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European Biostimulants Market
European Biostimulants Market
Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) — The “European Biostimulants Market – Forecast to 2024 to 2029” report has been added to ResearchAndMarkets.com's offering.
The European biostimulants market is expected to grow from USD 1.37 billion in 2024 to USD 2.18 billion in 2029, at a CAGR of 9.73% during the forecast period.
Agricultural biostimulants are mixtures of different chemicals, substances and microorganisms that are applied to soils and plants to enhance crop quality, vigor, productivity and sensitivity to abiotic stresses. Demand for biostimulants is growing in Europe as farmers are increasingly willing to adopt sustainable agricultural practices rather than relying on chemical inputs.
Additionally, Yara International announced in May 2023 that it will build a new global manufacturing facility for biostimulants and specialty crop nutrition products in Yorkshire, UK, which will further support the distribution of the company's “YaraVita” brand of plant biostimulants. Additionally, Bionema Group Ltd., a leading developer and manufacturer of biocontrol technologies, introduced a new product line of biostimulant chemicals in the UK in July 2023 for use in agriculture, horticulture, forestry, turf and amenities.
One of the major drivers of growth in the region's biostimulants market is the increase in agricultural production and consumption of agricultural products. Food consumption in the EU has increased significantly, with wheat and barley consumption growing by around 3.9%. The increase in food exports in the region is also boosting the demand for increased agricultural production. According to the EU Agency for Agriculture and Rural Development, EU food exports will reach around USD 242 billion in 2023, up around 22% from 2022, by around USD 75 billion.
The European biostimulants market is expected to grow at a moderate rate. Researchers, companies, and farmers are becoming increasingly interested in the idea of combining organically produced products with other environmentally friendly materials that ensure improved plant quality and productivity. Therefore, the demand for biostimulants in agriculture will also increase significantly in the coming years.
Factors Driving the European Biostimulants Market:
The increasing popularity of organic farming is expected to drive market growth.
Biostimulants are utilized to enhance flowering, plant growth, fruit development, crop production, nutrient use efficiency (NUE), and resistance to various abiotic stresses. This makes biostimulants a promising and environmentally beneficial innovation. Biostimulant companies and their partners are conducting more and more research to find new bioactive substances and beneficial microorganisms. It also helps to better understand how biostimulants can improve the growth and quality of organic crops under different growing conditions.
Organic farming has increased significantly in the UK. The country's Ministry of Environment and Rural Affairs has stated that the country's agricultural industry has witnessed a major shift towards organic farming. In 2021, approximately 285.4 thousand hectares of farmland were used for fully organic farming, increasing to approximately 292.7 thousand hectares in 2022. The ministry also stated that in 2022, the country had approximately 16.91 million hectares of farmland, of which approximately 40.3 thousand hectares were in conversion and approximately 468.3 thousand hectares of land were fully organic.
European Biostimulants Market Restraints:
Lack of regulation is likely to hinder market growth.
The current lack of standardized regulations and definitions is expected to hinder the long-term growth of the biostimulants market across Europe. This is mainly because biostimulants include a wide range of products with diverse compositions, unlike conventional traditional agricultural inputs such as pesticides and fertilizers. Hence, the lack of uniformity in the various definitions of biostimulants poses major challenges in processes such as product registration and labeling efforts. Moreover, the increasing ambiguity and uncertainty will further restrict investments in the biostimulants sector, further limiting the scope of new entrants in the market.
Geographical Overview of the European Biostimulants Market
The market is expected to grow in the UK.
The UK biostimulants market is primarily driven by the high penetration of new products. Moreover, the demand for biostimulants in the UK is driven by increasing agricultural yields, growing desire for sustainable agriculture, and stringent regulations. The UK is taking initiatives to advance the top European priority of innovation and smart growth for a bio-based economy. For example, new funding for horticulture and agriculture was made available by the UK government in August 2023. The government will provide more than £14 million to support two brand new research and feasibility competitions. The funding is part of a £600 million investment over the next three years aimed at improving efficiency and innovation in the agricultural industry.
Additionally, fluctuations in fertilizer prices and the increased use of biostimulants to improve productivity are also contributing to increased farm income. For example, according to the UK Department for Environment, Food and Rural Affairs 2022 report, the average Farm Business Income (FBI) for all farm types in the UK in 2021/22 is £72,000, up from £46,500 in 2020/21. FBI varies significantly, with 41% of UK farms having an FBI of over £50,000 and 10% of farms not having a positive FBI in 2021/22.
Key attributes:
Report Attributes
detail
Number of pages
114
Forecast Period
2024 – 2029
Estimated market value in 2024 (USD)
$1.37 billion
Market value forecast to 2029 (USD)
$2.18 billion
Compound Annual Growth Rate
9.7%
Target area
Europe
Key market trends for biostimulants in Europe:
In August 2023, Bionema Group Ltd., a leading UK-based biocontrol technology developer and manufacturer with a decade of R&D experience, launched a line of seven new biostimulants. These include humic and fulvic acid substances, seaweed extracts, and other natural ingredients that cover all stages of plant growth through foliar and root applications in agriculture, horticulture, forestry, turf, and amenities. Hence, increasing new product launches are expected to propel the biostimulants market during the forecast period.
Key Players in the European Biostimulants Market:
Hello Nature is a company that is constantly seeking innovative solutions to meet the needs of farmers while cultivating a sustainable future with full respect for both nature and human health. The company has over 50 years of experience, six manufacturing plants and facilities, 12 subsidiaries and invests 5% of its revenues in research and development.
BASF SE has been creating chemistry for more than 150 years. Through science and innovation, the company aims to help customers across diverse industries meet society's current and future needs. The company's strategy is to have the most attractive partners for challenges that can be solved using chemistry.
Valagro SpA (Syngenta Biologicals) is a leader in the biostimulants market. The company aims to create a sustainable future for humanity and nature. Furthermore, it aims to increase food production by 50% by the end of 2050 to meet the growing food demands of a growing population.
Featured Companies
Active ingredients
Acidic biostimulants
Extraction of biostimulants
Crop type
vegetables
lawn
Ornamental plants
Row Crops
application
country
England
Germany
France
Spain
Italy
others
For more information on this report, please visit: https://www.researchandmarkets.com/r/h7vprf
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