Over 50% of Total Humus Concentrate Industry Revenue to Remain Concentrated in Europe and North America
Fact.MR's latest report covers recent developments in the global humus concentrate market, with focus on key aspects such as drivers, trends, and restraints. Besides this, it provides information about growth opportunities across various segments including form, function, and end use across six key regions.
NEW YORK, July 26, 2022 /PRNewswire/ -- The global humus concentrate market size reached US$ 4.23 billion in 2022 and is likely to grow at a CAGR of 4.6% between 2022 and 2032, surpassing a valuation of US$ 6.67 billion by 2032. Rising popularity of biofertilizers and increasing need for safe and contaminant free food are some of the key factors driving demand for humus concentrates in the market.
Humus concentrate is an eco-friendly biofertilizer that improves soil fertility, retains soil moisture, and promotes growth of plants. It is composed of natural and organic components derived from the soil.
Over the years, adoption of humus concentrate has enabled farmers to practice sustainable agriculture. It has allowed them to improve the quality of soil, increase the crop production output, and comply with stringent environmental regulations.
Growing concerns regarding food insecurity and need for food that is safe and free of contaminants will provide a strong thrust to the growth in humus concentrate market during the forecast period. Today, numerous farmers across the globe are using environment-friendly fertilizers such as humus concentrate to improve the quality and quantity of food products.
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Further, development of new products along with introduction of awareness campaigns by humus concentrate manufacturers to educate farmers about the benefits will foster the growth in humus concentrate market during the forthcoming decade.
Regionally, Europe and North America, collectively, will account for over 50% of revenue share in humus concentrate market. Growth in these markets is driven by rapid adoption of biofertilizers, implementation of stringent regulations, and growing need for improving the quality and quantity of crops.
Key Takeaways:
- By function, growth promoters segment is likely to grow at a steady pace during the forecast period.
- Based on end use, horticulture segment is expected to hold the largest share of the global humus concentrate market by 2032.
- With rapid expansion of horticulture industry, Europe is expected to account for the largest share of 28.6% of the global humus concentrate market in 2022.
- North America is likely to hold 22.3% share of the global humus concentrate market share in 2022
- The humus concentrate market in China is projected to reach a valuation of around US$ 237.3 million, in 2022.
Growth Drivers:
- Growing need for producing crops that are safe and free of contaminants is pushing the demand for humus concentrates.
- Rising popularity of biofertilizers such as humus concentrate will continue to propel growth during the forecast period.
- Increasing awareness regarding the benefits of humus concentrates is expected to boost sales during the next decade.
Restraints:
- Lack of availability of humus concentrates across low economic regions along with low awareness about the product might limit the growth
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Competitive Landscape:
Leading humus concentrate manufacturers are constantly focusing on expanding their product portfolios by introducing new products in different forms. Besides this, they have adopted various organic and inorganic strategies such as mergers, acquisitions, joint ventures, partnerships, and establishment of new facilities to gain a competitive advantage in the market.
For instance,
- In September 2021, Grupa Azoty launched a new humic acid unit in Tarnow, with an annual capacity of 2500 tonnes of Tohumus (an organic mineral plant growth stimulator)
Key Companies Profiled by Fact.MR
- Novihum
- Humusolver
- Humintech
- Sustainable Farming
- Organic Approach
- Fertrell
- Ohio Earth Food
- Plasmabiotec
- Nature's Force Organics
- AgriEnergy Resources
- King Humus Plus
More Valuable Insights on Humus Concentrate Market
In the latest study, Fact.MR offers a 360-degree view of the global humus concentrate market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the humus concentrate market through detailed segmentation as follows:
By Form:
- Powder Humus Concentrate
- Humus Concentrate Granules
- Liquid Humus Concentrate
By Function:
- Soil Structuring
- Drought Tolerant
- pH Regulators
- Growth Promoters
- Yield Promoters
By End Use:
- Horticulture
- Landscaping
- Soil Remediation
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Questions Covered in the Humus Concentrate Market Report
- What will be the demand outlook of the humus concentrate market in 2022?
- What is the projected growth rate of the global humus concentrate market during 2022-2032?
- Which are the key drivers bolstering growth in the humus concentrate market?
- Which factors are hindering the growth in the humus concentrate market?
- Which region is expected to exhibit the fastest growth in the global humus concentrate market during 2022-2032?
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