resistance. Also, the rising demand for organic food and growing organic farming increase the demand for biological crop nutrition. This growing demand for biological crop nutrition is driving the biostimulants market significantly. The sales of organic products have consistently increased over the last decades. Growth in the organic food industry is triggering the demand for biostimulants. Hence, the growing demand for organic food, such as grains, pulses, fruits, and vegetables are driving the biostimulants market across the region.
On the contrary, restricted legal compliance in biostimulants industry.
- Based on product, the North America biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. The seaweed extracts segment held 48.8% market share in 2022, amassing US$ 301.48 million. It is projected to garner US$ 577.43 million by 2028 to expand at 11.4% CAGR during 2022–2028.
- Based on application, the North America biostimulants market is segmented into foliar spray, seed treatment, and soil application. The foliar spray segment held 74.7% market share in 2022, amassing US$ 462.00 million. It is projected to garner US$ 882.87 million by 2028 to expand at 11.4% CAGR during 2022–2028.
- Based on crop type, 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 46.7% market share in 2022, amassing US$ 288.64 million. It is projected to garner US$ 549.43 million by 2028 to expand at 11.3% CAGR during 2022–2028
- Based on country, the North America biostimulants market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 87.8% market share in 2022. It was assessed at US$ 541.09 million in 2022 and is likely to hit US$ 1,030.17 million by 2028, exhibiting a CAGR of 11.3% during the forecast period.
Key players dominating the North America biostimulants market are BASF SE; UPL Ltd; Valagro S.P.A.; Gowan Company; FMC Corporation; Haifa Negev Technologies Ltd.; ADAMA; and Rallis India Limited among others.
- In April 2021, Haifa Negev Technologies Ltd. launched a new line of plant biostimulants under the HaifaStim trademark. These biostimulants strengthen plants and improve their growing environment, while fertilizers of the company provide them with all required nutrients.
- In June 2022, FMC corporation launched a new brand identity for its Plant Health business to reflect the company's continuing growth and expansion of its biological’s platform. Agricultural biologicals represent a diverse group of crop protection and stimulant products derived from living organisms and naturally occurring compounds. FMC invested substantially in the biological segment and committed to providing growers with products offering unique modes of action.
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