The North American Biostimulant market is the second-largest market by region, globally. The market is estimated to grow at a CAGR of 11.9%, during the period, 2020-2025. The usage of biostimulants is highly promoted in the region, which is mostly opted by chemical fertilizer and pesticides required to sustain its large-scale productions to balance the agricultural sector growth. The key market drivers identified in this market are the increasing importance of organic farming, the need for enhanced yield, and favorable regulatory structure. The restraints identified for this market include lack of awareness among farmers about related benefits from the application and limited innovation in product development.
Key Market Trends
Favorable Regulatory Structure
Biostimulants are still emerging compounds in North America. The registration for biostimulants is done at the state level as a plant or soil amendment. The regulatory structure might not be strict, compared to the pesticide regulations, as biostimulants have diverse natural and biological substances, microorganisms, and plant extracts, which are not harmful. New players can enter the market and invest in biostimulants, as it has a large scope in the agricultural industry, with low regulations. There is no risk of rejection if the product is manufactured with proper biological components.
United States Dominates the Market
The North American region promotes the usage of biostimulants in order to balance the growth of the agricultural sector with other sectors of the economy. Currently, this growth is mostly achieved by using chemical fertilizers and pesticides, which are required to sustain large-scale production. A majority of the regional market is dominated by acid-based products, out of which, the most popular, humic acid segment, is expected to witness rapid growth. The United States, with its highly evolved agricultural sector, has been adapting to the natural and organic way of farming. Hence, the region is witnessing high consumption of biostimulants. The country is adapting to the use of biostimulants, primarily in the case of seed treatment, to strengthen crop productivity and vigor at an early stage.
Competitive Landscape
In the North American biostimulants market, companies are not only competing based on product quality and promotion but also focused on strategic moves to hold larger market shares. The North American biostimulants market is highly fragmented, with no company occupying a major share in the market. This trend can be attributed to the fact that the market for biostimulants in North America is still in its nascent stage, and there is no definitive regulation in place to keep the products and companies in check.
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