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Fulvic Acid Market Segmented By Industrial and Pharmaceutical grade used in Agriculture, Horticulture, Medicine and Supplements and Other Applications
Humic substances like humus, humate, fulvic acid, organic matter, and humin play a key role in soil fertility. Plants grown in soil having an adequate amount of humic substances are healthier, produce higher yields; and have superior nutritional quality. Aromatic organic acids and weak aliphatic together that are soluble in water at all pH conditions are called fulvic acids.
Fulvic acid is small in size, thus readily dissolve in water and are highly biologically active. This enables fulvic acid to dissolve minerals and elements into its structure, where they are referred to as mobilized fulvic complexes.
The growing demand for organic produce is the key driving factor for the Fulvic Acid Market. In developed economies like North America and Western Europe, the rising awareness about harmful effects of synthetic agrochemicals & chemical fertilizers is driving the market for fulvic acid based products for soil.
The government imposed regulations like Common Agricultural Policy of the European Union promotes the usage of bio-based resources in farming. In these regions, stringent regulations inhibiting usage of certain chemical fertilizers will drive the demand for fulvic acid as fertilizers.
In other regions, the rising demand for food and pressure to achieve maximum output from the cultivable land will create opportunities for the fulvic acid based product in these markets. Fulvic acid also finds various applications in human medicines and supplements.
Consumers’ affinity towards a healthier lifestyle is also expected to drive the market.Less popularity of organic farming in regions like APEJ and MEA might cause hindrance to the Fulvic Acid Market. Additionally, the use of cheap chemical fertilizers like urea pose a grave threat to Fulvic Acid Market in these regions. Inconsistency in the available product quality might also restrain the market to some extent.
Geographically, the Global Fulvic Acid Market is designed for seven regions namely, North-America, Western Europe, Asia Pacific except Japan (APEJ), Eastern Europe, Latin America, the Middle East & Africa and Japan. Currently Europe holds the largest market share in the global Fulvic Acid Market owing to the government support in the European Union. Europe is also the largest producer of humic substances.
North America holds second most significant market share in the global Fulvic Acid Market owing to the exponentially rising demand for organic produce. Growing economies of APEJ are expected to experience noticeable growth over the forecast period.
The Fulvic Acid Market is coming into light owing rising awareness about harmful effects about synthetic fertilizers, globally. The overall outlook for the global Fulvic Acid Market is expected to positive with a compound annual growth rate of over about 8 percent.
The Global Fulvic Acid Market is segmented by form and application.
Amongst the application segment in global Fulvic Acid Market - agriculture holds the most significant market share and is expected to have noticeable growth rate throughout the forecast period, followed by Medicine & Supplements segment with maximum growth rate.
In the Grade segment, the larger market share is held by Industrial grade, but the higher growth rate is expected for the Pharmaceutical grade segment.
Key manufacturers of humin are focusing on product development including enabling wider industrial applications with the help of their R&D department.
Nutraceutical maker AgTonik is expanding into new markets with its biobased fulvic acid and plans to at least double its business in the coming year with biostimulant launches for hydroponic and cannabis industries.
The Fulvic Acid Market is likely to witness usage in wide range of applications in future owing to continuous R&D, especially in the medicine industry which will trigger the market growth during the forecast period.