The India biostimulants market size touched USD 230.98 million in 2021. The market is expected to grow from USD 266.58 million in 2022 to USD 734.13 million by 2029, exhibiting a CAGR of 15.57% during the forecast period. There is rising demand for organic farming and increasing yield per hectare investment to bolster market development. Fortune Business Insights™ provides this information in its report titled “India Biostimulants Market, 2022-2029.”
Biostimulants are biologically-derived substances applied to soil or plants to improve biotic and abiotic stress tolerance, nutrient uptake ability, and pest protection. Robust demand for organic foods fuels the adoption of organic farming, which, in turn, may boost the product’s adoption. Further, rising investments to improve yield per hectare may bolster the product’s demand. These factors may propel the India biostimulants market share in the coming years.
COVID-19 Impact
Raw Material Disruptions to Hinder Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic due to raw material disruptions. The sudden spike in COVID-19 cases led to stringent norms on manufacturing and transport. The halt on manufacturing led to severe supply chain disruptions. Furthermore, restrictions on travel and transport led to raw material shortages, thereby interrupting stock availability. However, the adoption of automated production techniques and reduced capacities may enable manufacturers to recover costs and boost their revenues. These factors may propel market development during the forecast period.
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List of Key Players Profiled in the Report:
- Rallis India Ltd. (India)
- Gujarat State Fertilizers & Chemicals Limited (India)
- PI Industries (India)
- Bayer AG (Germany)
- UPL Limited (India)
- FMC Corporation (U.S.)
- BASF SE (Germany)
- Southern Petrochemical Industries Corporation (India)
- Novozymes (Denmark)
- Syngenta (Switzerland)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Segments
By source, the market is bifurcated into microbial and non-microbial. As per active ingredient, it is classified into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others. Based on application, it is classified into foliar treatment, soil treatment, and seed treatment. On the basis of crop type, it is clubbed into row crops, fruits & vegetables, turf & ornaments, and others.
Drivers and Restraints
Risks Associated with Synthetic Chemicals Adoption in Agriculture to Bolster Market Development
Pesticides and fertilizers have been used extensively in the agricultural sector due to their effectiveness. However, concerns regarding their risks toward human health have increased the adoption of organic counterparts. Biostimulants are highly effective and organic alternative to chemical farming that improve crop quality and are completely safe. Furthermore, the rising demand for organic foods from the population fuels the adoption of the chemical. Moreover, increasing government support for the adoption of organic farming may boost product adoption. Additionally, the rising awareness among farmers regarding agrochemicals is expected to drive the India biostimulants market growth.
However, sub-optimal marketing and commercialization of the product may hinder the market’s progress.
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Competitive Landscape
Companies Launch Novel Products to Bolster Brand Image
The prominent companies operating in the market announce novel products to boost their convenience and enhance brand image. For example, Tradecorp announced its biostimulant Biimore, known as Quikon, in India, in October 2021. It is used to develop pre-flowering in broadacre legume crops, tree crops, and horticultural crops. This development may enable the company to enhance its brand image. Furthermore, companies adopt research and development, mergers, acquisitions, expansions, and attractive pricing to boost their market position.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets (Agricultural Biologicals)
- Biostimulants Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Key Industry Developments – Policies, Mergers, Partnership & Acquisition
- Qualitative Analysis (in Relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
TOC Continued…!
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Key Industry Development
- September 2020: Bioiberica Plant Health launched the Godrej Agrovet to enter the Indian market. It announced TerraSorb Complex and Equilbalance biostimulants.
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