Humic-based Biostimulants Market Overview
According to the latest report, the humic-based biostimulants market size is predicted to reach USD 1,024.5 million and grow at a CAGR of 9.45% during the forecast period 2021-2028.
Biostimulants are the products that are applied to plants, seeds, and soil. This product is used to stimulate the natural process of plants and helps in enhancing the life, yield, quality, tolerance, and vigor of crops. These biostimulants help in nurturing the development of plants from seed germination to crop maturity. Biostimulants are helpful to plants in various ways such as rising the stress tolerance of plants, enhancing the capacity to absorb water, and filling the gap between bio-fertilizers and pesticides which increases plant growth. Due to the rising population, there is a need for the rising demand for food, and agricultural activities which result in irreversible global climate change ecosystem, and loss of various ecosystem services. One of the best solutions for this problem is biostimulants based on the humic substances which save the environment.
Rising applications of humic substances within agronomic systems may raise the development of sustainable intensification. The majority of the humic substances are made from non-renewable resources like peat and coal. Development of new sustainable sources of humic products like organic wastes is needed for promoting this technology. The rising demand for organic and eco-friendly agro products across the world is propelling market growth. Growing concerns over improving the crop yield per hectare, rising adoption of biostimulants to minimize the abiotic stress in plants and crops, and growing precision farming techniques are some of the factors driving the humic-based biostimulants market growth.
The humic-based biostimulants market opportunities are rising the health consciousness among the people, and growing consumer awareness regarding the health benefits provided by organic foods is boosting the growth of the market.
The humic-based biostimulants key market players are Borregaard (Norway), FMC Corporation (UA), Humic Growth Solutions (US), Haifa Group (Israel), and others.
The Humic-based biostimulants market research is classified into four types such as product type, crop type, form, and mode of application.
Product Type Segmentation: The humic-based biostimulants are trifurcated by product type into humic acid, fulvic acid, and potassium humate.
Crop Type Segmentation: The humic-based biostimulants are categorised based on the crop type into fruits and vegetables, cereals, oilseeds, fibre crops, and others.
Form Segmentation: Based on the form, the humic-based biostimulants market is bifurcated into dry and liquid.
Mode of Application: By mode of application, the humic-based biostimulants market is segmented into foliar treatment, soil treatment, and seed treatment.
Based on recent research, the global humic-based biostimulants market share based on regions is partitioned into four major regions: North America, Europe, Asia-Pacific, and the Rest of the World. Among them, Europe holds the largest market share due to the rising importance of a sustainable agriculture approach among consumers and the rising development of innovative products targeting specific agronomic needs. Asia-Pacific is accounting for the highest CAGR due to the rising advanced technologies that are leading to a rise in the agriculture industry.
As per the latest study, the humic-based biostimulants market is expected to grow at a significant rate due to the rising investments in R & D, introducing innovative products, improving the existing products, mergers, and acquisitions. In 2019, a famous organization, Humintech enhanced its production capacity for producing new Humic acid granulate.
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