March 12, 2020
According to the report titled ‘Greece Biopesticides Market Size, By Product, Crop, Form, Source; Biostimulants Market Size, By Active Ingredients, Application, Crop, Form and 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, Greece biopesticides market is expected to surpass USD 55 million by the year 2024.
As per the report, increasing focus towards agricultural output in order to minimize the dependency on imports and growing agriculture sector are major factors driving Greece biopesticides market growth. Depletion of arable land along with cost effectiveness of the biopesticides are facilitating the market expansion.
Rising environmental concerns, favorable government initiatives which promote organic farming and low fertility rate of soil are fostering the demand for biopesticides in Greece. Increasing health awareness has impelled the demand for organic food products. Advancements in technology pertaining to biopesticides along with rapid expansion of distribution network are stimulating the industry outlook.
The report states that extract based active ingredient segment is expected to hold 30% share by the year 2024. The product offers high biotic and abiotic stress tolerance, superior seed germination and enhanced aeration & soil structure, which in turn is contributing towards popularity of the product across Greece.
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Based on the application spectrum, foliar spray application segment garnered around 430 tons in the year 2017 and is presumed to expand continuously during the forecast period. Foliar spraying improves nutrient absorption rate of the roots. Adding to this, factors such as superior resistance against harsh climatic conditions are facilitating the business scenario.
Greece biofertilizers industry from cereals and grains segment is presumed to expand with a CAGR of 12% during the period of 2018-2024. Barley, rice, maize and wheat are reportedly the largest produced cereals in Greece.
By form, liquid biopesticides market segment will witness lucrative growth in the subsequent years. Factors such as longer shelf life and high temperature resistance are fostering the demand for liquid form biopesticides in Greece.
The prominent companies operating in the Greece biopesticides market are Humofert, Futureco Bioscience, Seipasa, Koppert BV, Panagrotika SA and Sunmatte Xian Technology Co. Ltd.
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