Soy nutrition generated US$ 12 billion in the 2021-22 harvest

The Kynetec consultancy found that the market for soy nutrition products grew from around US$7,8 billion in the 2019-20 harvest to close to US$12 billion in the 2021-22 cycle (+57%). The survey is part of the FarmTrak study, exclusive to the company, and analyzed the segments of soil improvers and conditioners, base fertilizer, top dressing, inoculants, biostimulants and seed and foliar fertilizers.

“Even in the face of the exchange rate devaluation of 27% between the two compared crops, the market advanced in cultivated area, number of treatments and adoption of correctives, seed treatments and inoculants”, says Giovanni Coser, agronomist engineer, specialist in plant nutrition at Kynetec.

According to Coser, soil fertilizers, used in planting or covering, maintain the historical lead in the soybean nutrition market: more than 80% share or approximately US$10 billion in sales. The performance of this product category rose 50% compared to the 2019-20 harvest (US$6,392 billion), when the company's first research in the area was carried out.

Giovanni Coser also clarifies that, together, soil improvers and conditioners and seed and foliar fertilization, including biostimulants, in addition to inoculants, currently account for 19% of the oilseed nutrition market, around US$ 2,3 billion , according to Kynetec research.

behavior changes

Another data resulting from FarmTrak 2021-22 refers to a rapid change in soybean farmers' behavior in relation to when to purchase fertilizers. At the end of April 2021, the study reveals, more than 60% of the products moved had been transacted, whereas in the 2019-20 cycle sales occurred in a dispersed manner, throughout the harvest.

“In addition to the appreciation of fertilizers, driven by the pandemic, the costs of raw materials and the war in Ukraine, reading the research reveals that farmers are now concerned not only with the availability of products, but, above all, with ensuring their access to more efficient technologies, which add value to production”, highlights Giovanni Coser.

According to him, FarmTrak also brings to light an increase in the use of biostimulants by farmers. Between 2020 and 2022, the executive emphasizes, there was an increase of around 50% in the sale of such products, from US$100 million to US$150 million. Their adoption jumped from 28% to 38% of the area cultivated with soy, around 15 million hectares.

Regarding the farmer's knowledge of manufacturers and commercial brands, more than 330 companies and 2,8 products were mentioned in FarmTrak – in the previous survey there were 200 companies and 1,9 products. “The upward variation is explained by the entry of companies that started to sell mixtures of granules to foliar fertilizers, as well as biostimulants and inoculants”, concludes Giovanni Coser.

According to the leader of Kynetec Brasil, agronomist André Dias, FarmTrak 2021-22 took place in almost 670 cities on the oilseed agricultural frontier and heard from more than 2,4 farmers. According to Dias, the company will continue the survey relevant to soybean nutrition in the 2022-23 cycle. “The expectation is to build a robust history of this market and detect the main trends for the coming years.”