The world has observed a paradigm shift toward organic food consumption, which may lead to a large-scale commercialization of humic acid market in the years to come. The rapidly growing global population has led to an increased demand for food, which has prompted farmers and landowners to increase the crop yield by improving soil productivity. As per the U.S. Organic Trade Association, the sales of organic food products crossed USD 40 billion in 2015. This is primarily due to the changing consumer trends toward nutritious food products and the increasing consumer purchase parity, which is eventually slated to boost humic acid industry over the years to come.
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Subject to changing consumer preferences, farmers have also gradually been changing their crop production mechanisms and seed sowing and harvesting methodologies. According to a reliable report by WHO, global demand for food is expected to increase by 35% by the end of 2030. It has been predicted that the global agricultural yield has to be increased by a 50% at least, per hectare, to meet this food demand, which will lead to the growth of humic acid market. The product is also being used to improve the water retention and soil texture and contributes to make soil more productive and fertile, which will lead humic acid industry to generate a revenue of USD 1 billion by 2024, with a CAGR estimation of more than 12% over 2017-2024.
Humic acid finds applications in dietary supplements, agriculture, horticulture, and ecological bioremediation. Agricultural applications contributed to more than 50% of the overall humic acid market in 2016 and is anticipated to grow at a rate of 12.5% over 2017-2024. This growth can be credited to the substantial number of government initiatives to encourage organic farming. This segment is forecast to exhibit a lucrative growth across the Asia Pacific belt, subject to the fact that agriculture forms a major portion of the region’s economy.
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Speaking of which, APAC accounted for less than 20% of the overall humic acid industry share in 2016, owing to the limited awareness regarding organic farming. However, it has been predicted that Asia Pacific humic acid market will grow at a rate of 13.5% over 2017-2024, pertaining to the rapid economic growth in the region, increased awareness regarding organic food products, and rising consumer spending capabilities. As per the Organic Farming Association of India, the land allotted for organic farming is likely to increase by around three times over the next three years, crossing the 2-million-hectare mark by 2020.
Browse key industry insights spread across 80 pages with 88 market data tables & 10 figures & charts from the report, “Humic Acid Market Size Forecast, 2017 – 2024” in detail along with the table of contents:
Global humic acid industry is quite fragmented and encompasses numerous large-scale, medium, and small-sized enterprises. Prominent humic acid market players include NPK Industries, National Pesticides & Chemicals, Nutri-Tech Solutions, Jiloca Industrial, WinField Solutions, Humic Growth Solutions, Humintech GmbH, Biolchim, Nature’s Lawn & Garden, The Andersons, Inc., Organic Approach, Sikko Industries Ltd., Black Earth Humic LP, Tagrow, Wilbur-Ellis Company, Faust Bio-Agricultural Services, Agriculture Solutions, Grow More Inc., and Saint Humic Acid.
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