Humic Acid Market Revenue to Hit $1.1 Billion by 2028, Says Global Market Insights Inc.
SELBYVILLE, Del., March 7, 2022 /PRNewswire/ — Global humic acid market size is likely to reach USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc. Significant growth in the agriculture sector in emerging & developed regions will spur the industry expansion. Government-imposed stringent regulations on the use of chemical-based fertilizers due to hazardous & toxic impacts on the environment and human life have eventually propelled the utilization of humic acid in farming.
Technological advancements will boost product availability by aiding in easily attaining raw materials from natural sources to manufacture organic fertilizers and will subsequently drive the demand for humic acid by 2028. Limited vendors and inadequate distribution channels are other factors hindering the market growth during the forecast period. This is primarily due to lesser demand, which can be attributed to the reduced awareness of product benefits among farmers. Stringent regulations and restriction for using of chemical-based fertilizers owing to high toxic level and hazardous impacts on the environment and human life have eventually propelled humic acid usage in farming.
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Humic acid market from horticulture segment will account for around 11.5% share by 2028 owing to rising demand for humic acids as they can effectively change the primary & secondary metabolisms of plants. Humic substances enhance nutrient uptake, root growth, and crop tolerance to environmental stresses. They act as plant hormones, primarily for vegetables, fruits, and ornamental crops, improving plant development abilities. They also promote antioxidant production in plants by reducing free radicals that damage proteins, lipids, and the DNA within plant cells.
Some of the major findings in the Humic Acid Market report include:
- Dietary supplements application segment dominated the global industry and is expected to cross 11.7% market share by 2028.
- Agriculture segment is anticipated to grow at a CAGR of over 12% from 2022 to 2028.
- The market is moderately consolidated owing to the presence of several small & large players, and new industry entrants face moderate entry barriers due to the requirements of technological expertise and low capital investments.
Browse key industry insights spread across 190 pages with 95 market data tables & 33 figures & charts from the report, “Humic Acid Market Statistics, By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Humic-acid-based products in horticultural applications will help to prepare a desirable growing medium by increasing Cation Exchange Capacity (CEC), improving biological activity, and providing good porosity. Further, they decrease fertilizer requirements by up to 30% and reduce production costs in horticulture. Such features of humic acids are expected to increase their market share in horticulture applications to improve the overall plant yield during the forecast period.
Europe humic acid market is anticipated to grow at a CAGR of 11.3% in the coming years due to the growing demand for organic products and the regional organic farming trend. Europe is experiencing continuous growth in the organic area during the past few years. Some significant crops including potatoes, sugar beet, olives, grapes, and cereals have higher prospects of humic acid usage. Increasing regulations by the European Commission have discouraged the use of chemical fertilizers to prevent soil structure disruptions as they exceed the harmful chemical content in the environment. Humic acid is extensively used to neutralize pollutants from a contaminated site, which will drive industry expansion.
The replacement of chemical-based fertilizers with organic fertilizer is driving the humic acid product demand in the agriculture industry. The key players in the global humic acid market include The Andersons, Inc, Daymsa, Black Earth Humic LP, Biolchim S.p.A, Faust Bio-Agricultural Services, Inc, Humintech GmbH, Agbest Technology Co., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., Everwood Farm Nutri-Tech Solutions Pty. Ltd., Agriculture Solutions Inc., Humic Growth Solutions, Inc, Nature’s Lawn & Garden, Inc, Sikko Industries Ltd., Manidharma Biotech Private Limited, Tagrow Co., Ltd., Grow More, Inc., WinField, National Pesticides & Chemicals, Organic Approach LLC, Wilbur-Ellis Company LLC, Jiloca Industrial, S.A., and Saint Humic Acid.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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