Europe Biostimulants Market is projected to grow at a CAGR of 9.5% over the forecast period (2020-2025). The European plant biostimulants market is driven by factors, such as the growing importance of organic farming across the region, the need for enhanced yield and increasing emphasis on sustainable farming. On the other hand, the market is restrained by factors, such as less awareness among farmers about its application and benefits and less innovation in product development. The European Union’s stringent regulations on environmental safety and support for organic farming paved the way for a flourishing biostimulants market in European countries, such as Germany, Italy, France, etc. Some of the major crops where biostimulants are applied are citrus, pome fruits, grape, olives, broccoli, cabbage, carrots, cauliflower, cucumber, onion, eggplant, turf, flowers, and ornamentals.
Key Market Trends
The Rising per Capita Consumption of Organic Food
Organic biostimulants are significant for the future of the agricultural industry, in terms of promoting organic practices. Biostimulants can enhance soil microflora, which, in turn, helps make the uptake of nutrients more efficient. Biostimulants are associated with organic farming and gardening, which are currently witnessing healthy progress in conventional agriculture as well in Europe. Consumer per capita consumption of organic food has almost doubled in the last decade in the region. The expenditure of EU consumers is averaged around USD 52.27per capita on organic food, with Switzerland spending the most, averaging USD 245.8. After Switzerland, the countries with the highest per capita consumption of organic food include Luxembourg, Denmark, and Sweden. Thus, the rising expenditure on organic food by the citizens of the country is promoting the demand for biostimulants. This, in turn, will drive the market for biostimulants in the years to come.
Germany Dominates the Europe Biostimulants Market
The European biostimulants market is dominated by Germany, followed by United Kingdom, Spain and Italy. To promote developments in Germany big companies are collaborating with european organizations. For instance, Bayer CropScience, BASF and Humintech have all joined EBIC, greatly strengthening the European biostimulants Council’s links in Germany, a key European country from both agricultural and policy perspectives. The expansion of large, long-established companies like Bayer and BASF into biostimulants and their entry into EBIC is a clear sign that agricultural technologies are increasingly integrated in order to meet the european agriculture challenge of feeding the planet. The organic agricultural area across Spain was 14% followed by Italy at 13%, France at 12% and Germany at 9% (FiBL, 2017). The extensive demand is majorly from Germany due to low agricultural area as compared to other countries in order to increase the production of organic produce with the aid of biostimulants. Thus, helping in driving the biostimulants market in the region.
The Europe Biostimulants Market is highly fragmented, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The development of regional markets and local players in different parts of the region is the major factor for the fragmented nature of the market. The major companies in the Europe Biostimulant Market include BASF SE, Biostadt India Limited, Biolchim SPA, Valagro SpA., and Isagro SpA., among others.
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