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In 2014, the global humic acid market held a value of $325.6 million which is anticipated $674.2 million by 2020, with a promising CAGR of 12.9%, during the forecast period. This significant growth rate in the market revenue is majorly driven by the increasing usage of humic acid owing to its high efficiency and benefits across the several industries.
Based on the application, the foliar application generates the highest demand and accounted for the $268.0 million market value in 2014, and is anticipated to reach $543.1 million by 2020, by growing at a CAGR of 12.4% during the forecast period. Humic acid is being used in a variety of concentrations and physical forms, either directly by spraying, or by adding it to soil. These substances are increasingly being used in Europe and North America, owing to their advanced properties, superior performance, and their ability to provide nutrients to plants. On the basis of crop type, the humic acid market is classified into row crops, fruits and vegetables, and turfs and ornamentals.
On the basis of region, global market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Among these, European market in 2014, accounted for the largest market in terms of both value and volume in the humic acid market. This largest market share is ascribed to the early adoption and penetration of organic farming in countries, such as Germany, France, Italy, Spain, the U.K., and Rest of Europe, which have huge overall production of crops.
The key driving factors of the global market for humic acid are growing population, degrading soil quality, and scarcity of food. In addition, the agricultural organizations aim at the increase in the crop yield and quality. The usage of Humic acid in agriculture has given positive outcome as improved plant growth, by enhancing plant mechanisms such as enzyme activities, cell respiration, photosynthesis, protein synthesis, and nutrients and water uptake. Thus, these factors are expected to increase the demand of humic acid from agriculture industry over the coming years.
The manufacturers of humic acid include both small- and large-scale manufacturers, with both regional and global presence. China Green Agriculture Inc., is one of the major manufacturers which has strong presence in both regional and global. The company provides a wide range of products to various industries. Further, the manufacturers like Double Dragon Humic acid Co. has strong domestic presence in China.
Globally, the major market players in the humic acid market are China Green Agriculture Inc., Double Dragons Humic Acid Co. Ltd., Xinjiang, Omnia Specialities Australia, Canadian Humalite International Inc., Humic Growth Solutions Inc., Grow More Inc., HUMINTECH GmbH, ODUS(UK) Ltd., Nutri-Tech Solutions Pty Ltd., and Vellsam Materias Bioactivas S.L.
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