The Humic-based Biostimulants Market size is estimated to account for a value of USD 515 million in 2020 and projected to grow at a CAGR of 10.5% from 2020, to reach USD 848 million by 2025. Factors such as the rise in demand for products which enhance the crop productivity and increase in the adoption of sustainable solutions like organic farming to meet the consumers demand with changing lifestyle is projected to drive the growth of the humic-based biostimulants market.
Key players in the humic-based biostimulants 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).
Product launches, acquisitions, agreements, collaborations, and partnerships were some of the core strengths of the leading players in the humic-based biostimulants market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios.
Bayer AG (Germany) is operating through four business segments, which arepharmaceuticals, consumer health, animal health, and CropScience. The company is involved in the production of a wide range of products under the CropScience division. It acquired Monsanto (US) in 2018, in amalgamation with Novozymes A/S (Denmark), formed the BioAg Alliance to develop microbial solutions to increase crop yield and enhance sustainability in farming solutions.
FMC Corporation is one of the largest agrochemical companies, focusing on crop protection and plant health.The plant health business segment represents a diverse group of plant protection products derived from microorganisms and other naturally occurring materials, which has grown significantly over the years. The company’s European Innovation Centre focuses on producing new bioinsecticides, bionematicides, biofungicides, and biostimulants. Thus, the biological products offered by the company feature new modes of action and sustainability profiles.
Some of the other leading players in the humic-based biostimulants market include Haifa Group (Israel), Sikko International Ltd (India), Novihum Technologies GMBH ( Germany), Humintech GMBH (Germany), Qingdao Future Group (China), Promisol (Spain), Bioline (Canada), Actagro (US), Rovensa (Portugal), Tagrow (China), CIFO (Italy) and Loveland (US).