Humic-based Biostimulants Market Detailed Analysis and Leading Key Players

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, July 15, 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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Driver: Demand for the adoption of sustainable solutions

To meet the increasing demand for food from over 9 billion people by 2050, there is an immense pressure exerted to produce crops with high-quality yield. Humic-based biostimulants can sustainably address this issue, by providing protection against stress and thereby stimulating the growth of the plant. The market for biostimulants is projected to grow in the coming years due to the increasing consumer awareness about the benefits of organic foods, implementation of organic regulations, and adoption of GLOBALGAP (Global Good Agricultural Practices) policies. Humic-based biostimulants can play an essential role in improving the physicochemical, chemical, and biological properties of the soil.

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.

Challenges: Uncertainty in the regulatory framework of biostimulants

Humic-based biostimulants have not yet been governed under any standard categorization across the globe. Currently, biostimulants are not classified as a specific category with a consistent global definition. For instance, they are considered as additives in France, whereas in Germany, they are marketed as plant strengtheners or growth enhancers. To consolidate the regulatory framework with respect to biostimulants in Europe, the European Biostimulants Industry Consortium (EBIC) drafted a directive based on the views and suggestions of manufacturers and research institutes and tabulated it for EU approval. The data requirements and parameter range also vary according to each country in the EU.

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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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