Major players in the humic-based biostimulants market are Syngenta Group, Biolchim S.P.A, FMC Corporation, Haifa Group, UPL Limited, Bayer AG, Sikko Industries Ltd, Humintech Gmbh, Promisol, Novihum Technologies Gmbh, Borregaard, Qingdao Future Group, Bioline, Humic Growth Solutions, Actagro, Rovensa, Tagrow, Cifo, and Loveland.
The global humic-based biostimulants market is expected to grow from $496.46 million in 2020 to $538.61 million in 2021 at a compound annual growth rate (CAGR) of 8.49%. The growth is mainly due to the benefits associated with humic based biostimulants, rising need of sustainable agriculture and reduced in exploitation and wastage of conventional synthetic fertilizers. The market is expected to reach $807.64 million in 2025 at a CAGR of 10.4%.
The humic-based biostimulants market consists of sales humic-based biostimulants and related services by entities (organizations, sole traders and partnerships) that provide humic-based biostimulants.Biostimulants are substances applied to plants to enhance nutrition efficiency, abiotic stress tolerance and increase crop quality traits.
Humic based biostimulants are commonly used in horticulture.
The main types of humic-based biosimulants are fulvic acid, humic acid and potassium humate.Humic acid is a group of molecules that bind to, and help plant roots receive, water and nutrients.
Fulvic acid is a product of decomposition and formed through geochemical and biological reactions, such as the breakdown of food in a compost heap.Potassium humate is the potassium salt of humic acid.
Humic-based biosimulants are available in liquid, water-soluble granules, water-soluble powders and applicable for agriculture, cereals, fiber crops, fruits & vegetables, oilseeds and used by farmers, related industries and research institutes.
North America was the largest region in the humic-based biosimulants market in 2020.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Innovations in humic-based biosimulants such as chelation with different minerals is shaping the humic-based biostimulants market.Companies across the globe that are working on a wide variety of agricultural solutions with chelated additional minerals to enhance the nutraceutical nature of crops and plants.
For instance, HuminTech, a German based humic substances producer, has launched a humic based biostimulant with iron chelation. The product can be used to prevent and correct iron deficiency symptoms in plants, along with increasing the resistance of plants to abiotic stress factors.
In October 2020, Syngenta Group, through its business unit Syngenta Crop Protection, a global agricultural science and technology company, acquired Valagro, a leading producer of innovative biologicals, for an undisclosed amount.The acquisition will strengthen Syngenta Crop Protection Biologicals business.
Valagro has a well-established portfolio in bio stimulants and specialty nutrients will also support Syngenta Group.
Increase in the demand for the adoption of sustainable solutions in farming is driving the market growth of humic-based biostimulants.Due to increase in population, there is an immense pressure to produce crops with high-quality yield.
According to the spokesperson of Agricen Sciences, an applied sciences research company, commented that there is a rapid growth of biostimulants market in all geographies including the USA and Europe.Furthermore, due to increase in organic farming, the adoption of humic-based biostimulants has increased across the globe.
For instance, in 2020, the demand for organic food has increased by 25% to 100%, in countries such as India. Therefore, sustainable solutions coupled with increase in organic farming is expected to drive the humic-based biostimulants during the forecast period.
The countries covered in the humic-based biosimulants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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