NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) -- The global humic acid market is expected to grow at a CAGR of 12.5% during 2017 – 2023 to reach USD 967.33 Million by 2023. Factors propelling the growth of the global humic acid market include growing demand for sustainable agriculture and rising awareness about the negative impacts of chemical fertilizers. Additionally, the government initiatives to promote usage of bio-based resources in farming and growing demand for organic products are further boosting the growth of the global humic acid market. The report segments the global humic acid market by Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements and Others) and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global humic acid market over the forecast period (2017-2023).
Humic acid is a chemically active compound formed by the final break-down constituents of the natural decay of plant and animal materials. Humic acid consists of various essential photochemical groups such as ketones, hormones, fatty acids, polyphenols and natural sterols. These organic acids are found in prehistoric deposits. The humic matter is formed through the chemical and biological humification of plant and animal matter and through the biological activities of micro-organisms. Humic acids are complex molecules that exist naturally in soils, peats, oceans and fresh waters.
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Key Findings of the Global Humic Acid Market
- Global humic acid market was valued at USD 423.61 Million, in 2016
- On the basis of application, agriculture segment was holding the largest market share for the global humic acid market in terms of value and volume, in 2016 owing to increasing demand for bio-fertilizers and environment-friendly products
- Agriculture segment is anticipated to be the fastest growing application of the global humic acid market owing to increasing awareness about the benefits of humic acid in developing economies
- Horticulture was the second largest application of the global humic acid market, in 2016 as humic acid stimulate plant growth and thus obtain high yield and quality in horticulture crops
- Geographically, North America was holding the largest market share for humic acid, in 2016 and is anticipated to dominate the market, throughout the forecast period. Shift towards the consumption of organic food is fostering the demand for humic acid in the region
- Key players in the global humic acid market are Biolchim S.p.A., Humintech GmbH, Humic Growth Solutions, Arihant Bio Fertichem Pvt. Ltd., Horizon AG-Products, Jiloca Industrial, S.A., Omnia Holdings Limited, Saint Humic Acid, HCM Agro Products Private Ltd., Sikko Industries Ltd., Shandong Chuangxin Humic Acid Technology Co. Ltd., Black Earth Humic LP, Minerals Technology Inc., among others
Humic Acid- Stimulating Plant Growth
Humic acid, when supplied to the soil, helps to bind the positively charged elements. The ability to chelate positively charged multivalent ions such as Magnesium, Calcium, Iron and other trace minerals, which are of value to plants is the most important feature of humic acid, with respect to the soil. By chelating the ions, humic acid facilitates the uptake of the ions by means of several mechanisms, one of which is preventing leaching through the soil. Additionally, it detoxifies the soil of heavy metals by locking them up. Humic acid, when added to soil, increases nutrient uptake, drought tolerance, and seed germination. Moreover, it increases the microbial activity in the soil, thus making it an excellent root stimulator. Humic acid increases the availability of nutrients in the fertilizers and in those already existing in the soil, helping to aerate the soil from the inside. Humic acid lowers pH of the soil and flushes high levels of salts out of the root zone. Application of humic acid in total promotes better plant growth and health, leading to high demand for humic acid in developed countries.
Humic Acid Market- Regional Insight
North America was holding the largest share of the global humic acid market, in terms of value and volume, in 2016 and is anticipated to lead the market, throughout the forecast period. Increasing health awareness coupled with growing demand for organic products are the factors boosting the demand for humic acid in the region. Europe was the second largest market for the humic acid, in 2016 and is expected to sustain its position over the forecast period. Government funding to support agriculture and policies such as common agricultural policy (CAP) is anticipated to drive the growth of the European humic acid market in near future. Asia-Pacific is forecasted to be the fastest growing market of humic acid, over the forecast period. The growth of the humic acid market in the region is attributed to rising food demand coupled with pressure to obtain maximum yield from cultivable lands.
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