Biostimulants - #SectorUpdates
The India biostimulants market size touched USD 230.98 million in 2021. The market is expected to grow from USD 266.58 million in 2022 to USD 734.13 million by 2029, exhibiting a CAGR of 15.57% during the forecast period. There is rising demand for organic farming and increasing yield per hectare investment to bolster market development. Since the last 15 years, biostimulants have been consistently showing results and farmers have received good yields in terms of quality and quantity. Since most biostimulants use raw material from organic sources they don’t damage crops like conventional chemicals. Rising agricultural emissions led our Government to boost agricultural production of high-quality, low-pollution products. India is trying to educate farmers about the many advantages of bio-agri solutions. These Government initiatives are expected to boost market growth significantly in the coming years. A notification issued in 2019 had brought Bio-stimulants into the purview of the Fertiliser Control Order (FCO) 1985. This step will give Bio-stimulants a ‘registered Agri input’ status and will benefit genuine manufacturers to carry out their business with pride and legitimacy.