The global humic-based biostimulants market size is projected to reach approximately USD 1,024.5million by 2028, at a CAGR of 9.45% from 2021 to 2028. The demand for biostimulants is increasing over the last few years owing to the numerous benefits provided by them. For instance, biostimulants help in increasing water conservation capacity, enhancing plant metabolism and high nutrient availability. Biostimulants are considered as a sustainable solution, because it is one of the most effective and popular methods of soil treatment among farmers, particularly among organic growers. The inclination towards humic-based biostimulants is increasing, because it helps in enhancing soil health without hampering the beneficial organisms existing in the soil.
Moreover, the increasing purchasing power of consumers, changing lifestyles and the increasing inclination towards clean and organic foods are some of the reasons driving the growth for humic-based biostimulants market. Rapid changes in climate owing to global warming that affect crop harvests will positively affect product penetration. Biostimulators promotes the development of plants in numerous ways. They help in enhancing and protecting the crops throughout their life cycle, from the germination of the seed to the maturity of the plant. This creates huge opportunity for the growth of the global humic-based biostimulants market for the forecast period.
The organic food industry is growing at a healthy rate owing to the increasing inclination of consumers towards organic foods because of the numerous health benefits provided by them. Additionally, according to FiBL,the research institute of organic agricultureFrance, Spain, and Italy were among the top countries having organic agricultural land. And, in 2018the organic agricultural land in Switzerland has increased by over 1.25 million ha compared to 2017. The increasing demand for organic food and agriculture is expected to drive the growth for the global humic-based biostimulants market.
However, research and development for biostimulants manufacturing involves large amount of cost. Furthermore, the approval process of the product manufactured using biostimulants consumes a lot of time. The uncertainty in the regulatory framework of biostimulants, high cost and less awareness among growers are some of the major reasons which can be restraining the growth for humic-based biostimulants market in the forecast period.
Increased productivity and yields of crops.
Growth Opportunities in the Market
- Increasing technological developments in the production of biostimulant:There have been numerous technological innovations in the biostimulant sector in recent years. This creates greate opportunity for manufacturers to develop new products in the humic-based biostimulant market for promoting the growth of plants in a sustainable manner. Initially, biostimulants were only used for the production of vegetables and fruit crops, and other high-value crops such as plantation crops, and ornamentals. However, from past few years they also play a vital role in the production of traditional food crops such as wheat, corn, and rice, as an added compliment to fertilizers. Owing to the increasing usage and demand of humic-based biostimulants, there have been many technological developments in the market. For instance, the production of humic-based biostimulants chelated with NPK and biostimulant resistant to hard water. This will gain more traction in the future and drive the further growth of the global humic-based biostimulants market in the forecast period.
- Increased productivity and yields of crops: Humic-based biostimulants helps in enhancing the productivity and yields of crops. Humic-based biostimulants are provided by various manufacturers around the globe. The high concentration of humic acid used in humic-based biostimulants increases productivity and yields. These biostimulants also activates the metabolic process of plants and seed germination.It has a high water-holding ability which helps in improving the soil fertility and plant growth. The biostimulants also helps in improving the crop quality by enhancing the color and size of the crops along with increasing the sugar content for fruits & vegetables. These numerous health benefits provided by humic-based biostimulants creates huge growth opportunities for the market for the forecast period.
The global humic-based biostimulant market is highly fragmented, with several small and medium-sized companies and a few major players, resulting in rigid competition in the market. The major companies operating in the global humic-based biostimulant market are FMC Corporation (UA), Bayer AG (Germany), Borregaard (Norway), ValagroSpA (Italy), Koppert Biological Systems (US), BiolchimSpA (Italy), Humic Growth Solutions (US), UPL Ltd (India), ADAMA Ltd (Israel), and Haifa Group (Israel). There have been recent developments by several players in the global humic-based biostimulant market such as:
- In February 2020, UPLLtd (India) partnered with Novozymes (Denmark)for providing biological products in the Argentina market. Novozymes provided the biological products and marketed under the Nitragin brand. These products were included in the UPL’s product portfolio, for providing a complete range of biosolutions products.
- In July 2019, ValagroSpA (Italy) formed a research collaboration with Marrone Bio Innovations (US), a developer of bio-based products for pest management and plant health. This strategic collaboration helped the company in delivering the development of advanced products including biostimulants and biofertilizers with value-added tech-based services to farmers around the globe.