Humic Acid Market Size Worth Over $1.4 billion by 2026
Published Date: January 3, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the humic acid market is forecast to exceed USD 1.4 billion by 2026. Increasing usage of humic acid in fertilizers shall propel its demand over the forecast period.
Rapidly growing horticulture across the globe on account of increasing population and fruit consumption expected to fuel the humic acid market growth over the forecast period. Horticulture was accounted for over 20% share in 2018. Increasing product adoption for the cultivation of fruits, vegetable and ornamental crops is expected to boost its demand in horticulture. Humic acid is adopted by farmers to enhance productivity of the aforementioned crops by complying with environment standard due to their eco-friendly nature. Rising product demand as it is a potential substitute for chemical fertilizers which are discouraged by government owing to its hazardous implications on human health and environment will subsequently propel the global market share by 2026.
Browse key industry insights spread across 152 pages with 93 market data tables & 30 figures & charts from the report, “Humic Acid Market Size By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Increasing product usage in agriculture
Global food demand has been experiencing substantial growth from past few decades due to the increasing population. To fulfil the increasing food demand, chemical oriented fertilizers are used in the agriculture industry to enhance crop yield. However, many countries are imposing the regulations on chemical oriented fertilizers in agriculture due to its adverse impact on the human health. Governments are promoting the humic acid usage in agriculture due to its environment friendly nature and ability to increase crop productivity.
Decreasing agriculture land in developed economies has propelled the need to increase the crop production within available land, due to which humic acid demand in American and European countries has grown exponentially in past few years. For instance, according to the World Bank agricultural land has been decreased from 4,387,730 sq km in 1965 to 4,058,628 sq km in 2016. This diminishing agricultural land is likely to boost the humic acid market demand over the forecast period.
Stringent regulations against chemical fertilizers in Europe
Growing regulations on the chemical oriented fertilizers in Europe is expected to boost the humic acid demand owing to its environment friendly properties. Regulatory authorities in the region such as REACH are trying to increase the usage of organic-based fertilizers in the region. Furthermore, countries in the region are trying to increase their agricultural production to reduce the dependence on imports. Agriculture output in the region has seen healthy growth in past several years. For instance, according to the European Union, agricultural output in the region were valued at nearly USD 380 billion in 2009 and surpassed USD 470 billion in 2017. This substantial growth in the agricultural production is likely to propel the overall humic acid market size by 2026.
New product development strategy by industry leaders
Humic acid market is highly completive and companies operating in the industry are adapting new product development strategy to gain more customers. For instance, In September 2017, Biolchim launched two new specialties, Siveg GR and Bio Energy Veg. Siveg GR is a granular product rich in amino acid, jumic and fluvic acid. The product is suitable for organic agriculture as well. These products will increase the company’s presence in organic farming. Other major companies working in the industry are The Andersons, Black Earth, Humintech, Everwood Farm and Nutri-Tech Solutions.
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