Humic Acid Market to witness heavy demand in agriculture sector, North America to be the leading growth avenue
With the growing popularity of organic food products, the growth of Humic Acid Market is set to experience a remarkable CAGR of over 12% over the coming period of 2016-2024. Humic substances are the integral part in building a healthy soil system that contributes to developing more resilient plants. Decrease in agricultural land across the globe have prompted the use of humic acid in vegetables, fruits, row crops and turfs & ornaments.
U.S. Humic Acid Market Size, By Application, 2013 – 2024 (USD Million)
Crop management has become a necessity in response to the rising demand for crop yields by the growing population. Overuse of arable land has resulted into degrading soil nutrients and fertility. However, use of humic acid tends to improve the soil texture and water retention properties and thus improves the overall soil productivity. The rising awareness amongst the farmers and agriculturists to maintain and enhance the soil quality for better agricultural output will significantly lead to a surge in humic acid market size.
The overall farming industry has undeniably become highly significant with the rolling population growth. According to a report by World Health Organization, the world agricultural output must be increased by minimum 50% per hectare to meet the demand supply mismatch. As per the estimates, the global food demand is expected to rise over 35% by 2030. To meet this demand, farmers are turning toward sustainable farming techniques to enhance their production capabilities.
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The ever-growing population, degradation of soil quality, and scarcity of food are the key drivers which will stimulate the growth of humic acid industry. As per Organic Trade Association (OTA) of the United States, organic food products sale collected revenue worth USD 40 billion in 2015. This has also resulted in a substantial growth of the organic seed market with an estimated CAGR of 12.5% over the period of 2016-2024.
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 industry 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 market valuation of dietary supplements application was more than USD 50 million.
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.
Notable humic acid industry players include Wilbur-Ellis Company, Nutri-Tech Solutions, Agriculture Solutions, Grow More, WinField Solutions, Saint Humic Acid, Tagrow, Organic Approach, NPK Industries, Nature’s Lawn & Garden, Jiloca Industrial, Biolchim, Humintech, Faust Bio-Agricultural Services, and Black Earth Humic.
Author Name :Ojaswita Kutepatil