North America Seaweed Extracts Biostimulant Market, By Species (Brown Algae, Red Algae, Green Algae), Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turf & Ornamentals, and Other Crops), Application Method (Foliar Treatment, Soil Treatment, and Seed Treatment), Form (Liquid and Dry), End User (Farmers, Related Industries, Research Institutes, and Others), and Distribution Channel (Direct and Indirect) - Industry Trends and Forecast to 2030.
North America Seaweed Extracts Biostimulant Market Analysis and Size
The North America seaweed extracts biostimulant market is expected to grow significantly from 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.0% from 2023 to 2030 and is expected to reach USD 546.86 Million by 2030. The rising need for sustainable agriculture is expected to drive the North America seaweed extracts biostimulant market.
The rising preference for organically grown food among consumers is the key factor fueling the expansion of the seaweed extracts biostimulant market. The availability of a wider range of seaweed extracts biostimulant products is driving the market's expansion. Additionally, the market is further influenced by the rising need for sustainable agriculture.
The North America seaweed extracts biostimulant market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Species (Brown Algae, Red Algae, Green Algae), Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Turf & Ornamentals, and Other Crops), Application Method (Foliar Treatment, Soil Treatment, and Seed Treatment), Form (Liquid And Dry), End User (Farmers, Related Industries, Research Institutes, and Others), Distribution Channel (Direct and Indirect)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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ASL, BIOVERT S.L., BIOSTADT INDIA LIMITED, FMC Corporation, Valagro S.p.A, OMEX, ATLÁNTICA AGRÍCOLA, BioAtlantis Ltd., Koppert, Trade Corporation International among others.
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Market Definition
Seaweeds are plants that naturally grow in the sea. Seaweeds are also known as marine microalgae, generally attached to hard substrata of coastal areas. These plants comprise various marine algae, such as kelps, dulse, rockweeds, and sea lettuce. Seaweed extract is an organic fertilizer containing vitamins, fatty acids, and macro and micronutrients. It also contains oceanic bioactive ingredients such as polyphenol, mannitol, oligosaccharides betaine, cytokinin, and phycocolloid, considered essential ingredients for root development, resistance to pathogens, and improving germination and leaf quality. The seaweed extracts biostimulant can be used in both horticulture and agriculture crops.
Asia-Pacific Seaweed Extracts Biostimulant Market Dynamics
The section deals with understanding market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:
Driver
- Rising preference for organically grown food among consumers
Synthetic insecticides, fertilizers, and herbicides produce conventional (non-organic) food. However, organically cultivated food offers the best nutritional benefits and dietary variety, leading to more individuals consuming naturally grown food. As a result, the growing popularity of organically cultivated food ultimately increases the demand for plant inhibitors, biofertilizers, and biopesticides. As it contains vitamins, fatty acids, and other macro- and micronutrients necessary for plant growth, seaweed extract offers the perfect substitute for chemical fertilizers, which are used to boost both the amount and quality of farming production.
Furthermore, consumers are increasingly conscious of food production practices today. The use of fewer chemicals, more biodynamic practices, and better soil management are all part of the organic farming system. Parents are moving towards pesticide-free fresh food because research shows that youngsters are more sensitive to food grown with pesticides. The demand for food farmed organically has surged due to parents' growing concerns. This demand for organically grown food is expected to drive market growth in the forecast period.
For instance,
- In January 2023, according to an article published in MDPI, in the case of emerging nations, due to the significantly smaller price difference between organic products and traditional foods, the health benefits of foods with an eco-label, and the dissemination of information about climate change have a significant impact on the level of consumption of organic foods
Thus, the increasing demand for organic food encourages farmers to avoid using chemical fertilizers to grow plants.
Opportunity
- Growing popularity of horticulture
Seaweed has high nutrient content, including nitrogen, phosphorus, potassium, and trace elements, making it an excellent plant food source. In horticulture, seaweed is often used as a foliar spray, which means it is applied directly to the leaves of plants. This method allows the nutrients to be absorbed by the plant more quickly, resulting in faster growth and improved resistance to pests and diseases. Horticulture crops require more inputs in terms of fertilizers and pesticides to maximize the yield of each acre. Thus the seaweed extract biostimulants can increase crop growth and enhance their yield.
In horticulture practices, abiotic stresses such as water logging in extreme temperatures, drought, and salinity are major factors affecting horticultural crop productivity and quality. Seaweed extracts can counter this problem as they contain bioactive compounds, which enhance the performance of crops under abiotic conditions. The brown seaweed extract is widely used in horticulture crops owing to its plant growth-boosting effect and ameliorating effect on crop tolerance to handle abiotic stresses such as drought, nutrient deficiency, salinity, and extreme temperatures. The seaweed extracts counter the abiotic stress and improve crops' shelf life and yield. Seaweed extracts have also been proven to improve thermal tolerance in plants.
