New York, United States , Nov. 22, 2022 (GLOBE NEWSWIRE) -- The Global Humic Acid Market Size to grow from USD 545 million in 2021 to USD 1394 million by 2030, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. Government programmes promote organic farming practises attaining environmental sustainability, notably in nations like the United States and China, which have significantly increased the demand for humic acid in the market.
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The Powdered segment to account for the largest market size during the forecast period
Based on the Form, the global Humic Acid Market is categorized into Powdered, Granular and Liquid. The Powdered segment to account for the largest market size during the forecast period. Since Biotin's foundation of cryptocurrencies and created the Form industry, the Powdered segment is considered to be the dominant impact on the entire Form market. Humic acid is frequently utilised in powder form in horticulture, agriculture, and pharmaceutical applications. The powder is the most frequently utilised among the several forms of humic acid. Humic acid powder currently holds a market share of little about 75%. The market is anticipated to be driven by the expanding uses of powdered form in horticulture, agricultural, and pharmaceutical applications.
The agriculture segment to hold a higher CAGR during the forecast period
Based on the Application, the Humic Acid Market is categorized into Animal Feed, Horticulture, Pharmaceuticals, Agriculture and Others. The agriculture segment to hold a higher CAGR during the forecast period. During the forecast period, the segment's growth is anticipated to be driven by millennials in developing agriculture; humic acid is frequently used to encourage nutrient uptake, water holding capacity, microbial growth, and soil properties. Additionally, it helps to remove contaminants. Numerous biological, chemical and physical advantages of humic acid exist. Oxygen content and cation-exchange capacity (CEC) are both increased by humic acid. The improved soil fertility and plant growth are benefits of the average water retention capacity improvement. Inorganic fertilisers that are water-soluble are retained, while organic and mineral uptake is improved by humic acid. Plant enzymes, organic catalysts, microbial growth, root respiration, and root development are all increased by humic acid. Additionally, humic acid boosts the plant's natural resistance against pests and disease and enhances nutrient intake by 30%. Additionally, it promotes the growth of plants' chloroplasts, carbohydrates, and amino acids, which help with photosynthesis. The market for humic acid is being driven by all of these indicators of agricultural expansion, and it is anticipated that this market will continue to increase over the future years.
Browse key industry insights spread across 198 pages with 108 market data tables and figures & charts from the report “Global Humic Acid Market Size, Share, and COVID-19 Impact Analysis, By Form (Powdered, Granular, and Liquid), By Application (Agriculture, Horticulture, Pharmaceuticals, Animal Feed and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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The COVID-19 outbreak has negatively impacted credit portfolios. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
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Europe is estimated to account for the highest market share in 2021.
The Global Humic Acid Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The rising acceptance by the market is driving the demand for Humic Acids. The largest European economy is in Germany, where agriculture occupies roughly half of the land. The third-largest exporter of agricultural products worldwide is this country. The primary crop in around one-third of Germany's agricultural area is grain, followed by barley and rye. Additionally, animal feeds are essential in the process of producing food. Manufacturers of animal feed in Germany include, among others, Deutsche Tiernahrung Cremer GmbH & Co. KG, Worlée, and Kiwa. During the forecast period, more makers of animal feeds are anticipated to increase the demand for humic acid. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Humic Acid Market include Agbest Technology Co. Limited, ARCTECH Inc, Black Earth Humic, Cifo SRL, Daymsa (DESARROLLO AGRICOLA Y MINERO SA), Humic Growth Solutions Inc, Humintech, JILOCA INDUSTRIAL SA, Saint Humic Acid, The Anderson Inc, and Xian Shan Yuan.
View a detailed Table of Content here– https://www.sphericalinsights.com/table-of-contents/humic-acid-market
Some of the Key Developments:
In February 2020- In Shelby, Montana, the United States, Humic Growth Solutions Inc. opened a new plant that will probably increase the output of humic acid.
In July 2020- The completion of Black Earth Humic's acquisition of Humalite International, a Canadian business, was announced. As a result, the North American-made products of Humalite were strengthened.
In September 2020- The humiZen product line was introduced by Black Earth Humic LP. By encouraging nutrient uptake, enhancing water retention, and delivering readily available carbon to regenerate healthy soil, the humiZen line assisted in making farmlands fertile and productive.
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