The South America biostimulants market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing focus on agricultural intelligence.
Biostimulants are natural substances that are applied to seeds, plants, and soil. They enhance the plant growth with its bio-active compounds. These compounds have sound water holding capacity, high metabolism, provides nutrient, and improves the production of chlorophyll. It helps the plants to be more resilient to harsh environments.
The COVID-19 outbreak led to the closedown of manufacturing facilities, which in turn, disrupted the production and sales of biostimulants. However, relaxation on restrictions is anticipated to help the market recover soon.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for natural substances to ensure food safety and sustainable agricultural practices is expected to drive the market growth.
- Growing awareness about biostimulants among farmers uses is anticipated to spur the growth of the market.
- Larger areas of plant cultivation can accelerate the market growth. Moreover, reduced arable land has increased the demand for biostimulants to increase the crop yield, driving the market growth.
- The alternatives of biostimulants over health concerns can create challenges, hindering the market growth.
- Easy availability of seaweed can create lucrative opportunities for the market growth.
Key Players
- Valagro
- Lallemand
- UPL Limited
- Koppert BV
- Omex Agriculture Ltd
Competitive Landscape
Key players competing in the South America biostimulants market are Valagro; Lallemand; UPL Limited; Koppert BV; and Omex Agriculture Ltd.
On February 9, 2021, UPL Limited and Novozymes, a global biotechnology company, announced a partnership to provide a wide range of biological products to the market in South America.
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