For instance,
- In July 2022, according to a review published in Wiley Open Library, Carrageenans, and oligo-carrageenans, which are polysaccharides commonly found in red seaweeds, have been found to improve the growth and development of various plants by inducing changes in important physiological and biochemical processes
Therefore, the acceptance of seaweed extracts is increasing for horticulture as they provide many beneficial effects such as abiotic and biotic stress tolerance, nutrient uptake, and quality improvement of crops. Hence, the growing popularity of horticulture is creating opportunities for the market shortly due to its effects on horticulture crops, such as improved plant quality, abiotic & biotic stress tolerances, and increased uptake of nutrients.
Restraint/Challenge
- Disproportionality in the supply chain of seaweed extract
The demand for seaweed extract is expected to rise in the coming years due to the growing demand for organic food across the globe. Therefore, the supply chain plays a vital role in producing seaweed from marine sources. The seaweed supply chain majorly includes seaweed suppliers, manufacturers, and customers.
This supply chain mechanism is currently facing the following issues:
- The unpredictability of dried seaweed availability increases the time of delivery as it could not meet the timeline of customers
- Fluctuating prices of seaweed majorly affect the profitability of the end product
- The quality fluctuations of seaweed as it is naturally cultivated in the sea; therefore, humans have no control over the quality of seaweed
- External uncertainties such as natural or artificial disasters and economic disruptions
- The production plant of biostimulant is located nearby the source of seaweed, which further results in the high transportation cost of distribution of processed seaweed extract
As mentioned earlier in the supply chain, the uncertainties affect the cost and profitability of the seaweed manufacturer. Hence, this could be counted as a challenge for the growth of the seaweed extracts biostimulant market.
Recent Developments
- In 2022, Biostadt Group completed the acquisition of all assets and businesses of Biogene Seeds Sciences Pvt. Ltd, thereby expanding its product portfolio to include research rice, hybrid corn, vegetables, and crops such as jowar and bajra. In addition, the company intends to introduce its product, Hyzyme, to the southern states. This strategic move is aimed at achieving the objective of doubling the company's business within two years
- In October 2021, UPL announced a long-term strategic partnership to create microbial-based bio solutions (biostimulants and biopesticides) that will aid growers worldwide in combating pests and diseases and enhance crop quality and yields. Chr. Hansen is a North America bioscience company. This partnership has helped the company to get better brand value, a new consumer base, and a wide range of products and solutions portfolio
North America Seaweed Extracts Biostimulant Market Scope
The North America seaweed extracts biostimulant market is segmented into six notable segments based on species, crop type, application method, form, end user, and distribution channel. The growth amongst these segments will help you analyze major industry growth segments and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
SPECIES
- Brown Algae
- Red Algae
- Green Algae
On the basis of species, the North America seaweed extracts biostimulant market is segmented into brown algae, red algae, and green algae.
CROP TYPE
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Turf & Ornamentals
- Other Crops
On the basis of crop type, the North America seaweed extracts biostimulant market is segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, turf & ornamentals, and other crops.
APPLICATION
- Foliar Treatment
- Soil Treatment
- Seed Treatment
On the basis of application method, the North America seaweed extracts biostimulant market is segmented into foliar treatment, soil treatment, and seed treatment.
FORM
- Liquid
- Dry
On the basis of form, the North America seaweed extracts biostimulant market is segmented into liquid and dry.
END USER
- Farmers
- Related Industries
- Research Institutes
- Others
On the basis of end user, the North America seaweed extracts biostimulant market is segmented into farmers, related industries, research institutes, and others.
DISTRIBUTION CHANNEL
- Direct
- Indirect
On the basis of distribution channel, the North America seaweed extracts biostimulant market is segmented into direct and indirect.
North America Seaweed Extracts Biostimulant Market Regional Analysis/Insights
The North America seaweed extracts biostimulant market is segmented based on species, crop type, application method, form, end user, and distribution channel.
The countries in North America seaweed extracts biostimulant market are the U.S., Canada, and Mexico.
U.S. is expected to dominate the North America seaweed extracts biostimulant market due to increased organic farming. Demand for organically grown food is rising, which may drive market demand.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technological trends porter's five forces analysis, and case studies are some pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Seaweed Extracts Biostimulant Based Market Share Analysis
The North America seaweed extracts biostimulant market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points are only related to the companies' focus on the North America seaweed extracts biostimulant market.
Some of the major market players operating in the North America seaweed extracts biostimulant market are ASL, BIOVERT S.L., BIOSTADT INDIA LIMITED, FMC Corporation, Valagro S.p.A, OMEX, ATLÁNTICA AGRÍCOLA, BioAtlantis Ltd., Koppert, and Trade Corporation International among others.
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