South & Central America Biostimulants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Product, Mode of Application, and Crop Type

The biostimulants market in South & Central America is expected to grow from US$ 422.29 million in 2022 to US$ 748.13 million by 2028; it is estimated to grow at a CAGR of 10.0% from 2022 to 2028.

In the last few decades, technological innovations have been proposed to enhance the sustainability of agricultural production systems by significantly reducing synthetic agrochemicals such as pesticides and fertilizers. A promising eco-friendly innovation would be using natural plant biostimulants (PBs) that enhance flowering, plant growth, fruit set, crop productivity, and nutrient use efficiency (NUE) and can also improve the tolerance against a wide range of abiotic stressors. Due to technological advancements in the biostimulants and plant-growth promotor categories, manufacturers have a chance to develop new products in the biostimulants industry. The use of biostimulants as a stimulator of plant growth is gaining momentum in agriculture. Biostimulants were first restricted to vegetables, fruit crops, and other high-value crops such as ornamental and plantation crops. They now serve a crucial role in the intake of nutrients by traditional food crops such as corn, wheat, and nasturtium by acting as an additional fertilizer in conjunction with fertilizers. Thus, many innovative sources are being developed by key players such as UPL and Valagro S.p.A. Moreover, the developments in genetic engineering are leading to the production of highly effective biostimulants. Market players are increasingly focusing on developing technologies. For instance, in March 2020, Valagro announced the launch of Talete, a new biostimulant, originating from the exclusive GeaPower technology platform, to increase crop water productivity.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America biostimulants market at a substantial CAGR during the forecast period.

South & Central America Biostimulants Market Segmentation

The South & Central America biostimulants market is segmented on the basis of 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 a larger share of the market. On the other hand the same segment is expected to register a higher CAGR during the forecast period.
Based on application, the South & Central 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 South & Central 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 turf and landscape is expected to register the highest CAGR in the market during the forecast period.
Based on country, the South & Central America biostimulants market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2022, Brazil 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 South & Central America biostimulants market.