The North America biostimulants market is anticipated to record a CAGR of 11.84% in terms of volume, and 12.75% in terms of revenue, over the forecast years of 2021 to 2028. The need for enhanced yield, the growing cost of synthetic pesticides and fungicides, and the rising importance of food security, are anticipated to fuel the region’s market growth.
The North America biostimulants market growth assessment includes the analysis of Canada and the United States. Canada is considered the second-largest market for biostimulants, across North America. Besides, the country held a revenue share of 13.81%, in 2020. The significant growth is accredited to the increasing support from the Canadian government for safe agriculture across the country. Moreover, Canada is among the promising markets, in terms of biostimulants demand generation, given the improved investments across the agricultural sector and the increasing agricultural land size.
Due to the rising concern over environmental and product safety, the regulatory scenario is relatively more rigid in Canada. Likewise, every active ingredient of plant biostimulants must be proven safe as well as effective, in order to receive product approval across Canada. In terms of active ingredient types, seaweed extract-based plant biostimulants are anticipated to be adopted at a faster rate, over the forecast period. In addition, this is expected to be followed by amino acids. Thus, such factors are associated with biostimulants market growth in Canada.
Some of the leading players operating in the market are, Eastman Chemical Company, Lallemand Plant Care, Agrinos AS, Brandt Consolidated Inc, etc.
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