By 2026, Humic Acid Market size is estimated to exhibit over 14% CAGR
Selbyville, Delaware, United States, September 22 2020 (Wiredrelease) Global Market Insights, Inc –:As per the latest research report, Humic Acid Market exceeded USD 510.9 million in 2018 and will reach USD 1.4 billion by 2024. Rapidly growing organic farming across the globe expected to boost its demand over the forecast period.
With rising consciousness pertaining to consuming healthy food, the need for organic food products is tremendously expanding. In this context, humic acid market has seen remarkable growth proceeds over the recent years. Humic substances play an essential role in building a nutritious soil system which significantly contribute towards development of more resilient plants. What has prompted the explicit use of these substances in fruit, vegetable, and crop production is a decrease in agricultural land worldwide.
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Agriculture was the most prominent application segment in the humic acid market and accounted for over 55% share in 2018. Growing food demand due to the rapidly growing population is driving the humic acid market growth from past several years as it plays a significant role in agricultural applications. It exhibits unique properties which help in enhancing the overall crop yield by improving soil fertility in long run by imparting desired nutrient value to the soil.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Andersons, Inc. Everwood Farm Nature’s Lawn & Garden Faust Bio-Agricultural Services Humintech GmbH Changsha Xian Shan Yuan Agriculture and Technology Agriculture Solutions Inc. NPK Industries Nutri-Tech Solutions Pty Ltd. Tagrow Co. Ltd. WinField Solutions Organic Approach LLC National Pesticides & Chemicals Sikko Industries Ltd. Wilbur-Ellis Company LLC
Humic acid performs the crucial role of binding insoluble metal ions and release them when required. It facilitates better seed germination and stimulates beneficial microbial activity. Other value adding benefits of the product in the agriculture segment include improved water holding capacity of soil, preventing surface run off, regulating pH value of soil, improving root respiration, etc. Superiority of product in contrast to the chemical fertilizers, in addition to the aforementioned benefits will substantially drive demand humic acid market in the near future.
Considering this reduction, crop management has become a necessity today owing to the growing demand for crop yields in order to feed an ever-increasing population. Over exploitation of arable lands has led to degradation and depletion of soil nutrients and fertility. However, use of humic acid across this land tends to enhance its water retention properties along with the soil texture, thereby improving the complete soil productivity. Mounting cognizance amongst agriculturists and farmers to maintain and augment the quality of soil for obtaining high agricultural output would substantially bring about a revolution in humic acid market in the upcoming years.
Apart from agricultural sector that is leveraging high end benefits of humic acid, the product also finds widespread applications in horticulture, dietary supplements, vertical farms, medicines, residential gardening, and many others. Considering various health benefits of humic acid, the dietary supplements sector is estimated to amass noteworthy gains over the upcoming years. Humic acid products help in detoxification of human body and also boost the immune system.
Agriculture Ecological bioremediation Horticulture Dietary supplements
Black Earth Humic has its root in Canada and is extensively involved in offering highest quality humic material in whole of North America. Its bio stimulants are expected to yield high profits for farm workers as they strive on improving soil conditions. Black Earth in 2016, also announced a strategic partnership with Top Krop Fertilizers to support farmers’ pledge to grow healthy crops.
Not only North America, but Asia Pacific is also rendering significant results from growing organic industry and exponentially increasing demand for humic acid market.
North America led the global humic acid market share and accounted for about 40% of the total industry share in 2018. Prevailing product use in the region is attributed to increasing awareness among farmers towards organic fertilizer use which will subsequently boost product demand in the region. In addition, increasing stringent regulations imposed by the U.S. government and regulatory authorities has led to shift in market trends by replacing chemical fertilizer with organic fertilizer which will have positive influence on the humic acid industry share by 2026.
Many companies operating in the industry are investing heavily on R&D to develop new product and gain advantage over rivals. For instance, In September 2017, Biolchim S.p.A launched two new specialties, Siveg GR and Bio Energy Veg. Introduction of these two products are expected to increase company’s presence in organic farming. Some of the other major companies in the humic acid market include Black Earth, The Andersons, Inc., Everwood Farm, Nature’s Lawn & Garden, Faust Bio-Agricultural Services, Humintech GmbH, Changsha Xian Shan Yuan Agriculture and Technology, Agriculture Solutions Inc., NPK Industries, Nutri-Tech Solutions Pty Ltd., Tagrow Co. Ltd., WinField Solutions, LLC., Organic Approach LLC, National Pesticides & Chemicals, Sikko Industries Ltd., Grow More Inc., Jiloca Industrial, S.A. and Wilbur-Ellis Company LLC.
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