United States Biostimulants Market is projected to grow at a CAGR of 11.2% during the forecast period (2020 - 2025).
- The United States is one of the major consumers of biostimulants in North America. Biostimulants are relatively less popular. However 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 induced consumption of biostimulants.
- The use of biostimulants for fruits, vegetables, cereals, and pulses is growing strongly owing to changing consumption patterns of fruits and vegetables without the risk of pesticide residues and with increased nutritional value.
- Valagro S.p.A, Acadian Seaplants, UPL Limited, Isagro S.p.A., Italpollina S.p.A, and Brandt Consolidated Inc are some of the prominent players who are operating in this market.
Key Market Trends
Increasing Importance of Organic Farming And Favorable Regulatory Structure
As per the United States Department of Agriculture (USDA), the total certified organic farms in the country were accounted to be 14,217 for the year 2016 and the total organic cropland was accounted to be 5,019,496 acres for the same period. There was an approximately 11% increase in the certified organic land in 2016 in comparison with last year. Hence, the increasing demand for organic products is enhancing organic cropland which will boost the production of organic crops, thereby, impacting the demand for biostimulant during the forecast period. Further the government has made necessary policies such as the Agriculture Improvement Act of 2018 (Farm Bill) in December 2018 which provides the first statutory language about plant biostimulants in any federal law in the country. This law recognizes the importance of biostimulants in the agriculture sector and supports the development of new sustainable technology for agriculture.
Soybeans holds a Prominent Share
The United States is the largest producer of soybean in the world with 119.5 million metric tons of production as of 2017. The production of soybeans has seen a growth of 5.7% from 2015 to 2017 as per the Food and Agriculture Organization of the United Nations (FAO) statistics. Soybeans occupy a major share of the total biostimulant market in the United States by revenue. The application rate of biostimulant for the crop is around 1.0 litre per acre within the total acreage of 90.6 million acres.In addition, the area under soybean cultivation in the United States has increased by 4.6% between 2015 to 2017. Therefore the possibility of improving the quality of its seeds is crucial, hence it is likely to boost the biostimulants market in the country.
The market studied is fragmented with players such as Valagro S.p.A, Acadian Seaplants, UPL Limited, Isagro S.p.A., Italpollina S.p.A, and Brandt Consolidated Inc. are holding a minor share in the total market. However, these players are strengthening their position by adopting various strategies such as expansions, partnerships to consolidate their position in the market. In Nov 2016, The UPL Limited signed an agreement with Beem Biologics Inc., in which Arysta LifeScience licenses a new, novel, plant extract-derived biostimulant technology from Beem Biologics.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support