Global Humic Acid Market: Scope of the Report
The global humic acid market is expected to witness tremendous growth during 2016-2024 period as the CAGR growth promises to reach 12.1% during the forecast period. The rising demand for humic acid products in organic foods, and growing concerns and stringent regulations regarding toxic fertilizers continue to drive growth for the market. The increasing urbanization, growing demand for new and healthier food products, and considerable pressure of land resources will likely keep growth substantial and even during the forecast period.
According to the new TMR report, the global market for humic acid reached an evaluation of US$387.1 mn in 2015, but the valuation will skyrocket towards a billion in the near future, and reach US$1.04 bn by the end of 2024. The players in the market will continue to drive tremendous growth from rising potential in emerging economies, especially in Asia Pacific. The large population in the region, rising disposable income, and growing emphasis on modernisation of agriculture will drive growth of the humic acid market in the Asia pacific region.
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Agriculture Sector Remains the Most Promising Horizon in the Humic Acid Market
The global humic acid market report by TMR will provide information on a wide range of end-applications into agriculture, ecological bioremediation, horticulture, drilling fluids, and dietary supplements. The growth of food and beverage sector, growing demand for natural ingredients, and increasing strain on the agriculture sector will drive growth of the humic acid market. The rise in initiatives towards modernisation of agriculture, increasing support for supporting pesticides, fungicides, and rise in demand for trends such as organic farming will be key opportunities in the near future. The humic acid application in ecologically favourable products is also a promising development. However, high costs, and limited expansion of the segment remain major barriers to growth in this application. Dietary supplements, and horticulture also promises new opportunities for growth as rising urbanization increases concern about obesity and drives health conscious trends such as fitness. The mineral-rich organic foods and its benefits to the immune system can detoxify products to create more opportunities in the near future.
North America Remains Big Home of Opportunities
Among various regions, North America will likely remain major venue for opportunities for global players in the humic acid market. the region has witnessed major investments in the agriculture sector. Additionally, super fast food chains like Burger King, conventionally known for their meaty products have launched new forms of organics. The growth of new organic products in the region, trends like veganism, and increasing concern about red meats are expected to create new opportunities for growth in the humic acid market in the near future.
The global humic acid market is segmented based on:
Application
- Agriculture
- Ecological Bioremediation
- Horticulture
- Dietary Supplements
- Drilling Fluids
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