Increasing demand for organic food products, rising food security concerns owing to the use of chemical fertilizers, and growing water purification and construction industries to drive the global humic acid market through 2023. According to TechSci Research report, “Global Humic Acid Market By Application, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2013-2023”, the global humic acid market is forecast to witness a CAGR of more than 12% during 2018 – 2023, owing to rising consumer preference for organic food products and increasing concerns regarding the use of chemical fertilizers due to rising aridity in soil across various regions, globally.
Important elements of the Global Humic Acid Market
Moreover, increasing infrastructure development in countries such as the United States, Canada, Brazil, Saudi Arabia, China, and India is anticipated to aid growth in the global humic acid market over the next five years. Shifting consumption patterns, changing consumer lifestyles, adoption of organic farming, and the need for enhanced crop productivity are expected to positively influence the demand for humic substances, globally, during the forecast period.
Browse 151 market data Figures and Tables spread through 170 Pages and an in-depth TOC on the “Global Humic Acid Market“.
There is a threat of substitutes for humic acid products in different sectors and the prevalence of adverse effects on crops, owing to humic acid overdose. However, the market is anticipated to grow at a healthy rate, on account of increasing demand for eco-friendly and specialty fertilizers, innovation in product offerings, and robust growth in demand from the global animal feed industry, on the back of increasing livestock production to cater to the ever-growing global population.
Asia-Pacific is expected to be the fastest-growing region in the global humic acid market, owing to rising demand from China and India. Europe is the largest demand-generating region for humic acid, globally, on account of the early adoption of organic farming practices and increasing expenditure on organic foods in the region.
The high adoption rate of humic substances in agriculture, due to their characteristics to improve the moisture content and restore the organic matter content of the soils, would enable the agriculture sector to maintain its market dominance in the coming years. Additionally, increasing demand for anti-viral, anti-inflammatory, profibrinolytic, and estrogenic properties of humic acid in the pharmaceutical application is likely to fuel the demand for humic acid in major economies of North America and Europe during the forecast period.
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“Several companies are manufacturing humic substances, globally and the majority of the share is occupied by the manufacturers from the unorganized sector. Top five companies in the market account for around one-third of the market share. Major companies are looking forward to catering to the rapidly growing demand from developing economies of the Asia-Pacific region. The majority of the humic acid products are sold through dealer and distributor networks. In order to capitalize on the market potential, an increasing number of market players are targeting to optimize the process of product distribution through an increasing focus on improving the technical know-how of the dealer network and strengthening their base across remote locations in different regions.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Humic Acid Market By Application, By Sales Channel, By Region, Competition, Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of the global humic acid market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global humic acid market.
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