The U.S. humate market size is projected to reach USD 284.6 million by 2025, registering a CAGR of 10.7% over the forecast period, according to a new report by Grand View Research, Inc. The demand for humate is anticipated to grow at a significant pace in the U.S. agronomy primarily due to the rising consumption of organic food, safe usage, and absence of major restrictions imposed by government bodies.
In 2018, agriculture and forestry accounted for 9.4% of the total Greenhouse Gas (GHG) emissions in U.S. The usage of nitrogen-based fertilizers and other nutrients used for crop and soil management generates a significant amount of GHG. The cultivation of crops with organic matter, such as organic manure, humate, compost, and other organic products has become of utmost importance to reduce atmospheric carbon content.
Humates are majorly used as soil amendments and soil conditioners in horticulture. Commercial horticulture business in U.S. was valued at over USD 13 billion in 2018 and is expected to grow rapidly owing to the improved housing statistics. The rise in housing projects along with increasing gardening activities is expected to boost the demand for humate. Growing number of horticulture retail stores is also expected to play a big part in boosting product demand.
Manufacturers in U.S. focus on the development of direct sales through company-owned retail stores. This distribution channel is growing significantly due to the uninterrupted supply of products and a decrease in margins of third-party distributors. The stores are majorly found in remote locations and form an important constituent of regional expansion strategy of the companies.
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Key Takeways Of The Report :
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Demand for humate in the production of dietary supplements is projected to ascend at a CAGR of 11.2%, in terms of revenue, from 2019 to 2025. Use of humate does not cause any loss of animal fat, which in turn is expected to positively influence the demand
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Consumption of humate in hemp and cannabis farming is anticipated to expand at a CAGR of 5.1%, in terms of revenue, from 2019 to 2025, owing to its ability to increase the efficiency of nitrogen and phosphorus-based fertilizers
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The small and large format stores dominated with a market share of 77.5%, in terms of revenue, in 2018
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The U.S. humate market is highly fragmented as the major industry participants account for only around 16.5% of the overall market share. These companies utilize proprietary technologies and well-established distribution channels to sustain the competition
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Market players have been focusing on product development and innovation. In March 2017, Vltens NV and Humitech announced their co-operation in extracting food-grade humate from drinking water and developing products for livestock breeding and agriculture
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Grand View Research has segmented the U.S. humate market on the basis of application and distribution channel:
U.S. Humate Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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Agriculture
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Hemp & Cannabis
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Others
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Ecological Bioremediation
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Horticulture
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Dietary Supplements
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Poultry
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Others
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Others
U.S. Humate Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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Store (Small Format & Large Format)
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Online Retail
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Company Owned Dealership
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Others
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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