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.
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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.
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
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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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