Humic Acid Market to Grow at 12% CAGR until 2023
Increasing
demand for organic food products, rising food security concerns owing to use of
chemical fertilizers, and growing water purification and construction
industries to drive 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.
Moreover, increasing infrastructure development in countries such as United
States, Canada, Brazil, Saudi Arabia, China and India is anticipated to aid
growth in global humic acid market over the next five years. Shifting
consumption patterns, changing consumer lifestyles, adoption of organic farming
and 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 "Global
Humic Acid Market"
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There
is a threat of substitutes to humic acid products in different sectors and 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 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 early adoption of
organic farming practices and increasing expenditure on organic foods in the
region. High adoption rate of humic substances in agriculture, due to its
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 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. Majority of the humic acid products are
sold through the 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 increasing focus on
improving the technical know-how of the dealer network and strengthen their
base across the 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 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 take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global humic acid market.
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