Bulgaria biopesticides market to amass significant gains by 2024

Date:02-01-2021

Bulgaria biopesticides market size crossed USD 22 million in 2017 and is likely to reach USD 43.5 million by the end of 2024, growing at an expected CAGR of 9.5% over 2018 – 2024, according to the report 'Bulgaria Biofertilizers, Biopesticides, and Biostimulants Market 2024' which published by Graphical Research. 

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Upsurge in the output of local products owing to foreign direct investment in Bulgarian agricultural sector will encourage domestic players to be more competitive. New and innovative product launches will foster various growth opportunities for emerging players. Substantial shifts in consumer preferences towards the products free from toxic elements will boost the biofertilizers, biopesticides, and biostimulants penetration in Bulgaria. In addition, increasing organic cultivation in the country over the forecast period will enhance the growth for biofertilizers, biopesticides, and biostimulants industry.

Bulgaria accounted for a revenue size of over USD 20 million in 2017 owing to the growing technology & innovations related to biofertilizers, biopesticides, and biostimulants and an increase in their applications scope. Surging crop loss owing to the various crop-related diseases & insects and change in farming practices will augment the Bulgaria biofertilizers, biopesticides, and biostimulants market size. In addition, upsurge in the demand for high-quality crop yield owing to the rising organic food demand will enhance the overall product portfolio.

Taking into account the competitive landscape, Bulgaria biopesticides industry is highly consolidated and boasts of presence of companies like Agro-Bio Trading, Prima Organic, Agro World 98 Dobrich, AgroBioStim, Agro-Bio Trading, AGRIA, AgroBioStim, Agro World 98, Sembodja, and Dobrich. The report includes details on sales spectrum of each of these firms, their strategies to sustain their position in the market, individual company profiles and market share, and position in the overall ecosystem.

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