(I-BusinessNews.Com, November 18, 2020 ) The global humic-based biostimulants market is estimated at USD 515 million in 2020 and projected to grow at a CAGR of 10.5% from 2020, to reach a value of USD 848 million by 2025. The humic-based biostimulants industry has been gaining pace due to associated benefits and an increase in the need for sustainable agriculture and reduced exploitation and wastage of conventional synthetic fertilizers.The easy availability of raw materials for humic-based biostimulants such as humic acid also draws the attention of key players in the market to develop new and effective active ingredients of biostimulants.
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COVID-19 impact on Humic-based biostimulants market
The humic-based biostimulants market includes major Tier I and II suppliers like Novihum Technologies GMBH ( Germany), Humintech GMBH (Germany), Qingdao Future Group (China), Promisol (Spain), and Bioline (Canada). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. The impact of the COVID-19 pandemic on the humic-based biostimulants market has been minimal, especially because of supply chain disruption. Many consumers have adopted a healthy lifestyle during the outbreak of COVID-19, because of which the demand for organic food products has gained more traction; hence the demand for biological inputs has boosted. The barriers imposed by the government have although not affected the agriculture sector much, with the manufacturing plants running seamlessly even during lockdowns. Therefore the biostimulants which are combined with fertilizers have gained more market.
By type, the humic acid segment is projected to dominate the Humic-based biostimulants market during the forecast period.
Humic acid is easily available in the humic matter of soils. It increases the microbial activity in the soils, improving the soil health. It also enables the uptake of nutrients, absorption of water, and also fights against various pests. For instance, in crops like potato, humic acid increases the tuber count and size of the crop. Therefore, the humic acid segment is projected to grow in the future.
By mode of application, seed treatment is projected to be the fastest-growing segment in the humic-based biostimulants market during the forecast period.
Seed treatment is projected to grow at the highest CAGR in the humic-acid biostimulants market. With modern technology, farmers are becoming aware of the seed treatment method, which requires less labor, time, and water. This mode of application is gaining importance due to its reliability and efficacy. However, to get the desired results using this method, proper knowledge of the system and efficient management are required. It is projected to drive the market in the next six years, particularly in North America and Europe.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The market for humic-based biostimulants in the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025. Regions like China, India are major producers and exporters of high-value crops like fruits and vegetables. Therefore, the growth in such regions is mainly due to the increase in the cultivation of high-quality products/organic food products, compelling the farmers to shift to organic input consumption for crop production. The demand to meet the rising population is also one of the major factors driving the demand for humic-based biostimulants in the Asia Pacific region.
This report includes a study on the marketing and development strategies and a study on the product portfolios of the leading companies operating in the humic-based biostimulants market. It consists of the profiles of leading companies like Bayer AG (Germany), FMC Corporation (US), UPL Ltd(India), Borregaard (Norway), Koppert Biological Systems (Netherlands), Valagro SpA (Italy), Biolchim SpA (Italy), Haifa Group (Israel), Sikko International Ltd (India), Novihum Technologies GMBH ( Germany), Humintech GMBH (Germany), Qingdao Future Group (China), Promisol (Spain), Bioline (Canada), Humic Growth Solutions (Florida), Actagro (US), Rovensa (Portugal), Tagrow (China), CIFO (Italy) and Loveland (US).
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