As per a recent industry report put forward by Global Market Insights Inc., Humic Acid Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1 billion by 2024 with a projected CAGR of 12% over 2018-2024.
Humic acid market will have growth trends particularly due to the demand for a wide range of applications from the sectors such as dietary supplements, horticulture, agriculture, ecological bioremediation and few others including residential farming, vertical farms, gardening, medicinal applications etc.
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Synthetic chemicals may result in degradation of groundwater quality on extreme usage. Growing cognizance towards the detrimental effects of synthetic agrochemicals and chemical fertilizers, particularly in the developed countries of North America and Europe, will have significant impact on the growth of humic acid market. Furthermore, the government regulations like Common Agricultural Policy under the European Union which involved investment of 30% direct payments to support the usage of bio-based resources in farming. The global humic acid market demand is likely to observe a substantial rise in the abovementioned regions by 2024.
In short run, the market growth will witness a restraint of less awareness regarding organic farming benefits in the developing agro-based economies like China, India, Brazil, etc. Also, the availability of low-cost chemical fertilizers and their nutrient composition might impact the product market growth negatively in the immediate future. As per the Department of Fertilizer under Indian Government, by 2020, the demand of urea is projected at over 35 kilo tons in the country, with a stable growth at over 3% CAGR. Such factors might have affect the humic acid industry growth negatively.
Agricultural application will hold the largest share in the market by 2024, due to growing inclination for organic farming especially in the developed economies. Several government grants and subsidiaries in different nations will further boost the segment growth.
The horticultural application segment is estimated to have revenue more than USD 200 million in the forecast period. Globally increasing awareness regarding the environmental and health hazards of chemical fertilizers is likely to propel the market growth.
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For the humic acid market, the dietary supplements segment will observe revenue more than USD 100 million in the forecast period. Medicinal properties of the product coupled with rising inclination among the youth and the middle age populace towards body toning and fitness are likely to further enhance the market growth.
North America market is estimated to generate revenue over USD 400 million by 2024. The significant presence of U.S. organic food industry is likely to influence the regional industry growth positively in the coming years.
European humic acid market will observe growth trends by 2024 owing to the rapidly growing regional organic sector. Funding initiatives by the government in association with the Common Agriculture Policy will propel the European market growth. The region is estimated to observe revenue more than USD 300 million in the forecast timeframe.
Key market players are Wilbur-Ellis Company, The Andersons, Humintech, NPK Industries, Black Earth Humic, Nature’s Lawn & Garden, Biolchim, Grow More, Faust Bio-Agricultural Services, Nutri-Tech Solutions, Agriculture Solutions, Tagrow Co. Ltd., Humic Growth Solutions, Saint Humic Acid, WinField Solutions, Organic Approach, Jiloca Industrial National Pesticides & Chemicals and Sikko Industries.
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:
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.