Global Humic Acid Market Report, published by Fior Markets, 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. Humic acid is derived from humus and is one of the most concentrated organic substance available. They are capable of reducing the dependence on water depending on the soil type, thereby saving water especially in arid areas. Increasing demand for organic food products is one of the major aspects increasing the global humic acid market size.
“Humic Acid Market (By Crop Type: Row Crops, Fruits and Vegetables, Turf and Ornaments, and Others; By Application: Foliar, Soil, and Seed; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024″
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Increasing demand for organic farming to drive the global humic acid market growth
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. Though, low knowledge among farmers, and unreliable quality of end products could hamper the market growth. Besides, increasing investments in R&D, and growth in market penetration in emerging economies would provide several growth opportunities in years to come.
Crop type, application, and geography are the major segmentations included in the global humic acid market. Crop type is categorized as row crops, fruits and vegetables, turf and ornaments, and others. Application comprises foliar, soil, and seed. By geography, the global humic acid market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW).
Row crop accounted for the largest market share in the crop type segment
Row crop accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024, owing to increasing population which has led to increased demand for food globally.
Foliar dominated the type of application segment
Foliar dominated the type of console segment due to its ability to increase uptake of nutrients and ease in application.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016-2024, driven by the 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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In October 2016, Biolchim launched two products SIVEG® GR and BIO ENERGY® VEG. These products are rich in amino acid, humic, fluvic acids, and betaines, along with high amount of organic matter.
Key players competing in this market include Humic Growth Solutions, Inc., Biolchim S.p.A., Minerals Technology Inc., Arihant Bio Fertichem Pvt. Ltd., Novozymes A/S, BASF SE, Yara International ASA., Vellsam Materias Bioactivas S.L., Black Earth Humic LP, and China Green Agriculture Inc., among others.