Market Insights:
Humus is a natural, organic compost which is formed from plant and animal matter decay. Highly rich in nutrients, Humic Acid is an important component of humus which unlike its name is actually alkaline in nature. Increasing organic farming practices have encouraged substantial growth of the Global Humic Acid Market. Market Research Future has studied and consolidated every pertinent detail of the Global Humic Acid Market in its latest report. In 2017, the Global Humic Acid Market was valued at USD 484.77 Mn, and the report's findings indicate the growth of the market at a CAGR of 12.42% during the forecast period.
The global population is continuously expanding and has resulted in a dramatic increase in demand for food. To increase crop yield, soil health and other factors beneficial to long-term farming, the agriculture culture is increasing the use of organic matter such as Humic Acid. Chemical pesticides and fertilizers have ill effects on the crop yield and soil health in the long-run and often result in soil positioning. Due to this farmer are increasingly employing the use of Humic Acid to enrich the soil and promote a healthy ecological balance which will, in turn, increase crop yield. Humic acid not only has several benefits to the soil but can make up a key component of animal feed. Humus supplements increase milk production and increase nutrient absorption to increase feed efficiency in dairy cattle. Humic acid can also help improve immune function and keep an animal healthy which, in the long run, can drastically reduce operational costs. With the rising demand for meat and milk, the meat industry has been booming, and this has resulted in an increased demand for Humic Acid for animal feed applications.
In agricultural applications, the inconsistent quality of humic products may hinder the growth of the Global Humic Acid Market. Moreover, improper use of Humic Acid can have bad effects on the soil and plant growth. However, rising applications in wastewater treatment, as well as the use of humic acid as organic anodes for lithium and sodium ion batteries are expected to provide the market with high potential for future growth.
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Key Players:
MRFR has meticulously tracked the competition in the market to identify prominent market players present in the market. Market players included in the report are Humintech GmbH, Arihant Bio Fertichem Pvt. Ltd, Jiloca Industrial SA, Biolchim SpA, Minerals Technologies Inc, Shandong Chuangxin Humic Acid Technology Co. Ltd., Humic Growth Solutions Inc, Black Earth Humic, Saint Humic Acid, and Sikko Industries Limited. The growth strategies employed by these competitors have also been included in the report.
Market Segmentation
The key segment which makes up the Humic Acid Market in MRFR's report is based on applications of Humic Acid. By application, the Humic Acid Market has been segmented to include animal feed, dietary supplements, pharmaceuticals, agriculture, ecological bioremediation, and others. Of these applications, the animal feed, dietary supplements and agriculture segments are among the top three with considerable growth predicted for the forecast period. The agriculture segment is expected to witness the highest growth and maintain a leadership position in the market due to the growing demand for organically farmed produce.
Regional Analysis
Global Humic Acid Market has been segmented into major regions which include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Among these, the North American Humic Acid Market has captured a majority share of 40%. The presence of U.S and Canada which have a consumer-centric economy has been a key factor driving growth. With increasing health consciousness and growing awareness regarding harmful farming practices, consumers are placing a high demand for organic fresh produce, thus driving the demand for Humic Acid. Moreover, the high disposable incomes in the area are supporting the growth of organic farming which is ultimately beneficial for the Humic Acid Market. The European market, which has a somewhat similar consumption pattern as the North American market holds the second largest share of the market. The region also has a high export of milk and dairy products as many countries in the European continent are famous for their dairy products such as cheese and butter. The increasing use of Humic Acid in animal feed to encourage a healthy increase in milk production is expected to drive the European market.
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The regional market growing at the fastest pace is the Asia Pacific Humic Acid Market. Accounting for 19% of the global market share, the Asia Pacific market is registered to grow at a CAGR of 13.71% during the assessment period. The region has a strong presence of emerging economies which have a strong agricultural component. Moreover, rapid urbanization, industrialization and ongoing growth of the region's population have resulted in the use of Humic Acid to increase crop yields. The growing urban population with its increased awareness regarding organic produce and rising disposable incomes are expected to impact the Humic Acid Market in a positive manner. Other regions in the market, i.e., the Middle East & Africa and Latin America, have significant agricultural activities which support the Humic Acid Market.
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