Humic acid market application includes agriculture, horticulture, dietary supplements, ecological bioremediation, and others such as residential gardening, vertical farms, medicines, etc. Agricultural application is poised to hold sway the global humic acid market through the forecast years owing to rising inclination towards organic farming in the developed countries. This segment growth will also be boosted by various government subsidiaries and grants in different countries around the globe.
Rising awareness about the health and environmental hazards associated with chemical fertilizers will positively influence the horticultural applications for the product. This segment will likely be valued over USD 200 million by 2024, witnessing growth at a significant rate.
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Humic acid market growth directly corresponds to the growing popularity of organic food products and organic farming. Agriculture application occupied more than 50% of the overall humic acid industry share in 2016 and is set to record a CAGR of 12.5% over the period of 2016-2024. Apart from agriculture, humic acid also finds application in dietary supplements, horticulture, ecological bioremediation, vertical farms, medicines, and residential gardening. The rise in usage of organic minerals in ecological remediation and horticulture have provided impetus to the rising demand for humic acid market.
Crop management has become a necessity in response to the rising demand for crop yields by the growing population. Overuse of arable land has resulted into degrading soil nutrients and fertility. However, use of humic acid tends to improve the soil texture and water retention properties and thus improves the overall soil productivity. The rising awareness amongst the farmers and agriculturists to maintain and enhance the soil quality for better agricultural output will significantly lead to a surge in humic acid market size.
The overall farming industry has undeniably become highly significant with the rolling population growth. According to a report by World Health Organization, the world agricultural output must be increased by minimum 50% per hectare to meet the demand supply mismatch. As per the estimates, the global food demand is expected to rise over 35% by 2030. To meet this demand, farmers are turning toward sustainable farming techniques to enhance their production capabilities.
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With the growing demand of organic products in U.S and Canada, North America humic acid industry is set to seize a significant market share. A study concludes that more than 80% households in US are indulged into purchasing of organic food products, owing to the rising awareness and purchase parity of the regional population. Having accounted for a share of more than USD 150 million in 2016, North America humic acid industry is estimated to surpass a revenue generation of over USD 400 million by 2024.
Asia Pacific humic acid market is anticipated to grow at a rate of 13% over the period of 2016-2024, owing to the rapid economic development and the consequently increasing disposable income of the consumers. Gradually growing organic food industry will further influence the growth of humic acid market in the region.
Notable humic acid industry players include Wilbur-Ellis Company, Nutri-Tech Solutions, Agriculture Solutions, Grow More, WinField Solutions, Saint Humic Acid, Tagrow, Organic Approach, NPK Industries, Nature’s Lawn & Garden, Jiloca Industrial, Biolchim, Humintech, Faust Bio-Agricultural Services, and Black Earth Humic.
Browse key industry insights spread across 80 pages with 88 market data tables & 10 figures & charts from the report, “Humic Acid Market” in detail along with the table of contents:
Humic acid market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Humic Acid Market by Application
- Ecological bioremediation
- Dietary supplements
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa
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