Pune, India, June 2021, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Humic-based Biostimulants Market.
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 helps in increasing water conservation capacity, enhancing plant metabolism and high nutrient availability. Biostimulantsare 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 cropsthroughout their life cycle, from the germination of the seed to the maturity of the plant. This createshuge 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 agriculture 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
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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: