Global Humic Acid Market is predicted to touch USD 973.06 million at a healthy 12.42% CAGR between 2018- 2023, as per the recent Market Research Future (MRFR) analysis. Humus, simply put, is a natural compost that is formed from animal and plant matter decay. Rich in nutrients, the humus acid is a vital constituent of humus that is alkaline in nature. Owing to its alluring features and key benefits, Humic Acid has wide applications in ecological bioremediation, agriculture, pharmaceuticals, dietary supplements, animal feed, and others.
Various factors are propelling the Global Humic Acid Market Growth. According to the latest MRFR report, such factors include increasing population, changing patterns of food consumption, increasing health awareness, focus on organic fertilizers, encouragement by the government to boost organic farming methods, growing industrialization, and decreasing arable land owing to strong urbanization. Additional factors adding market growth include demand for bio-stimulants, growing environment safety concerns, increasing demand for Humic substances from animal feed industries and agriculture, rising awareness about harmful impacts of synthetic fertilizers, growing demand from turf applications in water purification and construction sector, booming organic food industry, and increasing demand for sustainable agriculture.
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On the contrary, inconsistent quality of end products, the impact of the COVID-19 pandemic, and low market penetration, especially in developing countries, are factors that may limit the Global Humic Acid Market Growth over the forecast period.
Leading Players Profiled in the Global Humic Acid Market Report include Black Earth Humic, Saint Humic Acid, Sikko Industries Limited, Shandong Chuangxin Humic Acid Technology Co. Ltd., Minerals Technologies Inc, Biolchim SpA, Humic Growth Solutions Inc, Jiloca Industrial SA, Humintech GmbH, and Arihant Bio Fertichem Pvt. Ltd. Industry players have incorporated several strategies to stay ahead in the competition and also cater to the consumers growing needs. Such strategies include acquisitions and mergers, joint ventures and collaborations, partnerships, new product launches, contracts, and others.
The MRFR report provides an inclusive segmental analysis of the Global Humic Acid Market Based on Applications.
based on the Application, Global Humic Acid Market is segmented into ecological bioremediation, agriculture, pharmaceuticals, dietary supplements, animal feed, and others. Of these, the agriculture segment will lead the market over the forecast period. Growing demand for produce that is organically farmed is adding to the growth of the segment.
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Based on the Region, Global Humic Acid Market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The presence of consumer-centric economy such as Canada & the US, rising health consciousness, increasing awareness about harmful farming practices influencing people to opt for organic fresh produce, and high disposable income are adding to the Global Humic Acid Market Growth in the region.
Global Humic Acid Market in Europe is predicted to hold the second-largest share over the forecast period. Rising use in animal feed coupled with high export of milk & dairy products are adding to the Global Humic Acid Market Growth in the region.
Global Humic Acid Market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of emerging economies with a strong agricultural component, rapid industrialization and urbanization, increasing urban population, rising disposable income, & growing awareness about organic produce are adding to the Global Humic Acid Market Growth in the region.
Global Humic Acid Market in the MEA is predicted to have sound growth over the forecast period for significant agricultural activities that supports the market growth.
COVID-19 Study in Detail:
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