CHICAGO, Jan. 19, 2023 /PRNewswire/ -- The Humic-based Biostimulants Market 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 according to a new report by MarketsandMarkets. Farmers across the globe are realizing the economic and environmental benefits of using humic-based biostimulants, and the market is expanding. Shifts are occurring across crop categories and regions, from conventional crop management practices that use chemical fertilizers and pesticides to a more integrated approach that includes biological inputs (including humic-based biostimulants and biopesticides). Also, the growth of organic farming, in which humic-based biostimulants play an important role, has been steady and is expected to continue, given the strong demand for organic foods.
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Increase in demand for organically produced high-value crops from developed economies
Trends indicate that demand for organic products will continue to rise as organic food becomes increasingly popular. Organic farming allows the production of high-quality, certified, controlled, and safe food. As a result, it provides significant economic and environmental benefits while also preserving a healthy ecosystem. Consumer interest in organic agricultural production has grown at an unprecedented rate in recent years. High-value agricultural goods are generally defined as agricultural goods with a high economic value per kilogram (or pound), per hectare, or per calorie, including fruits, vegetables, meat, eggs, milk, and fish. The main factors for the rising demand for high-value crops (fruits, vegetables, and plantation crops) are a rise in incomes, rapid urbanization, and the growth in awareness of health benefits associated with fruits & vegetables.
Damage and losses to agricultural land
Rapid industrialization and urbanization resulted in a decline in arable or cultivable land. Increased concerns about the limited availability of agricultural land could hamper the optimum food production requirements to feed the increasing world population. With the increase in population, the level of demand for agricultural products is increasing, which has led to the need for higher yields from limited land. The scarcity of natural resources and their competitive demand due to urbanization and industries is worsening the situation. The arable land in the world is expected to experience a similar phase of continuous decline in the coming years. Disasters also have a direct effect on agriculture through lower-than-expected production. This causes direct economic loss for the farmers, which eventually cascades through the entire value chain and affects the sector's growth or entire national economies. Agriculture and climate change are internally correlated factors, as climatic change is one of the main causes of biotic and abiotic stress development, adversely impacting plant growth and overall agriculture. Humic-based biostimulants, which comprise humic and fulvic acids, can enhance stress tolerance levels to promote plant growth without environmental hazards, thus supporting sustainable agriculture development. It also improves crop tolerance to heat, salinity, and drought.
Technological advancements in production of biostimulants
Agricultural biostimulants involve substances that can be applied directly to plants or the soil to improve the physiological processes and capability of the plant to uptake nutrients from the soil; this ultimately results in increased yield and improved quality of the crops. Biostimulants are gaining ground in the agricultural industry with their increasing use as plant growth promoters. 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 important role in traditional food crops, such as corn, wheat, and rice, by being used as an added complement to fertilizers to catalyze the nutrient uptake process of the crops. Moreover, biostimulants are perfectly compatible with integrated crop management techniques that are a subset of sustainable agriculture.
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Asia Pacific have few emerging economies, mostly from East and Southeast Asia, are growing in agricultural trade
The Asia Pacific region is the most densely populated in the world and is also one of the key markets for agricultural biologicals. Asia is noted for several plantation cash crops, of which the most important are tea, rubber, palm oil, coconuts, and sugarcane. The increasing need to cater to the food requirements of the growing population with the help of modern agricultural practices is a key factor expected to drive market growth in the region. The major countries studied in this region include India, Australia, China, Indonesia, and Japan, which are some of the highest food consumers and utilize humic-based biostimulants for important agricultural commodities such as cotton, sugarcane, fruits & vegetables, and cereals. A few emerging economies, mostly from East and Southeast Asia, are also growing in agricultural trade. Asia Pacific agricultural exports have kept up with world agriculture exports in terms of growth trends. Some major crops exported from these countries are fruits, vegetables, cereals, tea, coffee, and cotton.
The key players in this market include Koppert (Netherlands), Valagro SpA (Italy), Biolchim S.p.A (Italy), FMC Corporation (US), Haifa Group (Israel), UPL Ltd. (India), Bayer AG (Germany), SIKKO INDUSTRIES LTD (India), NOVIHUM Technologies GmbH (Germany), HUMINTECH GMBH (Germany), and BORREGAARD (Norway).
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