Future of Humic Acid Market in Global Industry 2018 -2024
Date: 2018-09-04   Author: Ronak Bora  Category: #industry

Future of Humic Acid Market in Global Industry 2018 -2024

Humic Acid Market is projected to exceed USD 1 billion according to this new research report.

Synthetic chemicals may result in degradation of groundwater quality on extreme usage. Growing cognizance towards the detrimental effects of synthetic agrochemicals and chemical fertilizers, particularly in the developed countries of North America and Europe, will have significant impact on the growth of humic acid market.

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.

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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.

European humic acid market will observe growth trends by 2024 owing to the rapidly growing regional organic sector. Funding initiatives by the government in association with the Common Agriculture Policy will propel the European market growth. The region is estimated to observe revenue more than USD 300 million in the forecast timeframe.

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.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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