The global humic acid market was valued at $325.6 million in 2014, and it is expected to grow with a CAGR of 12.9% during 2015 – 2020. On the basis of crop type, the global market is segmented into row crops, fruits & vegetables, turf & ornamentals, and others. The market was dominated by the row crop segment in 2014.
Humic acids are black to dark brown colored substances, and are extracted from soil or coal sediments by reacting them with various reagents and chemicals. These substances are not soluble in water under acidic conditions. There is a growing demand for humic acid in row crops, fruits and vegetables, and turfs and ornamentals, among several other crop types.
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The growth management of the plants has become a necessity, with the increasing focus on efficiency, and enhancing the productivity. Humic acid is being used in a variety of concentrations and physical forms for usage in these applications, either directly by spraying, or by adding it to soil. These substances are increasingly being used in Europe and North America, owing to their advanced properties, superior performance, and their ability to provide superior nutrients to the plants.
Geographically, the European market accounted for the largest share in the global humic acid market in 2014. However, Asia-Pacific is a highly attractive market and presents a huge growth opportunity for the market players, owing to the increasing demand for food crops, amidst rapid industrialization in the major economies of the region, especially China, India, and South Korea.
The key companies operating in the global Humic acid market include Canadian Humalite International Inc., China Green Agriculture Inc., Double Dragons Humic Acid Co. Ltd. Xinjiang, Grow More Inc., Humic Growth Solutions Inc., HUMINTECH GmbH, Nutri-Tech Solutions Pty Ltd., ODUS(UK) Ltd., Omnia Specialities Australia, and Vellsam Materias Bioactivas S.L.
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HUMIC ACID MARKET SEGMENTATION
By Crop Type
- Row Crops
- Fruits and Vegetables
- Turf and Ornamentals
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
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