The Latin American biostimulants market is experiencing unprecedented vigorous development, becoming the fastest-growing region globally. Manel Cervera, Managing Partner at Dunhamm Trimmer, a market intelligence and consulting firm, predicts that the non-microbial biostimulants market in the region is expected to double in size within five years. The market value is projected to reach US1.2billion in 2024 alone and climb to US1.2billionin 2024 alone and climb to US2.34 billion by 2030.

Cervera points out that multiple driving factors have contributed to this significant growth, with Latin America's increasing fruit and vegetable production capacity playing a crucial role. He emphasizes that since the last report in 2020, the region's position as a major global producer of fruits and vegetables has been continuously consolidated, which is key to the high-speed growth of its biostimulants market in the coming years.

It is worth noting that Latin America is unique globally, with its field crop biostimulants market share even surpassing that of the fruit and vegetable market.

Within the region, Brazil dominates with its strong growth momentum, currently contributing 50% of the industry's total sales and is expected to continue leading the Latin American market.

Brazil's market growth benefits from its strong agricultural export capabilities, the surge in field crop biostimulant use driven by new national bio-input regulations, and the continuous emergence of local biostimulant manufacturers. Meanwhile, the biostimulants markets in Peru and Mexico are also expanding due to strong export pull.

Cervera mentions that markets in other Latin American countries, such as Chile, are relatively mature but are expected to maintain growth rates below double digits.

Peru has become an important hub for agricultural growth in recent years, and its biostimulants market is also expected to experience rapid growth. Following closely are Argentina and Uruguay. Although the biostimulants markets in these two countries are relatively limited in size, they are expected to achieve significant growth, demonstrating huge potential, especially in areas not yet fully popularized in Chile, Peru, and Brazil.

Cervera points out that the Argentine market has historically placed great emphasis on inoculant applications for field crops and legumes, but the adoption rate of non-microbial biostimulants still needs to be improved.

While Paraguay and Bolivia have small market sizes, Cervera believes their use and adoption of biostimulants in soybean crops are noteworthy, which is closely related to local technical products, cropping systems, and land ownership structures.

The markets in Colombia and Ecuador were not independently segmented in the 2020 report, but they have rich knowledge and history of biostimulant applications on specific crops. Both countries have entered the ranks of the top 35 major global markets in the 2024/25 data. Cervera specifically mentions that Ecuador was one of the first countries to adopt biostimulants in tropical crops such as bananas and is one of the markets with the widest application of this technology.

The adoption rate of biostimulants in Central America is also showing an upward trend, as crops such as bananas, pineapples, and coffee respond well to biostimulant applications.

In terms of product categories, by 2024, amino acids and protein hydrolysates will be the two dominant categories, followed by algae extracts, humic acids, fulvic acids, and other organic acids. Cervera predicts that hydrolyzed amino acids and proteins will maintain the fastest growth rate in both global and Latin American markets in the coming years.

However, the biostimulants market also faces some challenges.

The first is the risk of commodity homogenization. As the market grows rapidly and matures, product differentiation will become a key challenge, and companies need to strive to stand out to remain competitive.

Secondly, increasingly stringent regulatory barriers. However, there are also positive initiatives aimed at establishing a more standardized and unified regulatory framework. Cervera emphasizes that Europe has taken the lead in adopting new regulations, becoming the first region globally to include "biostimulants" in a regional regulatory framework, and more and more countries are following suit.

Despite the challenges, Cervera remains optimistic about industry opportunities. As biostimulant production ecosystems continue to develop in countries like Brazil, companies that originally focused on local or national sales will begin to expand their export businesses and develop a broader Latin American market. This will lead to increased competition and upward price pressure. Therefore, companies need to rethink how to better influence the development of the Latin American biostimulants market.