New York, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Humic Acid Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Humic Acid Market Information by Application, and Region - Forecast till 2030”, the market is estimated to grow at a 12.42% CAGR to reach USD 973.06 Million by 2030.
Market Synopsis
Humic acid is one of the key elements of humic substances, primarily composed of coal, peat, and soil. The decomposing plant and animal remains produce the final breakdown product, primarily found in the layers of leonardite sedimentation. It is employed in dietary supplements, horticulture, agriculture, and ecological bioremediation. Due to its inherent soil conditioning qualities, humic acid significantly benefits soil fertility and crop productivity. The agriculture sector needs to be improved because of the rising global population. Because so many governmental and non-governmental groups have raised awareness about agricultural improvement, the farming industry and the need for humic acid are expanding. Humic acid is in high demand in the agricultural sector because it enhances soil nutritional components and increases the soil's capacity to hold water.
The need for humic acid in the agricultural livestock industry is also rising to boost animals' nutrient intake. In addition, individuals today are increasingly health concerned and prefer to eat fresh foods, driving the market forward. To increase nutrient uptake, fluid retention, growth of microorganisms, and soil structure, humic acid is frequently used in fertilizers. Additionally, it aids in the elimination of pollutants. There are numerous physical, chemical, and biological advantages to humic acid. Additionally, humic acid raises oxygen concentration and cation-exchange capacity (CEC). The average water holding capacity has increased, enhancing soil fertility and plant development. Humic acid has physical advantages, such as improving soil structure and reducing high water and nutrient loss in sunshine and sand soils. By decomposing, it aids in transforming sand soils into rich soils. Two chemical advantages are neutralizing acid and alkaline salts and controlling pH values.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 973.06 Million |
| CAGR | 12.42% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Humic acid market is growing its demand for sustainable agriculture. |
| End-use industries, Potential investors, Raw material suppliers |
Market Competitive Landscape:
The vital players in the humic acid market are:
- Everwood Farm
- Tagrow Co. Ltd.
- Faust Bio-Agricultural Services
- Nature's Lawn & Garden
- National Pesticides & Chemicals
- Sikko Industries Ltd.
- Winfield Solutions
- Nutri-Tech Solutions Pty Ltd.
- Wilbur-Ellis Company LLC
- Humintech GmbH
- Agriculture Solutions Inc.
- Changsha Xian Shan Yuan Agriculture and Technology
- NPK Industries
- Organic Approach LLC
- Andersons, Inc.
Market U.S.P. Covered:
Market Drivers:
The need for environmentally friendly agriculture is rising in the current market for humic acid. Additionally, the industry has made efforts to raise knowledge of the detrimental effects of chemical fertilizers in all areas, which is a great tactic. The expanding organic food industry now has more options to expand its businesses, thanks to the worldwide market. Over the past several decades, the Asia-Pacific region's rapid industrialization and urbanization, particularly in China, have caused trends in agricultural land to stagnate or decline. Additionally, the area's population is growing, increasing the region's food demand.
Farmers will require fertilizers to increase crop yield to fulfill the rising global demand for food and the deteriorating state of their agricultural fields. However, using organic fertilizers to increase agricultural output while adhering to environmental standards to achieve sustainability is becoming more popular in the market. Additionally, other crucial characteristics of the acid, including improved water retention, increased soil fertility, decreased fertilizer runoff, and enhanced microbial activity, are anticipated to propel the global industry's expansion further. To lessen the hazardous effects of many chemicals, including heavy metals, insecticides, and herbicides, it produces salts known as humates. Consequently, rising demand in horticulture and greenhouse crops is projected to propel market expansion.
Market Restraints:
According to the humic acid market study, several chemical equivalents could act as market inhibitors. This issue has not yet been identified on the global market. Additionally, the COVID-19 epidemic has increased some of the negative conditions in this market. The global market's production and sales have slowed down due to this pandemic. However, the study claims that for the time being, things are moving forward and maintaining their current tempo.
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COVID 19 Analysis
COVID-19 hurt the market in 2020. The market has now returned to its pre-pandemic levels. The market's enormous demand from the agricultural sector will be one of its main drivers shortly. Farmers' ignorance is likely to slow the market down. Over the projected period, there is expected to be an increase in demand for humic acid due to shifting demographics and eating patterns in emerging economies, as well as an increase in the demand for organic fertilizers and bio-stimulants.
Market Segmentation
The market includes agriculture, animal feed, ecological remediation, pharmaceuticals, and dietary supplement by applications.
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Regional Insights
In the Asia Pacific, this approach has recently picked up steam; however, it hasn't entirely replaced the usage of chemical fertilizers. Promoting agricultural techniques that would eventually aid in preserving biodiversity is anticipated that the market share for humic acid will increase during the duration of the forecast. The United States, which has the biggest need for organic electrolytes and pollution detoxifiers, is the largest user in North America. Over the predicted horizon, increased consumption of biological stimulants in agriculture will support growth in North America. Due to the adoption of industrial practices in agriculture to increase crop yield, Asia-Pacific is anticipated to experience the fastest growth in demand.
The shift in emphasis toward natural manure over chemicals is a primary factor driving the global humic acid industry share. Government attempts, particularly in the U.S. and China, to promote organic farming practices to achieve environmental sustainability have significantly increased the demand for humic acid worldwide for agricultural uses. Additionally, the negative impact that chemical fertilizers have on the environment and human health will increase demand for the product.
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