The agriculture sector of India is facing unprecedented challenges to suffice the burgeoning food requirements of the mounting population. The overall agricultural production in the country is lower than in other developed nations, mainly due to average farm sizes, decreased soil fertility owing to overuse of fertilizers, & low use of farming technologies.
Besides, India has the highest rate of malnutrition, which increases the morbidity & mortality ratio in infants by reducing their resistance to infections. Hence, the demand for nutritious food is significantly rising to fulfill the requirements of malnourished children in the country.
In addition, adverse climate changes, exploitation of natural resources, food wastage, and loss of biodiversity are other challenges for the agriculture sector. However, researchers are constantly introducing different ways to achieve sustainable agriculture practices. Biostimulants are one such medium to address the issues of sustainability while stimulating crop growth. These are organic products that help in increasing the crop yield, reducing the need for fertilizers, and improving the efficiency of water usage.
The India Biostimulants Market is projected to grow at a CAGR of around 15.4% during the forecast period, i.e., 2022-27. The market is driven primarily by the flooding population & their growing requirement for food, coupled with increasing consumer preference toward organic, high quality, & nutritious food products. These aspects indicate the soaring need for organic farming methods in India, which, in turn, is bolstering the production & sales of biostimulants.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Indian Farmers Fertiliser Cooperative (IFFCO), AgriLife (SOM Phytopharma (India) Limited), BASF SE, Acadian Seaplant Ltd., Isagro SPA – Gowan Company, Valagro Inc., Bayer AG, Koppert Biological Systems, Eastman Chemical Company., United Phosphorus Ltd, Hifield Organics Inc., Biostadt India Limited, Tradecorp APC Pty Ltd|
|Unit Denominations||USD Million/Billion|
MNC’s in India are gradually realizing the potential of biological agri-products and have started working toward expanding the product portfolio. The Covid-19 pandemic in 2020 has surged the demand for organic food products owing to their health benefits, which, in turn, has provided significant opportunities for many companies to enter the biostimulants market of India. Besides, with the growing concerns for agriculture sustainability, soil health, and environmental safety, the need for biostimulants is rapidly surging to enhance soil fertility & plant health without the immense use of fertilizers.
However, less awareness about the benefits of biostimulants might lead to market hindrance since people still believe in chemicals despite the extensive research that has shown their long-term negative effects. Moreover, biostimulants require more time than their conventional alternatives to show end results, which is another crucial aspect that restricts people to opt for them, further states the research report, “India Biostimulants Market Analysis, 2022.”
Covid-19 Slowed the Growth Pace of the India Biostimulants Market
The impact of the Covid-19 pandemic in 2020 was decelerating on most industries, where India Biostimulants Market witnessed a slower growth. To curb the virus spread, the government of India reacted with the imposition of stringent movement restrictions & frequent lockdowns, which led to a temporary halt on the production & sales of biostimulants.
In addition, the agriculture sector had to face challenges like supply chain disruptions, reduced production, unavailability of labor, etc. Consequently, the farmers couldn't harvest the crops on time, resulting in massive production & financial losses. The transportation restrictions that led to the shortage of raw materials also hampered the production & sales of biostimulants.
However, with this short-term impact in 2020, the situation seemed to be improving since 2021 and is anticipated to spur biological investments due to an expanding consumer shift toward bio-based, safe, and nutritious crop production using sustainable inputs like biostimulants. Moreover, several leading players are trying to remain operational by abiding by safety norms.
These players are likely to invest substantially in launching new products & bringing innovations in the formulation of biostimulants. Furthermore, with new norms & policies during the post-pandemic era, the agriculture industry is projected to emerge and, in turn, drive the demand for biostimulants in the coming years.
Based on the Crop Type, India Biostimulants market segments into:
Of them all, Fruits & Vegetables are anticipated to capture a combined consequential market share. The mounting application of biostimulants on fruits & vegetables is principally due to their capability to affect the root structure and increase the root ability to absorb nutrients.
Besides, with the emergence of the Covid-19 pandemic, people became more health-conscious, which soared the demand for nutrition-rich & safe fruits & vegetables and directly impacted the production & sales of biostimulants amidst the crisis.
Moreover, several studies have noted that biostimulants, with a combination of extracts from Laminaria spp., Sargassum spp. & A. Nodosum has extended the shelf life & storage life of oranges. Hence, the application of biostimulants on fruits & vegetables makes the latter more resistant to decomposition & damage during transportation, extends their storage time for consumption, and sustains their export standards. These aspects indicate the significantly growing demand for biostimulants for fruits & vegetables.
Based on the Application, India Biostimulants Market segments into:
Of them all, the Foliar application held the largest market share & the same trend is likely to be followed in the coming years, owing to the increasing demand to maximize crop production efficiency using biostimulants through the foliar spray. Besides, this application provides advantages over other treatments as foliar spray enables the crop to absorb & take up the nutrients directly.
In addition, this application of biostimulants taken from sewage sludge has shown improved levels of macro & micro-nutrients in the leaves of high-value crops like rice, maize, wheat, etc. It is another crucial aspect projected to maximize the demand for Foliar application in the coming years, reveals MarkNtel Advisors in their research report, “India Biostimulants Market Analysis, 2022.”
Recent Developments in India Biostimulants Market
Regional Market Expansion
Of all the Indian states, Punjab is considered the most fertile land for agriculture, and it is the best for the production of high-value crops like wheat, rice, and others like sugarcane, fruits, & vegetables. Additionally, with the increasing population and need to suffice their food requirements, agriculture practices are booming in the state, due to which, the demand for biostimulants is also rising significantly.
On the other hand, Uttar Pradesh is one of the top farming states in India, principally for the production of crops like bajra, rice, grains, etc. The burgeoning demand for biostimulants in Uttar Pradesh owes to the extensive sugarcane production in the state.
Rising Government Support to boost the Biostimulant Market in India
Growing Need for Sustainable Agriculture Practices
Lack of Awareness about the Benefits of Biostimulants
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The India Biostimulants Market is likely to grow at a CAGR of around 15.4% during 2022-27.
A. The mounting use of Foliar application in India is likely to emerge as an area of opportunity for the leading players in the India Biostimulants Market during 2022-27.
A. The mounting need to adopt sustainable agriculture practices and the burgeoning government support toward encouraging the adoption of biostimulants are the prime aspects expected to drive the India Biostimulants Market during 2022-27.
A. In the post-pandemic era, the participation of market players through substantial investments in new product launches & innovation in the formulation of biostimulants is anticipated to promote the growth of the Biostimulants Market in India during the forecast period.