Humic-Based Biostimulants Market Is Expected To Grow $1,184 Million By 2027

(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global 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. Humic and fulvic acids are the most used humic substances in organic crop production and horticulture agricultural practices. Humic substances are a rich energy source beneficial soil microorganisms can readily utilize. The key function of humic substances is their water-holding capacity. Humic substances reduce soil pH and liberate carbon dioxide. They also help stabilize soil temperature and water evaporation and facilitate the uptake of nutrients. Since it is readily available and has beneficial effects on soil, its demand is high among farmers and is projected to increase during the forecast period.

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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.

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.

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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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