ID: MRFR/AGR/9106-HCR | January 2023 | Region: Global | 90 Pages
Humic-based biostimulants market size is projected to reach approximately USD 1,024.5 million by 2028, at a CAGR of 9.45% from 2021 to 2028.
$1,024.5 million
9.45%
Europe
2021-2028
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. Maintaining food production for a growing world population without compromising natural resources is one of the biggest challenges for agricultural science. Owing to the increasing demand for food, agricultural activities have been intensified to the point that they have now resulted in irreversible global climate change and loss in many ecosystem services. Because of this, there is a requirement for sustainable intensification. Using biostimulants based on humic substances is one of the potential solutions which help in saving the environment. The growing applications of humic substances within agronomic systems can be of great help in the development of sustainable intensification. Most of the humic substances used in agriculture are currently derived from non-renewable resources such as peat and coal. For promoting this technology, developing new sustainable sources of humic products is also required, such as organic wastes.
Biostimulants are applied to plants, seeds, and soil for the stimulation of the natural processes of plants. They help in enhancing the quality, tolerance, yield, and vigor of crops. Biostimulants help in nurturing the development of plants throughout their lifecycle, from seed germination up to crop maturity. The global biostimulants market is expected to experience significant growth during the forecast period, owing to the increasing demand for organic and eco-friendly agro products worldwide. Biostimulants are used as an effective tool for developing sustainable agricultural products. The increasing usage of synthetic pesticides, resulting in the rising ecological concerns, growing demand for high-value crops are some of the major reasons driving the growth of the global humic-based biostimulants market during the forecast period.
COVID-19 Analysis
The impact of COVID-19 has directly affected the distribution and sales of different products across industries. Many countries are under lockdown and have sealed their borders to control the spread of the virus. The impact of COVID-19 on logistics has disrupted the supply of raw materials, which has further reduced production capacity and, thus, product shortages. These factors are expected to affect the market size of global humic-based biostimulants.
However, the COVID-19 pandemic has impacted minimally on the humic-based biostimulants market. The impact is majorly due to the disruption ofthe supply chain. Due to the pandemic, many consumers are inclining towards a healthier lifestyle and increasingly demanding organic food products because of the increasing health consciousness among consumers at a global level. This creates a huge demand for the humic-based biostimulants market, as biostimulants are associated with organic farming and gardening. Moreover, the restrictions imposed by the government for COVID-19have not affected the agriculture sector much. The demand for agricultural products has also not affected during the lockdown period. Thus, the demand forhumic-based biostimulants hasexperienced substantial growth in 2020 and is expected to witness spectacular growth in the near future.
Market Synopsis
Biostimulants enhancethe life of plantsin terms of growth and productivity. It helps in increasing the stress tolerance of plants in terms of disease or drought. It also helps in enhancing the capacity of plants to absorb water which promotes better plant growth.Biostimulants products fill the gap between pesticides and bio-fertilizers, astheycan help the plant in both activities.Humic substances-based biostimulants are used to protect various crop plants against some environmental stresses. The increasing concerns over improving the crop yield per hectare, growing adoption of biostimulantsfor reducing the abiotic stress in plants and crops, and increasing precision farming techniques are some of the major factors driving the growth of the humic-based biostimulants market for the forecast period.
Moreover, the innovations in strengthening the product portfolio for broad-acre crops are increasing along with rising technological advancements in the global humic-based biostimulants market. The demand for biostimulants has increased in recent years, owing to the rising inclination towards organic farming to cater to the increasing demand for high-quality organic food. Biostimulant products are key solutions in the organic agriculture sector. This will further create new opportunities for the humic-based biostimulants market in the forecast period.
However, research and development for biostimulant manufacturing involve high costs. Additionally, the approval process of the product manufactured by using biostimulant manufacturingis very lengthy. The uncertainty in the regulatory framework of biostimulants is also increasing. These are some of the major reasons that can restrain the growth of the humic-based biostimulants market during the forecast period.
Market USP
Increased productivity and yields of crops.
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Segmentation
By ProductType
By Crop Type
By Form
By Mode of Application
By Region
Competitive Landscape
Some of the key players operating in the global humic-based biostimulants 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). These players are expected to positively influence the global humic-based biostimulantsmarketgrowth during the forecast period.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 1,024.5 Million |
CAGR | 9.45% |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Data | 2019 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product Type, Crop Type, Form, Mode of Application, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | 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) |
Key Market Opportunities | Growing organic production practices |
Key Market Drivers | Increasing inclination towards sustainable solutions |
Key competitors in the humic-based biostimulants market include 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).
The market will attain a value of USD 1,024.5 million during the forecast period.
Europe holds the largest share in the global humic-based biostimulants market.
Increasing inclination towards sustainable solutions is the major driver of the global humic-based biostimulants market.