Humic Acid Market Structure Analysis for the Period 2019 - 2024
The Humic Acid Market is set to grow from its current market value USD 1 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Humic acid market will have growth trends particularly due to the demand for a wide range of applications from the sectors such as dietary supplements, horticulture, agriculture, ecological bioremediation and few others including residential farming, vertical farms, gardening, medicinal applications etc.
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In short run, the market growth will witness a restraint of less awareness regarding organic farming benefits in the developing agro-based economies like China, India, Brazil, etc. Also, the availability of low-cost chemical fertilizers and their nutrient composition might impact the product market growth negatively in the immediate future. As per the Department of Fertilizer under Indian Government, by 2020, the demand of urea is projected at over 35 kilo tons in the country, with a stable growth at over 3% CAGR. Such factors might have affect the humic acid industry growth negatively.
Agricultural application will hold the largest share in the market by 2024, due to growing inclination for organic farming especially in the developed economies. Several government grants and subsidiaries in different nations will further boost the segment growth.
The horticultural application segment is estimated to have revenue more than USD 200 million in the forecast period. Globally increasing awareness regarding the environmental and health hazards of chemical fertilizers is likely to propel the market growth.
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North America market is estimated to generate revenue over USD 400 million by 2024. The significant presence of U.S. organic food industry is likely to influence the regional industry growth positively in the coming years.
Key market players are Wilbur-Ellis Company, The Andersons, Humintech, NPK Industries, Black Earth Humic, Nature's Lawn & Garden, Biolchim, Grow More, Faust Bio-Agricultural Services, Nutri-Tech Solutions, Agriculture Solutions, Tagrow Co. Ltd., Humic Growth Solutions, Saint Humic Acid, WinField Solutions, Organic Approach, Jiloca Industrial National Pesticides & Chemicals and Sikko Industries.
Table of Content (ToC):
Chapter 3. Humic Acid Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distributor channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
3.4.1.1. Growing demand for sustainable agriculture
3.4.1.2. Rising awareness about the negative impacts of chemical fertilizers
3.4.1.3. Developing organic food industry
3.4.2. Industry pitfalls & challenges
3.4.2.1. Low market penetration in the developing economies
3.4.2.2. Inconsistent quality of end-products
Continued....
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