Humic Acid Market Evolving Industry Trends 2024
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As per the evaluations of the TMR report, the global market for humic acid was worth merely US$387.1 mn in 2015, but the valuation will breach the billion market soon in the near future, estimated to be US$1.04 bn by the end of 2024. The vendors of this market will continue to gain from high growth potential of humic acid in the emerging economies, especially in Asia Pacific, which resides nearly the half of the world’s population.
Organic Food Trend Escalating Demand
Application-wise, the global humic acid market has been segmented into ecological bioremediation, agriculture, horticulture, dietary supplements, and drilling fluids. Among these, the agriculture sector accounted for more than half of the demand for humic acid in 2015, and is expected to remain the most lucrative application segment throughout the forecast period. Growing trend of organic farming for their apparent health benefits, growing awareness regarding the benefits of humic acid in developing countries, and government initiatives and subsidies to promote the use of ecologically favorable products are some of the factors augmenting the demand in the global humic acid market.
On the other hand, the horticulture and dietary supplement segments are also anticipated to increment the demand at a significant rate during the forecast period. The healthy-living trend among the urban population is helping the dietary supplement segment, as the mineral-rich organic foods produced with the help of humic acid add to the human immune system and detoxifies it.
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North America Remains Highly Profitable Region
Geographically, the report takes stock of the potential of the humic acid market in the regions of North America including the U.S., Europe including the U.K, France, Spain, and Germany, Asia Pacific, Latin America, and The Middle East and Africa (MEA). In 2015, North America was the most profitable region, serving nearly 40% of the global demand for humic acid, and is expected to remain the most lucrative region throughout the forecast period. Easy availability of raw materials, high percentage of disposable income among the citizens, growing awareness regarding the benefits of organic foods, and technological advancements in the production of humic acid are some of the key factors reflecting positively on North America humic acid market. While Europe remains the second most profitable region, vendors of this market are also venturing into the emerging economies in Asia Pacific such as India, China, Japan, and South Korea to expand their horizons.
The global humic acid market is highly fragmented, owing to the presence of a large number of local and regional vendors. Some of the leading companies with considerable brand name in this market are Biolchim S.p.A., Humic Growth Solutions, Omnia Holdings Limited, Humintech GmbH, Jiloca Industrial, S.A., Saint Humic Acid, Arihant Bio Fertichem Pvt. Ltd., Sikko Industries Ltd., Minerals Technology Inc., Horizon AG-Products, and Black Earth Humic LP.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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