May 18, 2019 SOURCE: BusinessWire

North America Biostimulants Market Growth, Trends, and Forecast Report 2019-2024 - ResearchAndMarkets.com

The "North America Biostimulants Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The North American biostimulant market is the second largest by region, globally. The North American biostimulants market was valued at USD 0.68 billion in 2018, reaching an estimated USD 1.41 billion by 2024, at a CAGR of 11.9%, during the period, 2019-2024.

The usage of biostimulants is 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 increasing importance of organic farming, the need for enhanced yield, and favorable regulatory structure. The restraints identified for this market include awareness among farmers about applications and benefits and limited innovation in product development.

Scope of the Report

Plant biostimulants are used for preventing the destruction of crops by stress, diseases, and weeds. These are one of the biopesticides formulated using microorganisms, substance, and compounds. They help in enhancing yields, crop vigor, and quality. The report contains a detailed analysis of the various parameters of the North American biostimulants market.

The market has been segmented on the basis of active ingredient, type, crop type, application, and geography. The report presents an in-depth analysis of the market share, size, and trends of the North American Biostimulant market. The market operates at a B2C level, and market sizing is done at the consumer level.

Key Market Trends

Favourable Regulatory Structure

Biostimulants are still emerging compounds in North America. The registration for biostimulant is done at the state level as a plant or soil amendment. The regulatory structure might not be strict, compared to the pesticides 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. 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.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET SEGMENTATION

5.1 Active Ingredient

5.1.1 Humic Acid