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Humic Acid Market Size: High product demand in the horticulture industry to boost overall growth

Author : Ronak Bora | Published Date : 2019-06-03 

Humic acid market is projected to experience an upward growth trend, owing to the wide product usage in horticulture, residential gardening, agriculture, bioremediation, medicines, dietary supplements, and vertical farms. Disproportionate use of synthetic fertilizers to increase the crop yield adversely affects the quality of underground water and dampens the land arability & output. This has compelled the governments to introduce legislations such as the common agricultural policy of the EU encouraging widespread application of bio-based fertilizers in the farming activities, resulting in escalated product demand. Rising consumer inclination towards the consumption of organic food will provide a boost to overall humic acid market size. According to the Organic Trade Association based in the U.S., the revenue generated from the sale of the organic foods was nearly USD 40 billion in 2015, and is projected to increase substantially over the years ahead. Global Market Insights, Inc., states that humic acid industry revenue, worth USD 400 million in 2016, is slated to surpass USD 1 billion by 2024.

Humic acid industry value in the dietary supplements sector, which was evaluated at over USD 50 million in 2016, is forecast to surpass USD 100 million by 2024. Growing consumer consciousness about medicinal & health benefits provided by dietary products will accelerate humic acid market development.

Widespread awareness about health risks and ecological degradation caused due to chemical fertilizers will favorably impact humic acid market size in the horticulture sector, which is expected to exceed a revenue margin of USD 200 million by 2024.

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With the growing demand of organic products in U.S and Canada, North America humic acid industry is set to seize a significant market share. A study concludes that more than 80% households in US are indulged into purchasing of organic food products, owing to the rising awareness and purchase parity of the regional population. Having accounted for a share of more than USD 150 million in 2016, North America humic acid market is estimated to surpass a revenue generation of over USD 400 million by 2024.

Humic acid market growth directly corresponds to the growing popularity of organic food products and organic farming. Agriculture application occupied more than 50% of the overall humic acid industry share in 2016 and is set to record a CAGR of 12.5% over the period of 2016-2024. Apart from agriculture, humic acid also finds application in dietary supplements, horticulture, ecological bioremediation, vertical farms, medicines, and residential gardening. The rise in usage of organic minerals in ecological remediation and horticulture have provided impetus to the rising demand for humic acid market.

The dietary supplements application is growing considerably with the growing awareness pertaining to the health benefits of humic acid products. The product is popular for detoxification of human body and also for improving immune system. In 2016, the humic acid market valuation of dietary supplements application was more than USD 50 million.

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Asia Pacific humic acid market is anticipated to grow at a rate of 13% over the period of 2016-2024, owing to the rapid economic development and the consequently increasing disposable income of the consumers. Gradually growing organic food industry will further influence the growth of humic acid market in the region.

Some key market participants are The Andersons, Humintech, Wilbur-Ellis Company, NPK Industries, Nature's Lawn & Garden, Black Earth Humic, Biolchim, Faust Bio-Agricultural Services, Grow More, Humic Growth Solutions, Nutri-Tech Solutions, National Pesticides & Chemicals, Tagrow, Agriculture Solutions, WinField Solutions, Saint Humic Acid, Organic Approach, Sikko Industries, and Jiloca Industrial.

About Global Market Insights

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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