U.S. Humate Market to Receive Overwhelming Hike in Revenue That Will Boost Overall Industry Growth | Grand View Research, Inc.

U.S. Humate Market to Receive Overwhelming Hike in Revenue That Will Boost Overall Industry Growth | Grand View Research, Inc.
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According to a new report published by Grand View Research, the growing popularity of organic farming in the country is expected to drive growth. Organic farming, which makes up a small part of the overall agriculture in the U.S., has been witnessing more than 50% rise on a year-on-year basis.

The U.S. humate market size is projected to reach USD 284.6 million by 2025, registering a CAGR of 10.7% over the forecast period, according to a new report by Grand View Research, Inc. The demand for humate is anticipated to grow at a significant pace in the U.S. agronomy primarily due to the rising consumption of organic food, safe usage, and absence of major restrictions imposed by government bodies.

In 2018, agriculture and forestry accounted for 9.4% of the total Greenhouse Gas (GHG) emissions in U.S. The usage of nitrogen-based fertilizers and other nutrients used for crop and soil management generates a significant amount of GHG. The cultivation of crops with organic matter, such as organic manure, humate, compost, and other organic products has become of utmost importance to reduce atmospheric carbon content.

Humates are majorly used as soil amendments and soil conditioners in horticulture. Commercial horticulture business in U.S. was valued at over USD 13 billion in 2018 and is expected to grow rapidly owing to the improved housing statistics. The rise in housing projects along with increasing gardening activities is expected to boost the demand for humate. Growing number of horticulture retail stores is also expected to play a big part in boosting product demand.

Manufacturers in U.S. focus on the development of direct sales through company-owned retail stores. This distribution channel is growing significantly due to the uninterrupted supply of products and a decrease in margins of third-party distributors. The stores are majorly found in remote locations and form an important constituent of regional expansion strategy of the companies.

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U.S. Humate Market Report Highlights

• Demand for humate in the production of dietary supplements is projected to ascend at a CAGR of 11.2%, in terms of revenue, from 2019 to 2025. Use of humate does not cause any loss of animal fat, which in turn is expected to positively influence the demand

• Consumption of humate in hemp and cannabis farming is anticipated to expand at a CAGR of 5.1%, in terms of revenue, from 2019 to 2025, owing to its ability to increase the efficiency of nitrogen and phosphorus-based fertilizers

• The small and large format stores dominated with a market share of 77.5%, in terms of revenue, in 2018

• The U.S. humate market is highly fragmented as the major industry participants account for only around 16.5% of the overall market share. These companies utilize proprietary technologies and well-established distribution channels to sustain the competition

• Market players have been focusing on product development and innovation. In March 2017, Vltens NV and Humitech announced their co-operation in extracting food-grade humate from drinking water and developing products for livestock breeding and agriculture

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U.S. Humate Market Segmentation

Grand View Research has segmented the U.S. humate market on the basis of application and distribution channel:

U.S. Humate Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)          

    • Agriculture                                           

         • Hemp & Cannabis

         • Others

    • Ecological Bioremediation         

    • Horticulture

    • Dietary Supplements

         • Poultry

         • Others

    • Others

U.S. Humate Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

    • Store (Small Format & Large Format)

    • Online Retail

    • Company Owned Dealership

    • Others

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About Grand View Research

Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service.

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