March 12, 2020
According to the research report titled ‘Bulgaria Biopesticides Market Size, By Product, Crop, Form, Source; Biostimulants Market Size, By Active Ingredients, Application, Crop, Form; Biofertilizers Market Size, By Product, Application, Crop, Form, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Bulgaria biopesticides market is expected to surpass USD 43.5 million by the year 2024.
As per the report, increasing environmental concern regarding unchecked usage of synthetic chemicals coupled with strict government directives restricting the use of synthetic fertilizers are major factors driving Bulgaria biopesticides market growth. Moreover, the federal agencies are providing incentives to agriculturists for adopting organic farming. This factor along with rising awareness regarding the safety and health benefits of organic food products are further boosting the demand for biopesticides. Evolving local markets offering certified organic products, in tandem with rising capita per income across the region is stimulating the industry outlook.
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Increasing cultivation of organic products and evolving consumer lifestyle are fostering the demand for biopesticides in Bulgaria. Changing climatic conditions due to global warming and shifting focus towards protecting the crop from droughts, disease, and heat are also facilitating the business scenario. The regional government is investing heavily towards the development of technology for treatment, calibration, and cleaning of seeds. Numerous collaborations between federal entity and R&D companies to define distribution services are favoring the market outlook.
The report states that Bulgaria biopesticides market generated USD 20 million in 2017. Diversifying application scope and surging innovations in the product are augmenting the demand for biopesticides in Bulgaria. Heavy crop loss due to increased pervasiveness of crop-related diseases in tandem with changing farming practices are boosting the overall market growth.
The prominent companies operating in Bulgaria biopesticides market are Dobrich, Sembodja, Agro World 98, AgroBioStim, AGRIA, Agro-Bio Trading, and Prima Organic among others.
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