Humic-based Biostimulants Market: Driving Factors, COVID-19 Impact and Opportunities

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

(EMAILWIRE.COM, March 04, 2021 ) 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.

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.

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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). These major players in this market focus on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities, along with strong distribution networks across these regions.

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