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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