Greece Biofertilizer, Biopesticide, & Biostimulant Market size was worth more than USD 30 million in 2017 and is expected to witness a growth of more than 9.5% from 2018 to 2024.
Greece Biopesticide Market, By Product, 2017 & 2024, (Tons)
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Necessity to expand the contribution of agriculture to improve GDP is propelling the market growth in Greece. Agricultural sector’s Gross Value Added (GVA) accounts for around 4% to the country’s economy. Rising environmental concerns by the overuse of synthetic chemicals is among the major factors driving the biofertilizers market growth. Biofertilizers are eco-friendly substitutes of synthetic fertilizers, which transform organic matters into nutritional elements that support plant growth and improves productivity.
Stringent regulations and government policies against the use of synthetic fertilizers is propelling the industry growth. Favourable government initiatives supporting the agricultural industry by providing subsidies for organic farming is fuelling the market development. Technological advancements towards product innovation along with cost effectiveness of the product will stimulate the business demand.
As per FAO estimates, in 2014, agricultural area in Greece was 7,783 thousand hectares accounting for approximately 60% of the total land area of the country. According to European Commission, Greece is among leading countries in fruit production in Europe, accounting for 7.8% of the total EU fruit output in 2017. Fruits contributed 21.6% to the total agriculture output revenue of the country, followed by vegetable & horticulture products.
Shifting consumer trend towards healthy and organic food coupled with increasing consumer spending is supplementing the biofertilizer, biopesticide, & biostimulant business growth. Rising health consciousness along with willingness to pay for a healthy alternative will augment the product demand during the forecasted timeframe. Evolving local markets for certified organic agriculture in developing countries, particularly through dedicated shops, will propel the biofertilizers market growth.
Nitrogen fixing biofertilizer witnessed sales at over 3,500 tons in 2017. The nitrogen fixing biofertilizers market growth is driven by decreasing leguminous crop production in the country. Greece legume crops production witnessed a sharp decline, since their farming is not subsidized by the EU. Thus, the production fell below 2,500 tons in 2015. Subsequently, chickpeas production fell below 2,000 tons in 2015. Legume crops are being imported from China and lentils from Canada to meet the domestic demand. The government plans to reduce dependency on imports may propel the product demand to support leguminous crop production.
Greece biopesticide market from foliar spray registered sales at over 430 tons in 2017 and is expected to dominate the market during the forecasted timeframe. High nutrient absorption in variable climatic conditions including droughts and winters are among the major factors for surging application demand. Higher shelf life of the product is positively influencing the segment growth.
Greece biofertilizer market from cereals & grains is expected to witness a CAGR at over 12% from 2018 to 2024. In 2017, cereals & grains accounted for around USD 885 million, which is 7.7% of the total agricultural output. Greece cereals & grains sector is strategically important for the agriculture industry. Wheat and maize constitute the largest cereals produced in the country, followed by rice and barley. Cereal production fluctuates owing to the rainfall conditions and as a result, imports support the domestic supply.
Greece biostimulant market from liquid form is expected to have the fastest CAGR during the forecasted timeframe. Increasing R&D spending towards product development coupled with reducing product costs owing to improved economies of scale is expected to boost the industry growth in the country. Longer shelf life of the product along with high temperature resistance are among the primary drivers for the rising demand of liquid biostimulants.
Greece biofertilizers market from liquid form is expected to have the fastest CAGR during the forecasted timeframe. Liquid biofertilizers formulation helps in the survival of organisms for a longer period by providing a suitable medium for the entire crop cycle. High temperature resistance to survive the climate variability in the country will supplement the business growth through the product segment.
Greece biofertilizers market is consolidated with major presence of local manufacturers. The key industry players in the market include Panagrotiki SA, Humofert, and Sunmatte Xian Technology Co., Ltd. Greece biopesticides and biostimulants market is moderately fragmented with large presence of European manufacturers, majorly from Spain and Greece. The key players in biofertilizer market include Seipasa, Koppert BV, Humofert, Futureco Bioscience. The prominent biostimulant manufacturers include Koppert BV, Humofert, and Seipasa.
Poor soil quality accompanied by government initiatives towards increasing the land productivity by adoption of organic practices are among the primary drivers for the fuelling biofertilizer, biopesticide, and biostimulant market expansion. The country has witnessed a steady decline in agricultural output from 17% of GDP in the early 1990’s to around 4% of GDP in 2016. Declining agricultural contribution to the economy along with rising product launches owing to high R&D spending is propelling the industry growth. Most of the agri-food supplies of the country are met through imports from the Netherlands, Italy, Germany, Bulgaria, and France.