The global humic-based biostimulants market is estimated to be valued at USD 515 million in 2020 and projected to reach USD 848 million, with a CAGR of 10.5% between 2020 and 2025. The growth of the humic-based biostimulants industry is driven by various factors, such as the enhancement in the crop productivity with improvement in the quality and quantity of the crops, demand for sustainable solutions to preserve the biodiversity and to achieve the export standards of the crop produce.
By crop type, the cereals segment is projected to be the fastest-growing segment in the Humic-based biostimulants market during the forecast period.
Cereals, such as wheat and rice, are the staple food crops in many countries, especially n Asian countries. Southeast countries like Vietnam, Indonesia consume rice in abundance, and this trend is projected to continue in the coming years. With the increasing population in the Asia-Pacific region, the demand for increased cereals production is gaining more interest. To enhance the crop productivity, farmers are willing to adopt new innovative technologies like humic-based biostimulants, which will aid the plant growth and drive the economy.
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.
The increasing demand for sustainable solutions in the Asia Pacific regions drives the growth of the humic-based biostimulants market.
The agriculture industry in Asia, particularly in the Southeast Asian countries, witness effective transformation due to various technological advancements. The increase in agricultural practices and demand for agricultural produce which can meet the international standards are the factors that are projected to drive the humic-based biostimulants market in this region. It has produced high-quality biostimulants and has patented various new bioactive molecules. Asian countries, such as China, Japan, southeast countries are shifting toawards sustainable agriculture. Hence, the demand for Humic-based biostimulants is high in the region.
Key players in this market include Bayer AG (Germany), FMC Corporation (US), UPL Ltd (India), Borregaard (Norway), Koppert Biological Systems (Netherlands), Valagro SpA (Italy), Biolchim SpA (Italy), and Humic Growth Solutions (Florida).
