The report “Humic-based Biostimulants Market by Type (Humic Acid, Fulvic Acid, and Potassium Humate), Mode of Application (Foliar Treatment, Seed Treatment, and Soil Treatment), Formulation, Crop Application, and Region – Global Forecast to 2025″, size is estimated to account for a value of USD 515 million in 2020 and projected to grow at a CAGR of 10.5% from 2020, to reach USD 848 million by 2025. Factors such as the rise in demand for products that enhance the crop productivity and increase in the adoption of sustainable solutions like organic farming to meet the consumers demand with changing lifestyle is projected to drive the growth of the humic-based biostimulants market.
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.
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Restraints: Local players lack the authenticity of biostimulant products
Lack of transparency in patent protection laws in various countries has led to the prevalence of low-quality products. The regulatory framework for biostimulants, being unclear across many regulatory bodies globally, had allowed the entry of these duplicate products. Even though the humic-based biostimulants market has limited barriers for entry and has allowed many competitors to commence operations, the nature of the market has become fragmented into smaller pockets of market holdings.
Opportunities: Technological advancements for biostimulant production
Technological innovation in the biostimulant sector creates the opportunity for manufacturers to develop new products in the biostimulant and plant growth promotor segments. Initially, biostimulants were only used for vegetables and fruit crops, along with other high-value crops such as ornamentals and plantation crops. Now, they also play an importunate role in traditional food crops such as corn, wheat, and rice, by being used as an added compliment to fertilizers to catalyze the nutrient uptake process of the crops. One of the other latest technologies also includes the production of humic-based biostimulants chelated with NPK and biostimulant resistant to hard water, which will gain more traction in the future.
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.
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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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