Humic Acid Market
The global market for humic acid is expected to register a strong CAGR of 12.1% from 2016 to 2024. As a result, the market, which valued at US$387.1 mn in 2015, is likely to rise to a promising revenue opportunity of US$1.04 bn by the end of 2024.
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North America Region to Present Promising Growth Opportunities
Of the key applications of humic acid, applications across the agriculture industry helped the global humic acid market gather over half of its revenue in 2015. The agriculture industry is likely to remain one of the leading consumers of humic acid over the forecast period as well, with the horticulture and dietary supplement segments exhibiting a promising rise in demand.
The market in North America emerged as the most lucrative regional market for humic acid in 2015, serving nearly 40% of the overall global demand for humic acid. North America is likely to remain the leading regional market for humic acid over the forecast period as well, thanks to factors such as high disposable incomes, easy availability of raw materials, and rising consumer awareness regarding the benefits of organic food products.
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Rising Set of Application Areas to Work in Favor of Market
A number of factors are expected to work in favor of the global humic acid market. One of the key factors includes the increased demand for fumic acid in the agriculture industry as humic substances make for a concentrated and economical form of organic matters that can work well as a replacement for humus depletion. Humic acids are also used in a variety of applications across sectors such as horticulture, ecological bioremediation, and dietary supplements. Thus the expansion and rising investments across agriculture and horticulture sectors are estimated to have a direct positive impact on the uptake of humic acid across the globe in the next few years.
However, concerns regarding the inconsistent quality standards of commercially available humic acid could hold back the market to a certain degree over the forecast period. Nevertheless, the vast set of untapped growth avenues in emerging economies could help the market gain traction. Also, the rising concerns regarding the ill-effects of chemical fertilizers on the health of soil and environment in general would help the global humic acid market acquire healthy growth prospects over the forecast periodHumic Acid Market
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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