The global humic acid market share is expected to rise owing to current global humic acid market trend includes concern over decreasing metabolism rate in humans, rising popularity of organic farming, growing demand for humic acid in horticulture, and risk of harmful effects of chemical fertilizers.
Global Humic Acid Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,045 million by 2024 from $426 million in 2016; growing at a CAGR of 11.9% from 2016 to 2024.
Some of the major drivers of global humic acid market are increasing trend of organic farming, growing need to increase metabolism rate in humans, high use of humic acid in horticulture, and increasing concern over negative effects of chemical fertilizers. However, lack of awareness among farmers, and unreliable quality of end products are the major challenges hindering the market growth.
Furthermore, increasing R&D, and rise in market penetration in emerging economies would create growth opportunities in the coming years.
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The global humic acid market is categorized into crop type, application, and geography. Crop type comprises row crops, turf and ornaments, fruits and vegetables, and other types.
Application includes foliar, soil, and seed. Row crop accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024 the growth is attributed to growing population which has led to increased demand for food globally.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the key regions covered in the global humic acid market. Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016-2024.
The growth is attributed to expanding technological advancements in the countries such as India and China among others, degrading soil quality and need for food. North America accounted the largest market share in 2016 with 41.0%.
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Key players competing in this market include BASF SE, Humic Growth Solutions, Inc., Biolchim S.p.A., Arihant Bio Fertichem Pvt. Ltd., Minerals Technology Inc., Novozymes A/S, Yara International ASA., Black Earth Humic LP, Vellsam Materias Bioactivas S.L., and China Green Agriculture Inc., among others.
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Scope of the Global Humic Acid Market
Crop Type Segments
- Row Crops
- Fruits and Vegetables
- Turf and Ornaments
- Other Crop Types
- North America
- Northern Ireland
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- South America
- Middle East
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