Humic Acid Market Size, By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

Humic Acid Market Size, By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

Humic Acid Market Size

Humic Acid Market size exceeded USD 532.7 million in 2021 and is expected to grow at a CAGR of 11.8% from 2022 to 2028. Government initiatives are boosting organic farming methods to achieve environmental sustainability, particularly in countries including the U.S. and China, which have substantially propelled the humic acid demand.

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Humic acid is one of the major components of humic substances, mainly composites from coal, peat, and soil. Animal bodies and plants are decomposed to the final break-down product, which is majorly found in the layers of leonardite sedimentation. It is used in ecological bioremediations, agriculture, horticulture, and dietary supplements usages. Humic acid is greatly beneficial for soil fertility to improve crop yield owing to its natural soil conditioning properties.
 

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Rapid industrialization and urbanization in the Asia Pacific region, primarily in China, have led to stagnant or decreasing trends in agricultural land over the past many years. In addition, the population in the region is increasing, which will subsequently boost food demand in the region. To meet the increasing food demand along with declining agricultural fields, farmers will need fertilizers to enhance their crop productivity. However, there is an increasing trend in the market to adopt organic fertilizers to enhance crop productivity by complying with environmental regulations to attain sustainability. This trend is recently gaining momentum in Asia Pacific and has not completely replaced the use of chemical fertilizers. It is expected to boost the humic acid market share during the forecast period by encouraging agricultural practices, which will help in retaining biodiversity in the long run.

The global humic acid industry share is majorly driven by shifting focus toward organic fertilizers over chemicals. Government initiatives toward boosting organic farming methods to achieve environmental sustainability, particularly in countries including the U.S. and China, have substantially propelled the humic acid demand across the globe for agriculture applications. Furthermore, the adverse environmental and health effects of chemical fertilizers will stimulate product demand. Strong growth indicators in organic farming in recent years across countries including India on account of growing awareness of product benefits will positively influence the global humic acid market size.

Sluggish growth trends are being witnessed in emerging economies, primarily in Asia Pacific, owing to the limited awareness of organic fertilizers among farmers, which is expected to hamper the market demand during the forecast period. Conventionally, chemical-based fertilizers are used in these regions for agricultural practices, which are expected to show negative impacts over the coming years. These negative impacts caused by chemical fertilizers are due to prolonged use, which will subsequently lead to the formulation of stringent regulations by the government against the use of chemical-based fertilizers.

The lack of stringent regulations in emerging economies is a key factor, which is expected to impede the humic acid business share over the projected timeframe. For instance, the European Commission and the U.S. Department of Agriculture have imposed strict regulations against the use of chemical-based fertilizers. Due to this, changing market trends are being witnessed in these developed regions and farmers are increasingly adopting organic-based fertilizers to enhance crop productivity.

Humic Acid Market Analysis

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Humic acid market from agriculture segment is estimated to surpass USD 650 million by 2028. Humic acid is a large & complex molecule, which is extracted from organic matter and widely used in different agricultural applications. It can provide natural nutrients, essential metals, and vitamins for the growth of agriproducts. The properties of humic acid improve soil fertility in the long run upon imparting desired nutrient value to the soil, which will help in enhancing the overall crop yield.

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Asia Pacific humic acid market size will generate a demand for 270 kilo tons by 2028. Asia Pacific, led by China, accounts for a significant share in global agriculture production. The increasing need for enhanced crop production owing to the rising population are major factor propelling the regional market statistics. Government initiatives are another major factor, which will boost the market in this APAC region. Most of the developing countries in the region are agriculture-dependent due to which they are heavily investing in the agriculture and related sectors to increase the overall yield. However, factors including the lack of awareness among farmers will affect the regional growth. North America Humic Acid industry is expected to showcase over 12.8% CAGR in the coming years owing to the growing product demand from the agriculture industry to produce better quality crops.
Increasing product usage boosts soil fertility in the long run by imparting necessary minerals and nutrients to the soil. Asia Pacific led by China and India holds significant scope for humic acid in grains, cotton, sugarcane horticulture, golf courses, greenhouses, etc. The Government of China aims to be self-sufficient in staple foods such as corn, rice, and wheat. The region has increasingly shifted its focus to reforming agriculture. The nation is increasing the spending on water systems, seeds, robots & data science, and developing sustainable & high-yield farms.

Humic Acid Market Share

The humic acid industry is moderately consolidated with the presence of several small- to large-scale companies around the globe. Humic acid manufacturers are focusing on the research & development of new technologies and products to enhance their service portfolios to cater to the growing demand for humic acid. Enhancement in the product landscape and strategic joint ventures are key initiatives in the global humic acid market.
 

Some of the key manufacturers include

• The Andersons, Inc.
• Daymsa
• Black Earth Humic LP
• Biolchim S.p.A
• Faust Bio-Agricultural Services, Inc.
• Humintech GmbH
• Agbest Technology Co.
• Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd.
• Everwood Farm Nutri-Tech Solutions Pty. Ltd
• Agriculture Solutions Inc.
• Humic Growth Solutions, Inc.
• Nature’s Lawn & Garden, Inc.
• Sikko Industries Ltd.
• Manidharma Biotech Private Limited
• Tagrow Co., Ltd.
• Grow More, Inc.
• WinField
• National Pesticides & Chemicals
• Organic Approach LLC
• Wilbur-Ellis Company LLC
• Jiloca Industrial, S.A.
• Saint Humic Acid

The humic acid market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2028 for the following segments
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By Application

• Agriculture
• Ecological Bioremediation
• Horticulture
• Dietary Supplements
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Indonesia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Egypt