Agriculture was the most prominent application segment in the humic acid market and accounted for over 55% share in 2018. Growing food demand due to the rapidly growing population is driving the humic acid market growth from past several years as it plays a significant role in agricultural applications. It exhibits unique properties which help in enhancing the overall crop yield by improving soil fertility in long run by imparting desired nutrient value to the soil.
Humic acid performs the crucial role of binding insoluble metal ions and release them when required. It facilitates better seed germination and stimulates beneficial microbial activity. Other value adding benefits of the product in the agriculture segment include improved water holding capacity of soil, preventing surface run off, regulating pH value of soil, improving root respiration, etc. Superiority of product in contrast to the chemical fertilizers, in addition to the aforementioned benefits will substantially drive demand for it in the near future.
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Some major findings of the humic acid report include:
- Shifting preference towards organic and nutrient oriented food expected to fuel market growth in near future
- Increasing awareness regarding negative impact of chemical fertilizers shall propel the demand for humic acid in agriculture over the forecast period
- Increasing trend of organic farming across the globe shall drive its demand during the forecast period.
- Major companies operating in the market are The Andersons, Black Earth, Faust Bio-Agricultural Services, Biolchim, Humintech, Changsha Xian Shan Yuan Agriculture and Technology Co. Ltd., Agriculture Solutions Inc. and Sikko Industries Ltd.,
- Companies are engaged in new product development strategy to gain market share
North America led the global humic acid market share and accounted for about 40% of the total industry share in 2018. Prevailing product use in the region is attributed to increasing awareness among farmers towards organic fertilizer use which will subsequently boost product demand in the region. In addition, increasing stringent regulations imposed by the U.S. government and regulatory authorities has led to shift in market trends by replacing chemical fertilizer with organic fertilizer which will have positive influence on the humic acid market share by 2026.
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Many companies operating in the humic acid market are investing heavily on R&D to develop new product and gain advantage over rivals. For instance, In September 2017, Biolchim S.p.A launched two new specialties, Siveg GR and Bio Energy Veg. Introduction of these two products are expected to increase company’s presence in organic farming. Some of the other major companies in the industry include Black Earth, The Andersons, Inc., Everwood Farm, Nature’s Lawn & Garden, Faust Bio-Agricultural Services, Humintech GmbH, Changsha Xian Shan Yuan Agriculture and Technology, Agriculture Solutions Inc., NPK Industries, Nutri-Tech Solutions Pty Ltd., Tagrow Co. Ltd., WinField Solutions, LLC., Organic Approach LLC, National Pesticides & Chemicals, Sikko Industries Ltd., Grow More Inc., Jiloca Industrial, S.A. and Wilbur-Ellis Company LLC.
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