Transparency Market Research has released a new market report titled “Humic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report, the global humic acid market was valued at US$387.1 Mn in 2015 and is anticipated to reach US$1,041.7 Mn by 2024, expanding at a CAGR of 12.1% between 2016 and 2024.
Humic acid is a type of high polymer heterogeneous aromatic materials that contains various types of active groups such as phenolic hydroxyl, etc. Humic substances provide an economical and concentrated form of organic matter that can possibly act as a replacement for humus depletion, which is caused as a result of the conventional fertilization methods. Humic acids are employed in various applications such as agriculture, horticulture, dietary supplements, and ecological bioremediation. Growth in agriculture and horticulture applications is primarily estimated to augment the global humic acid market in the next few years. Rising concern about the usage of chemical fertilizers and increasing demand for organic foods are projected to boost the demand for humic acid during the forecast period. However, inconsistency in quality of commercially available humic acid is likely to hamper market growth. High growth potential in emerging economies is expected to offer immense opportunities to the humic acid market during the forecast period.
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In terms of application, agriculture was the largest segment of the global humic acid market, constituting more than 50% volume share in 2015. Horticulture was the second largest application segment of humic acid in 2015. Agriculture is anticipated to be the fastest growing segment owing to increasing awareness about the usage of humic acid in developing countries.
Developed regions are likely to dominate the humic acid market in the next few years, owing to awareness among the end-users and easy availability of raw materials. North America is expected to be the largest market for humic acid, followed by Europe, during the forecast period. The humic acid market in Asia Pacific is also anticipated to expand significantly, owing to the increasing demand for food and rising pressure to obtain maximum output from cultivable land. The global market for humic acid is estimated to expand substantially in the near future.
The global humic acid market is fragmented. Key players in the humic acid market include Biolchim S.p.A., HCM Agro Products Private Ltd., Humintech GmbH, Humic Growth Solutions, Jiloca Industrial, S.A., Omnia Holdings Limited, Saint Humic Acid, Sikko Industries Ltd., Arihant Bio Fertichem Pvt. Ltd., Shandong Chuangxin Humic Acid Technology Co. Ltd., Black Earth Humic LP, Minerals Technology Inc., and Horizon AG-Products.
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