Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "South Africa Biostimulants Market 2023-2029 Share, Revenue, Trends, Growth, Industry, Analysis, Companies, Forecast, Size & Value: Market Forecast By Active Ingredient, By Application, By Form And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The South Africa Biostimulants Market is primarily fueled by the imperative need to enhance agricultural yields, improve crop quality, and bolster overall plant health. Agricultural output has seen a substantial increase, with a 15.9% rise to $17,161.7 million in 2020, contributing significantly to the GDP, at $4,192.4 million in 2019. This has prompted farmers and producers to increasingly adopt biostimulants as a means to augment crop production and ensure sustainability.
In 2022, the African biostimulants market faced challenges due to global agricultural commodity issues, coupled with high consumer food price inflation, reaching an average of approximately 9% in 2022, up from 6.5% in 2021. Nevertheless, the Department of Agriculture, Land Reform, and Rural Development's initiatives are expected to stimulate the financial services and agribusiness sectors. Consequently, the agricultural sector is poised for a resurgence in 2023, which will further propel the biostimulants market in the forthcoming years.
According to this research, South Africa's Biostimulants Market is projected to grow at a CAGR of 4.7% during 2023-2029. This growth can be attributed to government initiatives aimed at promoting sustainable agriculture, exemplified by the Agriculture and Agro-Processing Master Plan (AAMP).
The South African government is actively endorsing environmentally friendly agricultural practices by offering essential tax incentives like the 12L Tax Incentive under Income Tax Act No. 58 of 1962, among others, which are expected to drive the demand for biostimulants in the years ahead.
Furthermore, various regions within South Africa, such as the Western Cape, have already adopted conservative agricultural methods, accounting for up to 51% of agricultural practices. The implementation of similar practices in regions like Mpumalanga and the Free State is anticipated to further bolster the adoption of conservative agriculture and, consequently, drive robust demand for biostimulants in the South African market during the forecast period.
Key Market Insights:
- Market by Form: Liquid Biostimulants dominate the South Africa Biostimulant Market due to their convenient application, fast plant absorption, and effective delivery of nutrients and growth enhancers.
- Market by Active Ingredients: Seaweed extract dominates South Africa Biostimulant Market due to its rich nutrient composition and alignment with sustainable agriculture. Abundant coastal resources, coupled with growing demand for eco-friendly solutions, fuel its adoption, appreciated by farmers for boosting crop growth, nutrient absorption, and stress resistance, thereby fueling substantial market growth.
- Market by Applications: Foliar Biostimulants lead in South Africa biostimulant market due to their direct leaf absorption, providing swift nutrient uptake and stress resilience for crops, contributing to optimal growth and productivity in diverse environmental conditions.
Key Highlights of the Report
- South Africa Biostimulants Market Overview
- South Africa Biostimulants Market Outlook
- South Africa Biostimulants Market Forecast
- Historical Data and Forecast of South Africa Biostimulants Market Revenues, for the Period 2019-2029F
- Historical Data and Forecast of South Africa Biostimulants Market Revenues and Volume, By Forms, for the Period 2019-2029F
- Historical Data and Forecast of South Africa Biostimulants Market Revenues and Volume, By Active Ingredients, for the Period 2019-2029F
- Historical Data and Forecast of South Africa Biostimulants Market Revenues, By Applications, for the Period 2019-2029F
- South Africa Biostimulants Market Revenue Ranking, By Companies
- South Africa Biostimulants Market Drivers and Restraints
- South Africa Biostimulants Market Trends
- South Africa Biostimulants Market Porters Five Forces
- Import-Export Statistics
- South Africa Biostimulants Market Opportunity Assessment
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Form
- Liquid
- Dry
By Active Ingredients
- Humic Substances
- Amino Acids
- Seaweeds Extract
- Microbial Amendments
By Applications
- Foliar
- Soil Treatment
- Seed Treatment
Companies Featured
- Bayer
- Syngenta
- FMC
- Corteva Agriscience
- Koppert
- Afrikelp
- BASF
- UPL
- Haifa Negev technologies
- Kelp Products International
For more information about this report visit https://www.researchandmarkets.com/r/yd3ky8
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