The growth of the humic acid market is being propelled by the rising utilization of humic acid to enhance agricultural yields and the widening scope of its applications in diverse industries, including wastewater treatment, animal feed, electronics, and more. Europe accounted for the largest share of the global humic acid market. Rising adoption of organic fertilizers and bio stimulants is expected to drive the demand for humic acid across the region.
Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Humic Acid Market Share, Size, Growth Factors, Opportunity and Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Distribution Channel, and Geography,” the market was valued at US$ 1.14 Billion in 2022 and is projected to reach US$ 2.64 Billion by 2030; it is expected to register a CAGR of 11.0% from 2022 to 2030. Potassium Humic Fulvic Acid
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Global Humic Acid Market: Competitive Landscape and Key Developments
AGBEST TECHNOLOGY CO LTD, Agriculture Solutions Inc, Black Earth Products Inc, AGRICULTURAL AND MINING DEVELOPMENT SA, Faust Bio-Agricultural Services Inc, Humic Growth Solutions Inc, Humintech GmbH, The Andersons Inc, MYCSA Ag Inc, and Grow More Inc. are among the key players operating in the humic acid market. The market players focus on new product innovations and developments to achieve sustainable growth and distinguish themselves from competitors present in the market. In February 2023, Andersons, Inc. launched a new line of granular micronutrients—branded as MicroMark DG. These engineered plant nutrient products feature dispersing granule (DG) technology, resulting in homogenous spherical granules for easier blending and spreading, and, most importantly, for increased efficacy. The company offers humic acid products under this category. Such product developments are expected to boost the humic acid market growth during the forecast period.
Humic Acid Market Report Scope, Segmentations, Regional & Country Scope:
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
AGBEST TECHNOLOGY CO LTD, Agriculture Solutions Inc, Black Earth Products Inc, AGRICULTURAL AND MINING DEVELOPMENT SA, Faust Bio-Agricultural Services Inc, Humic Growth Solutions Inc, Humintech GmbH, The Andersons Inc, MYCSA Ag Inc, and Grow More Inc.
Humic acids are organic compounds that exist naturally in peat, soil, and coal deposits. Leonardite or lignite is one of the richest sources of this substance. It is extracted from Leonardite through an alkaline or an acidic extraction process. Humic acid acts as an excellent soil conditioner. It is widely used in soil conditioners as an organic fertilizer. They also improve the water retention ability of soils improving nutrient uptake and overall crop yield. Humic acid is also used in animal feed as they improve digestibility by stabilizing the intestinal flora in livestock animals. This improves their nutrient utilization. Humic acid is witnessing strong demand in agricultural, animal nutrition, and ecological bioremediation applications.
Expansion of Humic Acid Applications Drives Humic Acid Market Growth
The use of humic acid has extended beyond agriculture, as it has found applications in various non-agricultural sectors. The compound has shown promising results in environmental remediation efforts. It is used to treat contaminated soil, groundwater, and surface water by enhancing the removal of pollutants such as heavy metals, pesticides, and organic compounds. In addition, humic acid can be employed in water treatment processes to improve water quality. It aids in the removal of impurities, including heavy metals, organic pollutants, and suspended solids. Humic acid and its derivatives have demonstrated pharmaceutical applications. They have been studied for their antimicrobial properties and use as drug delivery systems, and for potential therapeutic effects in various medical conditions. Humic acid is also being explored for its use in cosmetics and personal care products due to its moisturizing, antioxidant, and anti-aging properties; it is used in formulations such as creams, lotions, and hair care products. Thus, the expansion of humic acid applications across various end-use industries is driving the humic acid market growth globally.
Humic Acid Market: Segmental Overview
Based on form, the humic acid market is bifurcated into dry and liquid. The dry segment is expected to register a faster CAGR from 2022 to 2030. The liquid segment held a significant share of the humic acid market in 2022. Humic acid naturally occurs in a liquid form. The liquid humic acid is obtained from the filtration process. It is used in the manufacturing of the highest-quality water, wherein it is blended with pure artesian water drawn from deep below the earth. In the agriculture sector, the application of humic acid to soil helps improve the physical, chemical, and biological characteristics of soil such as texture, structure, water-holding capacity, cation exchange capacity, pH, soil carbon, enzymes, nitrogen cycling, and nutrient availability. The liquid form is preferred in these applications as the utilization of liquid humic acid by soil and plants can be estimated accurately compared to raw humate (dry humic acid). However, due to the high cost of liquid humic acid than dry humic acid, the sales of dry humic acid are expected to surpass the liquid humic acid over the coming years.
Based on application, the humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The horticulture segment held a significant share of the humic acid market in 2022. Humic acid-based products are used to prepare a desirable growth medium for horticultural crops by providing good porosity, increasing cation exchange capacity (CEC), and improving biological activity. As a result, roots can penetrate more easily, pH is buffered against extreme ranges, nutrients and water are better stored, and salinity is reduced. The application of humic acid to soil stimulates plant growth and improves yield and quality of horticultural crops. Thus, the demand for humic acid is growing in horticultural applications.
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Impact of COVID-19 Pandemic on Humic Acid Market
Before the onset of the COVID-19 pandemic, the increased focus on sustainable agriculture practices, soil health concerns, and environmental awareness have been the major enablers of the humic acid market growth. Various industries, including agriculture, horticulture, turf management, and animal feed are the major adopters of humic acid products due to their beneficial properties and eco-friendly nature. However, after the onset of the COVID-19 pandemic in 2020, various industries had to slow down their operations due to disruptions in value chains caused by restrictions on national and international boundaries. The pandemic introduced various economic challenges, including trade barriers and tariffs, currency fluctuations, and regulatory challenges, which hindered the humic acid market growth in different regions. The shutdown of production facilities negatively impacted the humic acid market growth in early 2020. Also, the pandemic reduced the import and export of humic acid across different countries.
In 2021, the humic acid market began reviving as governments of various countries took significant measures, such as well-coordinated vaccination drives. The resumption of agricultural and horticultural business activities, and consumers’ shift toward organic food products propelled the demand for humic acid products in 2021.
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Biostimulants Market- The biostimulants market is expected to grow from US$ 3,112.49 million in 2022 to US$ 5,796.94 million by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028.
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