Humic-based biostimulants Market Overview
Humic-based biostimulants are natural substances derived from humic substances, a complex mixture of organic matter found in soil and peat. They are used in agriculture to improve plant growth and yield, enhance nutrient uptake, and increase stress tolerance. The global humic-based biostimulants market is expected to grow at a CAGR of 11.3% from 2023 to 2032, reaching a value of USD 1,984 million by 2032.
Key Factors Driving Market Growth
The increasing demand for organic and sustainable agricultural practices is a major driver of the humic-based biostimulants market. Humic-based biostimulants are considered to be a more environmentally friendly alternative to synthetic fertilizers and pesticides. They are also becoming increasingly popular among farmers due to their ability to improve plant health and yield.
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Other key factors driving market growth include the increasing awareness of the benefits of humic-based biostimulants, the growing adoption of precision agriculture, and the rising demand for high-quality food.
Key Market Segments
The humic-based biostimulants market is segmented by product type, crop type, form, mode of application, and region.
The product type segment is segmented into humic acid, fulvic acid, and potassium humate. Humic acid is the largest product type segment, accounting for over 60% of the market share. Fulvic acid and potassium humate are expected to grow at a faster CAGR than humic acid in the coming years.
The crop type segment is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others. Fruits and vegetables are the largest crop type segment, accounting for over 40% of the market share. Cereals and grains are the second largest crop type segment, followed by oilseeds and pulses.
The form segment is segmented into dry and liquid. Liquid humic-based biostimulants are the largest form segment, accounting for over 70% of the market share. Dry humic-based biostimulants are expected to grow at a faster CAGR than liquid humic-based biostimulants in the coming years.
The mode of application segment is segmented into foliar treatment, soil treatment, and seed treatment. Soil treatment is the largest mode of application segment, accounting for over 50% of the market share. Foliar treatment and seed treatment are expected to grow at a faster CAGR than soil treatment in the coming years.
The geographic segment is segmented into North America, Europe, Asia Pacific, and South and Central America. North America is the largest geographic segment, accounting for over 30% of the market share. Europe is the second largest geographic segment, followed by Asia Pacific and South and Central America.
The humic-based biostimulants market outlook is a fragmented market, with a number of small and medium-sized enterprises operating in the market. The major players in the market include Koppert Biological Systems, Valagro, Biolchim, FMC Corporation, Haifa Group, UPL, Bayer, SIKKO Industries, NOVIHUM Technologies, HUMINTECH GMBH, and BORREGAARD.
The key trends in the humic-based biostimulants market include the increasing demand for non-genetically modified (GMO) humic-based biostimulants, the development of new humic-based biostimulants with improved performance, and the growing adoption of humic-based biostimulants in developing countries.
There are a number of opportunities in the humic-based biostimulants market, including the development of new humic-based biostimulants with improved performance, the expansion into new markets, and the development of new applications for humic-based biostimulants.
The key challenges in the humic-based biostimulants market include the fluctuating prices of raw materials, the increasing competition from seaweed extracts, and the stringent regulatory requirements.
Future of the Humic-based Biostimulants Market
The humic-based biostimulants market is expected to continue to grow in the coming years, driven by the factors mentioned above. The market is expected to be supported by the increasing demand for organic and sustainable