The North America Biostimulants Market was worth $0.53 billion in 2016 and estimated to be growing at a CAGR of 10.45%, to reach $0.87 billion by 2021.
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Biostimulants promote plant development in a number of established ways throughout the crop lifespan, from seed sprouting to crop maturity.
They enhance the plant’s capability to integrate nutrients and properly grow.
Biostimulants improve soil quality and enhance product quality, thereby generating better profits for crop cultivators and providing healthier foods for customers.
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Healthy soil grasps water more effectively and is more resilient to erosion. Biostimulants also help in tackling some of the most important challenges that world agriculture currently faces.
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The growth of the North America Biostimulants market is majorly due to factors such as growing awareness among farmers, mounting food demand due to an increasing population, and government subsidies. Biostimulants are gaining increasing importance in the agriculture sector due to their environmental-friendly and organic character.
However, factors such as volatile economies and high R&D costs involved in this field are impeding the growth of the market in this region.
The North America Biostimulants market is segmented based on Active Ingredients, Application, and Crop Type. The market for Biostimulants, on the basis of Active Ingredients, is classified into Fulvic Acid, Protein Hydrolysates, Seaweed Extracts, Amino Acid, Humic Acid, and Others.
In this segment, humic acids and fulvic acids lead the market for Biostimulants, accounting for more than 30% of the market. On the basis of Application, the Biostimulants market is segmented into Seed, Foliar, and Soil.
The foliar technique of application is the most favoured for biostimulant supply, as it delivers ingredients in a much more direct manner when compared to the others. On the basis of Crop Type, the Biostimulants market is segmented into Fruits & Vegetables, Cereals & Oilseeds, Turfs & Ornaments, and Others.
Cereals & Oilseeds lead the market on the basis of Crop Type and this trend is expected to remain the same during the forecast period.
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The North America market has been geographically segmented into segmented into US and Canada. The growth of the market in this region is reinforced by the increasing demand to step up the output of food crops such as oilseeds and sugarcane, which have various applications such as feed, fuel, and other industrial uses.
Biostimulants not only boost crop growth during severe conditions in these regions but also increase the crop return and quality. Farmers in this region prefer biostimulants instead of synthetic stimulants, as the former not only enhances crop yield but also improves land fertility, while the latter may damage land fertility at the price of enhancing crop yield.
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Important strategies such as product expansions and investments have been implemented by the key players in the biostimulants industry. These companies are improving their capabilities by diversifying their commercial operations across the high-growth markets with efficient distribution systems.
The major companies dominating the Biostimulants market in this region are BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V.
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