Humic Acid Market to Surpass USD 1 Billion by 2024: Global Market Insights, Inc.
SELBYVILLE, Del., Nov. 30, 2017 /PRNewswire-iReach/ -- With the growing popularity of organic food products, the growth of Humic Acid Market is set to experience a remarkable CAGR of over 12% over the coming period of 2016-2024. Humic substances are the integral part in building a healthy soil system that contributes to developing more resilient plants. Decrease in agricultural land across the globe have prompted the use of humic acid in vegetables, fruits, row crops and turfs & ornaments.
Increasing awareness towards the harmful effects of chemical fertilizers and other synthetic agrochemicals, especially in the developed economies of Europe and North America, is likely to have a considerable influence on the humic acid market growth. Excessive usage of synthetic chemicals to improve the crop productivity degrades the groundwater quality as they seep down without being completely utilized by the plants. Moreover, government regulations such as the Common Agricultural Policy of the European Union proposed an expenditure of 30% of direct payments to promote the usage of bio-based resources in farming. Global humic acid market demand may witness a significant rise in these regions in the coming years.
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Humic acid market application includes agriculture, horticulture, dietary supplements, ecological bioremediation, and others such as residential gardening, vertical farms, medicines, etc. Agricultural application is poised to hold sway the global humic acid market through the forecast years owing to rising inclination towards organic farming in the developed countries. This segment growth will also be boosted by various government subsidiaries and grants in different countries around the globe.
Rising awareness about the health and environmental hazards associated with chemical fertilizers will positively influence the horticultural applications for the product. This segment will likely be valued over USD 200 million by 2024, witnessing growth at a significant rate.
Dietary supplements are poised to generate over USD 100 million for the humic acid market in 2024 owing to rising trend towards body fitness and toning among the young ad middle age population throughout the world. Medicinal benefits of the humic acid will further augment the industry growth.
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In 2024, North America humic acid market will likely hold sway the global industry and will likely account for a revenue in excess of USD 400 million. Prevalence of United States organic food industry will positively influence on the regional industry growth in coming years.
Rapidly developing organic sector in Europe will also propel the growth of humic acid market in the region. Government funding initiatives such as that under Common Agriculture Policy will signify the European industry. In 2024, this region will record a revenue over USD 300 million.
Browse key industry insights spread across 80 pages with 88 market data tables & 10 figures & charts from the report, "Humic Acid Market Size By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/humic-acid-market
Notable humic acid industry players include Wilbur-Ellis Company, Nutri-Tech Solutions, Agriculture Solutions, Grow More, WinField Solutions, Saint Humic Acid, Tagrow, Organic Approach, NPK Industries, Nature's Lawn & Garden, Jiloca Industrial, Biolchim, Humintech, Faust Bio-Agricultural Services, and Black Earth Humic.
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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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