1. Business

India Biostimulants Market Size, Share, Analysis, Overview, Key Players Profiles, Trends, Development, Price, Segmentation, Research Report, Demand, Growth, Out

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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.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/india-biostimulants-market-106785 

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.

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.

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.

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.

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.

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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