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Humic Acid Industry analysis 2024: Humintech GmbH, The Andersons, Inc., Black Earth Humic LP, NPK Industries, Faust Bio-Agricultural Services, Biolchim, Agriculture Solutions
Furthermore, the government regulations like Common Agricultural Policy under the European Union which involved investment of 30% direct payments to support the usage of bio-based resources in farming. The global humic acid market demand is likely to observe a substantial rise in the abovementioned regions by 2024.
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Humic acid market will have growth trends particularly due to the demand for a wide range of applications from the sectors such as dietary supplements, horticulture, agriculture, ecological bioremediation and few others including residential farming, vertical farms, gardening, medicinal applications etc.
In short run, the market growth will witness a restraint of less awareness regarding organic farming benefits in the developing agro-based economies like China, India, Brazil, etc. Also, the availability of low-cost chemical fertilizers and their nutrient composition might impact the product market growth negatively in the immediate future. As per the Department of Fertilizer under Indian Government, by 2020, the demand of urea is projected at over 35 kilo tons in the country, with a stable growth at over 3% CAGR. Such factors might have affect the humic acid industry growth negatively.
Agricultural application will hold the largest share in the market by 2024, due to growing inclination for organic farming especially in the developed economies. Several government grants and subsidiaries in different nations will further boost the segment growth.
The horticultural application segment is estimated to have revenue more than USD 200 million in the forecast period. Globally increasing awareness regarding the environmental and health hazards of chemical fertilizers is likely to propel the market growth.
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For the humic acid market, the dietary supplements segment will observe revenue more than USD 100 million in the forecast period. Medicinal properties of the product coupled with rising inclination among the youth and the middle age populace towards body toning and fitness are likely to further enhance the market growth.
North America market is estimated to generate revenue over USD 400 million by 2024. The significant presence of U.S. organic food industry is likely to influence the regional industry growth positively in the coming years.
Key market players are Wilbur-Ellis Company, The Andersons, Humintech, NPK Industries, Black Earth Humic, Nature's Lawn & Garden, Biolchim, Grow More, Faust Bio-Agricultural Services, Nutri-Tech Solutions, Agriculture Solutions, Tagrow Co. Ltd., Humic Growth Solutions, Saint Humic Acid, WinField Solutions, Organic Approach, Jiloca Industrial National Pesticides & Chemicals and Sikko Industries.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• The Andersons, Inc.
• Black Earth Humic LP
• Faust Bio-Agricultural Services, Inc.
• Biolchim S.p.A.
• Humintech GmbH
• Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd.
• NPK Industries
• Agriculture Solutions Inc.
• Humic Growth Solutions, Inc.
• Everwood Farm
• Nutri-Tech Solutions Pty Ltd.
• Nature's Lawn & Garden, Inc
• Tagrow Co., Ltd.
• Grow More Inc.
• WinField Solutions, LLC.
• National Pesticides & Chemicals
• Manidharma Biotech Private Limited
• Sikko Industries Ltd.
• Organic Approach LLC
• Wilbur-Ellis Company LLC
• Jiloca Industrial, S.A.
• Saint Humic Acid
Browse Full TOC @ https://www.gminsights.com/toc/detail/humic-acid-market
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