At a compound annual growth rate of 11.8%, the size of the worldwide Humic Acid market is projected to reach 532.7 in 2028.
One of the major factors expected to drive the humic acid market growth by the end of forecast spell is rising demand for enhanced and environment friendly fertilizers. Furthermore, increasing demand for plant bio-stimulants as well as reduction of soil minerals are augmenting the implementation of the product bolstering the humic acid fertilizer market growth across the world
The market of humic acid across the globe has been segmented by different applications and geography. Further, application segment of the global humic acid market sub-segmented to agriculture, dietary supplements, horticulture, medicines, ecological bioremediation and others. Likewise, geographical segmentation of the market divides market into North America, Latin America, Asia Pacific, Europe and the Middle East & Africa.
In addition, since past few years North America has dominated the market with highest share in terms of revenue and will maintain its dominance in upcoming years, owing to rising demand for organic products in Canada and the U.S.
Furthermore, humic acid market of Asia Pacific region was valued for a minimum share of less than one- fifth of entire industry as the awareness regarding organic farming is comparatively less in the region. Moreover, market is expected to record a growth of around xx% CAGR on account of fast growing GDP along with rapid economic development in the region. Besides, increasing middle as well as high income range families will also have a positive impact over the organic food industry, which will in return propel humic acid market.
The global market is fragmented with prominent players determined for leadership position by the means of R&D activities and launch of new & innovative product development with expansion strategies in potential regions. Key players operating in the competitive landscape of global humic acid industry include HCM Agro Products Private Ltd. (India), Biolchim S.p.A. (Italy), Humintech GmbH (Germany), Jiloca Industrial, S.A. (Spain), Humic Growth Solutions Inc. (the US), Saint Humic Acid (China), Arihant Bio Fertichem Pvt. Ltd. (India), Sikko Industries Ltd. (India), Minerals Technology Inc. (US), Horizon AG-Products (US), Black Earth Humic LP (Canada), Omnia Holdings Limited (South Africa), Shandong Chuangxin Humic Acid Technology Co. Ltd. (China), among others.
Key segments of the global humic acid market include:
- Applications segment of the humic acid market
- Ecological Bioremediation
- Dietary Supplements
- Other Application
- Geographical segment of the humic acid market:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa