Overview and Scope
Biostimulants are substances applied to plants to enhance nutrition efficiency, abiotic stress tolerance and increase crop quality traits. Humic based biostimulants are commonly used in horticulture.
Sizing and Forecast
The humic based biostimulants market size has grown rapidly in recent years. It will grow from <b>$0.66 billion in 2023 to $0.75 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. </b> The growth in the historic period can be attributed to rise in consumer preference for organic produce, increase in global population, government subsidies and support, expansion of the agriculture industry, increased research and development.
The humic based biostimulants market size is expected to see rapid growth in the next few years. It will grow to <b>$1.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. </b> The growth in the forecast period can be attributed to growing demand for sustainable agriculture, growing food demand, rising awareness about the importance of crop protection, rise in disposable income. Major trends in the forecast period include customized formulations, biostimulants for non-food crops, biostimulant combinations, collaboration and partnership.
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Segmentation & Regional Insights
The humic based biostimulants market market covered in this report is segmented –
1) By Type: Fulvic Acid, Humic Acid, Potassium Humate
2) By Type Of Formulation: Liquid, Water-Soluble Granules, Water-Soluble Powders
3) By Mode of Application: Agriculture, Cereals, Fiber Crops, Fruits & Vegetables, Oilseeds
4) By End-User: Farmers, Related Industries, Research Institutes
<b>North America</b> was the largest region in the humic-based biosimulants market in 2023. <b>Asia-Pacific</b> is expected to be the fastest growing region in the forecast period. The regions covered in the humic based biostimulants market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increase in the demand for the adoption of sustainable solutions in farming is driving the market growth of humic-based biostimulants. Due to increase in population, there is an immense pressure to produce crops with high-quality yield. According to the spokesperson of Agricen Sciences, an applied sciences research company, commented that there is a rapid growth of biostimulants market in all geographies including the USA and Europe. Furthermore, due to increase in organic farming, the adoption of humic-based biostimulants has increased across the globe. For instance, in May 2023, according to the Organic Trade Association, a US-based business association, organic food sales in the United States for 2022 exceeded $60 billion for the first time, marking a significant milestone for the robust organic sector. The total organic sales, which encompass both organic food and non-food products, reached a record-breaking $67.6 billion. Therefore, sustainable solutions coupled with increase in organic farming is expected to drive the humic-based biostimulants during the forecast period.
Key Industry Players
Major companies operating in the humic based biostimulants market market include <b> Syngenta AG, Biolchim S.P.A., FMC Corporation, Haifa Group, UPL Limited, Bayer AG, Sikko Industries Ltd., Humintech GmbH, Promisol, Novihum Technologies GmbH, Borregaard, Qingdao Future Group, Bioline, Humic Growth Solutions, Actagro LLC, Rovensa S.A., Tagrow, Cifo S.P.A., Loveland Industries Inc., Eastman Chemical Company, OMEX Agricultural Holdings Limited, LALLEMAND Inc., Agrinos AS, Brandt Consolidated Inc., Koppert Biological Systems B.V., Valagro S.p.A., Marrone Bio Innovations Inc., Novozymes A/S, Biovert S.L., Black Earth Humic LP, Nutri-Tech Solutions Pty. Ltd., Biostadt India Limited, Bioiberica S.A.U., Fertiplus International BV, BioAtlantis Ltd. </b>
The humic based biostimulants market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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