Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The "Europe Biostimulants Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The European biostimulants market is projected to grow at a CAGR of 9.73% over the forecast period, from US$1.37 billion in 2024 to reach US$2.18 billion by 2029.
Agricultural biostimulants are mixtures of various chemicals, substances, and microorganisms used in soils or plants to increase crop quality, vigor, productivity, and sensitivity to abiotic stress. Biostimulant demand in Europe is rising due to farmers' increasing readiness to employ sustainable farming practices rather than rely on chemical inputs.
Further, in May 2023, Yara International announced that it would construct a new worldwide manufacturing facility for biostimulants and specialist crop nutrition products in Yorkshire, UK. This would further propel the sales of the company's plant biostimulants under its "YaraVita" brand. Additionally, in July 2023, a new line of biostimulant chemicals was introduced in the UK for use in agriculture, horticulture, forestry, turf, and amenities, according to Bionema Group Ltd., a leading developer and manufacturer of biocontrol technology.
One of the major drivers for the increase in the region's biostimulants market is the increase in the agricultural output and consumption of agricultural products. The EU's food consumption increased significantly, with about a 3.9% increase in the consumption of wheat and barley. The increase in regional food exports also pushes the demand for increased agricultural production. According to the EU Agriculture and Rural Development, the EU's food exports reached about US$ 242 billion in 2023, increasing about 22% or about US$ 75 billion from 2022.
Europe's biostimulants market is estimated to grow at a moderate rate. Researchers, businesses, and farmers are becoming increasingly intrigued by the idea of combining organically produced products with other eco-friendly materials that ensure increased plant quality and production. Hence, the demand for biostimulants in agricultural practices will also gain significant traction over the years.
EUROPE BIOSTIMULANTS MARKET DRIVERS:
A rise in organic farming practices is anticipated to propel market growth.
Biostimulants are utilized to increase flowering, plant growth, fruit development, crop production, and nutrient usage efficiency (NUE), as well as their ability to increase resistance to various abiotic stresses. This makes them a promising and environmentally beneficial innovation. Biostimulant companies and their partners have conducted an increasing amount of research to find new bioactive substances and advantageous microorganisms. It also helps gain a better understanding of how biostimulants might improve crop performance and quality for organic farming under a variety of growing situations.
The organic farming method witnessed a major increase in the United Kingdom. The nation's Department of Environment & Rural Affairs stated that the nation's agricultural farming industry witnessed a major change towards the organic farming process. In 2021, about 285.4 thousand hectares of farming land was used for fully organic farming, which increased to about 292.7 thousand hectares in 2022. The department also stated that in 2022, the nation had about 16.91 million hectares of agricultural land, of which about 40.3 thousand hectares were in conversion, and about 468.3 thousand hectares of land were completely organic.
EUROPE BIOSTIMULANTS MARKET RESTRAINTS:
Lack of regulations is likely to hamper market growth.
Currently, the lack of standardized regulations and definitions is expected to hamper the long-term growth of biostimulants market across Europe. This is mainly because biostimulants include a wide range of products having diverse compositions, unlike conventional traditional agricultural inputs such as pesticides and fertilizers, among others. Therefore, the lack of uniformity in different definitions of biostimulants, becomes a major challenge in processes such as product registration and labeling works. Moreover, the rising number of ambiguity and uncertainty further gives rise to limited investment in the biostimulants sector, further limiting the scope of entry of new entrants in the market.
EUROPE BIOSTIMULANTS MARKET GEOGRAPHICAL OUTLOOK
The market is projected to grow in the UK.
The UK biostimulants market is primarily driven by the high prevalence of new products. Moreover, its demand in the UK is fueled by the increased need for agricultural output, a rise in the desire for sustainable agriculture, and strict regulations. The country takes the initiative in promoting Europe's top priorities for innovation & and smart growth for a bio-based economy. For instance, in August 2023, new funding was made available by the UK government for horticulture and agriculture. More than £14 million will be made available by the government to support two brand-new research and feasibility contests. The financing is a component of a £600 million investment over the next three years aimed at increasing efficiency and innovation in the farming industry.
Further, fluctuating fertilizer prices and increased use of biostimulants to increase productivity have also increased farming income. For instance, as per the 2022 report of the Department for Environment, Food & Rural Affairs. Gov. UK, the average Farm Business Income (FBI) for all UK farm types in 2021/22 was £72,000, up from £46,500 in 2020/21. FBI varies widely, with 41% of UK farms having an FBI of over £50,000 and 10% of farms failing to make a positive FBI in 2021/22.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.37 Billion |
| Forecasted Market Value (USD) by 2029 | $2.18 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Europe |
Europe Biostimulants Key Market Developments:
- In August 2023, Bionema Group Ltd., a leading UK-based biocontrol technology developer and manufacturer with ten years of research and development, launched a new line of seven biostimulants. These include humic and fulvic substances, seaweed extracts, and other natural ingredients that cover all stages of plant growth with foliar and root application in agriculture, horticulture, forestry, and turf and amenities. Hence, the increasing launch of new products is expected to propel the biostimulants market in the projected period.
Europe Biostimulants Market Key Players:
- Hello Nature is a company always searching for innovative solutions for answering farmers' needs while growing a sustainable future with complete respect for Nature and human health alike. The company has over 50 years of experience, 6 manufacturing plants and facilities, 12 subsidiaries, and 5% of the revenue is invested in research and development.
- BASF S.E. has been in the business of creating chemistry for more than 150 years. Through science and innovation, the company plans to help customers from various 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 S.p.A. (Syngenta Biologicals) is one of the leaders in the biostimulants market. The company aims to create a sustainable future for people and nature. Additionally, it aims to increase food production by 50% by the end of 2050 to feed the growing population's increasing demand for food.
Companies Featured
- Hello Nature
- BASF S.E.
- Koppert B.V.
- Isagro S.p.A (Gowan LLC)
- Valagro S.p.A (Syngenta Biologicals)
- Novozymes A/S (Novo Holding A/S)
- Angibaud
Active Ingredients
- Acidic Biostimulants
- Extract Biostimulants
Crop Type
- Vegetables
- Turfs
- Ornamentals
- Row Crops
Application
- Foliar
- Soil
- Seed
Country
- United Kingdom
- Germany
- France
- Spain
- Italy
- Others
For more information about this report visit https://www.researchandmarkets.com/r/h7vprf
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