Published on : Jun 30, 2016
The global humic acid market has been experiencing a healthy surge over the past few years. The increasing concerns over the utilization of chemical fertilizers and the growing demand for organic food have boosted this market remarkably in the recent times. However, the inconsistency in the quality of the commercially available humic acid is likely to limit the market’s growth in the coming years.
Asia Pacific to Record Fastest Growth in Global Humic Acid Market
The worldwide market for humic acid is spread across Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa. North America, among these, has acquired the leading position in the global market. In 2015, it accounted for a share of more than 40% in the overall market. The availability of raw materials in abundance, presence of skilled professionals, and the increasing awareness among end users have driven the growth of this market in North America. The U.S. emerged as the biggest market for humic acid in North America.
Asia Pacific, on the other hand, is projected to record the fastest growth in the coming years. The increasing need for greater productivity from limited arable land and the growing demand for organic food in emerging economies in Asia Pacific are projected to boost the market for humic acid in this region over the next few years. Apart from this, the market for humic acid in Latin America is expected to rise substantially in the coming years. The demand for humic acid is likely to increase in Latin American nations such as Chile, Ecuador, and Argentina in the near future.
Introduction of New Products Emerge as Key Strategy Adopted by Market Players
Some of the are the major players in the global humic acid market are Horizon AG-Products, Jiloca Industrial S.A., Biolchim S.p.A., Humic Growth Solutions, Minerals Technology Inc., Arihant Bio Fertichem Pvt. Ltd., Saint Humic Acid, Black Earth Humic LP, HCM Agro Products Private Ltd., Omnia Holdings Ltd., Humintech GmbH, Sikko Industries Ltd., and Shandong Chuangxin Humic Acid Technology Co. Ltd.
The introduction of new products is the key strategy adopted by these participants as they are focusing more on strengthening their product portfolios and expanding their reach.