The global humic-based biostimulant market is estimated at USD 686 million in 2022 and is projected to reach USD 1,184 million by 2027, reflecting a steady growth rate of 11.5% annually.
Driving factors: This market expansion is attributed to several factors:
- Farmer adoption: Farmers worldwide are increasingly recognizing the economic and environmental benefits of using humic-based biostimulants.
- Shifting practices: A transition is underway from conventional practices relying heavily on chemical fertilizers and pesticides towards a more integrated approach that incorporates biological inputs like humic-based biostimulants and biopesticides.
- Organic farming growth: The steady rise in organic farming, where humic-based biostimulants play a vital role, further fuels market expansion due to the strong demand for organic food products.