Bulgaria Biofertilizers, Biopesticides, and Biostimulants Market size was valued at over USD 22 million in 2017 and is expected to witness a growth of more than 9.5% from 2018 to 2024.
Bulgaria Biofertilizers, Biopesticides, and Biostimulants Market, By Form, 2013 – 2024 (USD Million)
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Increasing demand for dry formulations which are manufactured using different technologies including freeze, air, and spray drying will propel the Biofertilizer, Biopesticide, Biostimulants market growth in Bulgaria. It promotes increased crop yield and dry designs are used for several direct applications such as seed dressing designs, dusts, powder for seed dressing, water dispersible granules, micro granules, and dilution in water. Upsurge in the output of local products owing to foreign direct investment in Bulgarian agricultural sector will encourage domestic players to be more competitive.
Organic food industry expansion along with useful benefits associated with enhanced agricultural productivity are significant factors driving the overall product demand in Bulgaria. Increasing investment in research and development of bio-based product coupled with stringent government regulations will propel biopesticides market size. In addition, the growing demand for sustainable agricultural practices will further augment product demand over the projected timeframe.
Bulgaria nitrogen-fixing segment accounted for a volume size of over 2 kilo tons in 2017 owing to the increasing demand for dry beans and lentils as a traditional part of the local cuisine. Rising consumer conciseness is driving the consumption of nutritional and foods in Bulgaria. Beans and lentils are the most preferred leguminous crops for home consumption which will enhance the growth for biofertilizers, biopesticides, and biostimulants market. In 2014, the dry beans household consumption was estimated around 36,000 MT to 39,000 MT, excluding out of home demand. Lentils consumption was estimated approximately 22,000 MT for home consumption, with a total 25,000 MT for the entire market.
Foliar spray segment accounted a revenue size of over USD 1.5 million in 2017 owing to the increasing consumption by farmers to obtain ease in application and efficient productivity. Farmers are adopting sustainable agricultural practices in line with stringent EU norms. In addition, Bulgaria produces a substantial amount of agricultural waste which can be utilized to produce biological products for organic farming. Hence, increasing production of biological products will augment the overall Bulgaria biofertilizers, biopesticides, and biostimulants market growth.
Row crops segment in Bulgaria biofertilizers, biopesticides, and biostimulants market accounted a volume size of over 1 kilo tons owing to the increasing penetration of bio inputs to boost average yield. High production of food grains and oilseeds will foster industry growth in this segment. Upsurge in sustainable farming practices due to the limited land & water availability is among the key factors stimulating product penetration.
Dry form segment in the Bulgaria biofertilizers, biopesticides, and biostimulants market accounted a revenue size of over USD 5.5 million owing to the easy handling & transportation coupled with economical availability. Key benefits such as its ready-to-use property without any mixing, effective in hard to reach indoor parts and at the places, where dampness from spray may cause damage, will proliferate the significant business expansion.
Major industry players operating in the Bulgaria biofertilizers, biopesticides, and biostimulants market are Prima Organic, Agro-Bio Trading, AgroBioStim, Agro World 98 Dobrich, Agro-Bio Trading, AGRIA, AgroBioStim, Agro World 98, Dobrich, and Sembodja. Business strategies such as new product launches, acquisitions, and mergers along with various strategic alliance & joint venture opportunities will further strengthen the global presence and consumer reach. For instance, on 30th May 2017, AGRIA acquired 55% of the share capital of Silk Gas BG Ltd., Varna, operating in the field of grain crop trade in North Eastern Bulgaria.
Major suppliers of raw material for biofertilizers industry in Bulgaria include Krismar LLC, Bulgar Herbs, Zdravec Bulgaria, and Noor Farms. Krismar LLC is engaged in manufacturing and wholesale of natural raw materials such as natural essential oils and organic herbs. Currently, Krismar LLC is an exporter to countries like France, Italy, Germany, Switzerland. Key biofertilizers manufacturers include Prima Organic, AgroBiostim, and Agro Bio Trading. Prima Organic is focused in the production and distribution of Biofertilizers obtained by using Red Californian Worm in the processing of organic waste.
Key players manufacturing biopesticides include Agria and Arysta Lifesciences. Agria is a Bulgaria-based company manufacturing biocide and insecticide used as a co-biocide/booster biocide in marine antifouling paints to increase the efficacy of the primary biocide to reduce colonization of biofouling organisms on immersed objects, structures, and vessels in the marine environment. It also protects crops from Colorado beetle, Cereal ground beetle, Tobacco thrips.