Humic Substances Market Growth Analysis & Forecast Research Report
Global
humic
substances market is expected to grow at a significant CAGR in
the upcoming period as the scope and its applications are rising enormously
across the globe. Humic substances are exclusively distributed organic products
of biosynthesis, exceeding the quantity of carbon contained in all living
organisms by around one order of magnitude. It is dark brown chemically active
compounds in soil, fully decomposed remains of an animal or plant organic
stuff.
The
factors that are playing a major role in the growth of the market are the
rising demand for organic food products, developing organic food industry in
the developing countries, and growing awareness among populace regarding the
negative impacts of chemical fertilizers. However, varying end-product quality
and low market penetration in the emerging countries may restrain overall
market growth in the years to come. Humic substances market is segmented based
on product type, application, and region.
Turf
& ornamentals, row crops, fruits & vegetables, and other product types
could be explored in humic substances market in the forecast period. The market
could be categorized based on applications like a laboratory, horticulture,
agriculture, ecological bioremediation, and others that could be explored in
the forecast period. The agriculture sector accounted for the substantial
market share of humic substances and is estimated to lead the overall market in
the years to come. The reason behind the overall sector growth could be the
rising government initiative to promote organic farming.
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Globally,
North America accounted for the substantial market share of humic substances
and is estimated to lead the overall market in the years to come. The reason
behind the overall market growth could be the growing demand from consumers for
organic products, the growing purchasing power, and the increasing awareness
among populace regarding humic substances. The United States and Canada are the
major consumers of humic substances in this region.
Europe
and the Asia Pacific are also estimated to have a positive influence on future
growth. Europe is the second largest region with significant market share.
However, Asia Pacific is estimated to grow at the highest CAGR in the forecast
period. The developing countries like India and China are the major consumers
of humic substances in this region. The key players of the humic substances
market are Biostadt, Isagro, Biochim, Arysta, BioAG Alliance, BASF, and
Syngenta. These players are concentrating on inorganic growth to sustain
themselves amidst fierce competition.
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