In 2014, the global market for humic acid held a value of $325.6 million, which is anticipated to reach $674.2 million by 2020, demonstrating a 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.
Humic acid is in dark brown to black colored substance, and is extracted from coal sediments or soil upon reaction with different chemicals and reagents. Under acidic conditions, the compound is insoluble in water. This acid is increasingly being employed in North America and Europe, owing to its superior performance, advanced properties, and its ability to provide nutrients to the plants.
Based on the crop type, the humic acid market is classified into fruits and vegetables, row crops, and turfs and ornamentals. Among these, the row crop accounted for the largest market in terms of both value and volume in 2014.
In 2014, geographically, the European market 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.
As per analysts and market factors, Asia-Pacific (APAC) market is a highly attractive and offers an appreciable growth opportunity for several global market players, due to region’s increase in the demand for food crops, along with rapid industrialization in the region’s developing nations, majorly India, China, and South Korea. These are the major factor for the shifting global manufacturers’ attention towards the APAC region. The domestic players are also increasing their production capacities, to gain from continuously growing demand from agricultural sectors. Thus, these demand for agricultural crops followed by manufacturers’ attention is expected to fuel the market growth in the coming years.
In addition, global organic farming is the hot topic now a days. In regions, like Europe, the individual governments and environmental agencies’ promotional activities of organic farming for several food products have been incorporated in European Greens’ core value since 1984. In addition, several end users in those regions are adopting sustainable agricultural practices which include the usage of pesticides, insecticides, and chemical fertilizers. This generates growth opportunities for humic acid and several other bio-stimulant products.
Globally, the major market players in the global humic acid market are Double Dragons Humic Acid Co. Ltd., China Green Agriculture Inc., Xinjiang, Omnia Specialities Australia, Canadian Humalite International Inc., Grow More Inc., HUMINTECH GmbH, ODUS(UK) Ltd., Nutri-Tech Solutions Pty Ltd., Humic Growth Solutions Inc., and Vellsam Materias Bioactivas S.L.
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The information and data in the publication “Global Humic Acid Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
HUMIC ACID MARKET SEGMENTATION
By Crop Type