Dublin, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The "Global Humic-based Biostimulants Market by Type, Application, Form, Crop Type, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global market for humic-based biostimulants is estimated at USD 686 million in 2022; it is projected to grow at a CAGR of 11.5% to reach USD 1,184 million by 2027. Humic and fulvic acids are the most used humic substances in organic crop production and horticulture agricultural practices.
Asia-Pacific is projected to witness the highest growth during the forecast period
The humic-based biostimulants market in the Asia-Pacific region is projected to grow at the highest CAGR during the projected period. The requirement for higher food production to feed the rising population using modern agricultural practices and the weak regulatory system, particularly in India and other Southeast Asian countries, is estimated to drive the humic-based biostimulants market in the Asia-Pacific region. Other drivers for this market include the rise in the development of natural extracts as active ingredients for biostimulants and an increase in investments by key players in Asia-Pacific countries.
Humic acid is gaining rapid popularity in the humic-based biostimulants market across the globe
Humic acid is formed because of the humification of plant and animal matter, along with the biological activities of microorganisms. It is naturally available in the soil and helps plants uptake soil nutrients, improving crop productivity and crop health. Apart from the soil, humic acids are present in oceans and fresh waters, however, in limited amounts. Humic acids are extracted from leonardite for commercial applications, and other sources such as animal manure, organic waste, and sewage sludge also contain humic acid.
Humic acid is usually applied to make nutrients and micronutrients readily available to the plants and also helps increase the plant's resistance to stress. Humic acids from different sources function differently. It depends on the age of the source, oxygen supplied, time, pressure, and heat applied during the formation and contamination of the source. It is considered a bio-catalyst for plants and a conditioner for the soil. Humic acid plays a key role in germination, microbial activity, chlorophyll synthesis, root vitality, and fertilizer retention and helps generate increased yields.
Growth in demand for organic food
According to FAO, in 2021, organic agriculture was practiced in 187 countries, and 72.3 million hectares of agricultural lands were managed organically. The global sales of organic food and drinks reached more than USD 103.68 billion in 2019. In India, there is a paradigm shift post the COVID-19 pandemic as consumers began to buy more organic foods as a preventive health measure. Organically grown fresh fruit has been leading in international trade. The production and sales of organic food are from developed countries, but even developing countries have begun to produce and export organic foods and products.
According to APEDA, India is the leading exporter of organic tea, coffee, spices, and condiments. India also exports organic fruits and vegetables. The rich nutritional value of organic fruits and vegetables is the main reason for their demand in domestic and global markets. Organic foods have more antioxidants as compared to conventionally grown varieties.
To produce organic food products, different methods are adopted selection of pest-resistant varieties, suitable rotations, green manure, balanced fertilization, usage of humic-based biostimulants, early planting, mulching, cultural, mechanical & biological control measures, disturbance in pest life cycles and ensuring the survival of pest enemies is the basis of pest management programs, which is used in organic farming.
Market Dynamics
Drivers
- Rise in Demand to Combat Pesticide Toxicity
- High Development Costs of New Synthetic Crop Protection Products
- Increase in Demand for Organically Produced High-Value Crops with Export Value from Developed Economies
Restraints
- Commercialization of Low-Quality Biostimulant Products by Local Players
Opportunities
- Low Trade Barriers in Emerging Economies Create Scope for New Entrants to Invest in Regional Markets
- Technological Advancements in Production of Biostimulants
Challenges
- Uncertainty in Regulatory Framework of Biostimulants
- Internal Threat of Substitution from Seaweed-based Biostimulants
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Humic-based Biostimulants Market, by Type
7.1 Introduction
7.2 Humic Acid
7.3 Fulvic Acid
7.4 Potassium Humate
8 Humic-based Biostimulants Market, by Formulation
8.1 Introduction
8.2 Dry
8.3 Liquid
9 Humic-based Biostimulants Market, by Mode of Application
9.1 Introduction
9.2 Seed Treatment
9.3 Soil Treatment
9.4 Foliar Spray
9.5 Other Modes of Application
10 Humic-based Biostimulants Market, by Crop Type
10.1 Introduction
10.2 Cereals & Grains
10.3 Oilseeds & Pulses
10.4 Fruits & Vegetables
11 Humic-based Biostimulants Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent & Related Markets
15 Appendix
Companies Mentioned
- Actagro
- Agricen
- Agritecno
- Axeb Biotech SL
- Bayer AG
- Bioflora
- Biolchim S.p.A.
- Bioline
- BORREGAARD
- CIFO
- FMC Corporation
- Haifa Group
- Humic Growth Solutions
- HUMINTECH GmbH
- Koppert
- Lawrieco
- Loveland
- NOVIHUM Technologies GmbH
- Promisol
- Qingdao Future Group
- Rovensa
- SIKKO Industries Ltd.
- Tagrow
- UPL
- Valagro S.p.A
For more information about this report visit https://www.researchandmarkets.com/r/uy6mq-humic?w=12
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