Selbyville, Delaware, April 14, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Humic Acid Market was estimated at $494.9 million in 2020 and is slated to exceed $1 billion by 2027, registering a CAGR of 11.9% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Major growth indicators in agriculture, ecological bioremediations, horticulture, and dietary supplement industries are analyzed to be the major factors propelling the overall humic acid demand over the estimated timespan. Humic acid is used to provide root system nourishment, prevent soil erosion and nitrogen leaching, and increase the immune system in plants and human beings. The eco-friendly nature of the product coupled with favorable government policies is anticipated to boost the humic acid market share.
Covid-19 Synopsis:
COVID-19 pandemic has affected various participants in the industry value chain. The value chain of the global humic acid market is complex and has multiple participants involved such as raw material suppliers, product manufacturers, channel partners (distributors/marketers), and end-consumers. There is an indirect presence of regulators and policymakers in the value chain. The value chain also has a strong influence on investment firms and financial bodies. The shortage of funds and limited availability of labor further affected capacity utilization during the first half of 2020. Product manufacturers faced a severe impact during the first few months of the pandemic. The demand drops from end-consumers along with the disruption of the supply chain created challenges for industry participants.
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Growing public concerns over the potential health hazards of synthetic fertilizers coupled with a steep increase in the cost of cultivation result in low profits among farmers. It has led to the need to minimize the use of synthetic materials in the farming sector. Increasing regulations on synthetic fertilizers, especially in the European Union will drive the humic acid demand in the coming years. Moreover, the EU passed new legislation for an effective legal framework for the organic farming industry that came into force on 1 January 2021. This legislation coupled with increased consumer interest in organic products shall drive the humic acid market growth during the forecast period.
The dietary supplements to lead the trail by 2027:
The dietary supplement application segment accounted for an 11.6% share of market volume in 2020 and has a huge growth potential during the forecast period. Rising awareness pertaining to the health benefits of the product will influence the dietary supplements application segment in the coming years. It is gaining traction for stimulating the human immune system and for detoxification of the human body. Further, the mineral-rich content of the product helps in tackling diseases such as influenza and the common cold.
MEA, followed by North America, to maintain its lead position by 2027:
The Middle East & Africa is slowly gaining momentum in recent years and shall exceed revenue over USD 40 million by 2027. The growing changes in farming techniques in the region coupled with the increasing adoption of humic acid products are projected to be the major factors attributing to the humic acid market revenue in this region. The producers in this region are moving toward specialty products to increase yields and lower water consumption, which are prime concerns in this region.
North America captured a major chunk of the total industry and shall exceed revenue over USD 390 million by 2027, owing to the decreasing trend observed in the agricultural land, primarily in the U.S., which has raised concerns for fulfilling increasing food demand owing to increasing population.
Increasing food demand has propelled product usage to enhance production yield in limited agricultural land. Humic acid is an excellent substitute for chemical-based fertilizers as it is formed from organic content, which helps in improving soil fertility & nutrition value and in reducing harmful human health & environmental implications, thereby encouraging sustainable agricultural practices across the globe.
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Humic acid holds a huge scope for Rhodes grass, watermelon, cucumber, alfalfa, orange groves, grapes, onion, date trees, etc. The combined annual production of fresh dates in the Middle East countries has been over four million tons. A wide range of vegetables including tomato, eggplant, cucumber, and pumpkin are grown in the region, representing higher growth potential for the product primarily in the horticulture segment. However, the lack of awareness toward organic fertilizers has resulted in capturing a limited market share in the region.
Leading market players:
The Humic Acid industry share is competitive and includes manufacturers such as The Anderson, Inc., Daymsa, Faust Bio-Agricultural Services, Black Earth Humic LP, Biolchim S.p.A., Changsha Xian Shan Yuan, Humintech GmbH, and Agbest Technology Co., Limited. The companies are increasing their production capacities to suffice the growing product demand from the past few years.
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