Published By : 23 Jun 2016 | Published By : QYRESEARCH
Humic acids (HAs) are acids made of aromatic and weak aliphatic organic acids. These acids provide an economical and concentrated form of organic matter and thus substitute for humus depletion caused due to conventional fertilization methods. Humic acids are used in plants to transfer micronutrients from soil to plant. These acids enable enhanced seed germination rates, greater water retention, and also stimulates the development of microflora in the soil.
According to a report published by Transparency Market Research (TMR), the global humic acid market which was valued at US$387.1 mn in 2015, is anticipated to reach US$1,041.7 mn by 2024, expanding at a CAGR of 12.1% between 2016 and 2024.
Rising Concerns over Use of Chemical Fertilizers to Boost Humic Acid Market
Humic acids are used in agriculture, ecological bioremediation, horticulture, and dietary supplements. Their increasing applications is fueling the demand for humic acid. Moreover, growth in agriculture and horticulture applications, over the last few years have benefitted the global humic acid market. A rising concern over the use of chemical fertilizers is aiding the adoption of humic acids. Moreover rising preference for organic foods is also encouraging the market’s growth.
The market is expected to be restrained by the inconsistency in quality of the commercially available humic acid. However, the high growth potential displayed by emerging economies is expected to bring many opportunities in the global humic acid market.
Agriculture to be Fastest Growing Application Segment in Humic Acid Market
The global humic acid market is segmented on the basis of application into agriculture, horticulture, dietary supplements, ecological bioremediation, and others. Of these, the agriculture segment dominated the market in 2015, accounting for 50% share in the global humic acid market. Horticulture was the second largest application segment in 2015. The agriculture segment is expected to be the fastest growing segment in the global humic acid market due to a rising awareness about the benefits of humic acid in the developing nations.