North America Humic Acid Market Size - By Use (Bio-Stimulant, Fertilizer), Crop (Row Crops {Soybean, Corn, Wheat}, Specialty Crops {Vegetables, Fruits, Tree Nuts), COVID-19 Impact Analysis & Forecast, 2021 - 2027

North America Humic Acid Market Size - By Use (Bio-Stimulant, Fertilizer), Crop (Row Crops {Soybean, Corn, Wheat}, Specialty Crops {Vegetables, Fruits, Tree Nuts), COVID-19 Impact Analysis & Forecast, 2021 - 2027

North America Humic Acid Market Size

North America Humic Acid Market size was registered at about USD 250 million in 2020 and is expected to showcase considerable growth at a CAGR of 12.8% from 2021 to 2027 driven by the shifting focus toward organic fertilizers over chemical fertilizers owing to the growing product demand from the agriculture industry to produce better quality crops.

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The various governments in the region are working on boosting organic farming methods to help achieve environmental sustainability. For example, the Organic Certification Cost Sharing Program (OCCSP) provides cost-sharing assistance to various producers and the workers of agricultural produce that are working on receiving their certification in National Organic Program. Certified operations generally receive approximately 50% of the cost, which is paid during the program years.

Moreover, the adverse environmental and health effects of chemical fertilizers stimulate product demand. The strong growth indicators of organic farming in the last few years across various countries in North America on account of rising awareness regarding product benefits will create new opportunities for the humic acid market.
 

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Humic acid is a primary component of humic substances that form the constituents for peat, coal, and soil. Humic acid is the final break-down constituent of plant & animal decay materials. The other source of humic acid is the sedimentation layers, also referred to as Leonardite, found deep in the Earth’s crust. Humic acid is primarily utilized in horticulture, farming & bioremediation and also in dietary supplement applications. Humic acid is usually beneficial for soil fertility and increasing crop yield as humic acid is a natural soil conditioner that acts as a microbial stimulator.

The lack of advanced technological equipment to attain the standard product will impede the North America humic acid market share. Furthermore, organic fertilizers are comparatively less effective than chemical fertilizers, hampering the humic acid market growth during the forecast period. However, there are various long-term ecological and economic benefits of using organic fertilizers, which include retaining the mineral content of the soil, reduced acidity content of the soil, reduced soil & water pollution, etc.
 

 America Humic Acid Market Analysis

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The fertilizer segment was valued at over USD 230 million in 2020 and is expected to reach over $500 million by 2027. Humic acid fertilizers are primarily utilized for environmental protection, increasing agricultural production, and soil remediation. Increasing applications of humic acid fertilizers will optimize the soil structure and increase the utilization rate of fertilizers. Humic acid fertilizers promote the growth of various crops, which drive the yield and generate additional income.

Moreover, humics acid fertilizers also help in fixing heavy metals and degrading organic pollutants. Humic acid fertilizers improve the physical properties of the soil and also the ability of the soil to regulate fertilizers, air heat & water. The hydroxyl group and the carboxyl group present in humic acid fertilizers undergo a polymerization reaction with the calcium present in the soil. This reaction reduces soil bulk density, thus increasing the porosity that helps in upgrading the soil structure.

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The row crop segment was valued at over USD 160 million in 2020 and is anticipated to cross over USD 350 million by the end of the forecast period. As row crops are planted in rows, they are usually wide enough to be tilled or cultivated by various agricultural machinery or by machinery that are tailored for seasonal activities. Various examples of row crops are dry beans, cotton, sugar beets, sunflower, buckwheat, potato, maize, etc. Growing consumption of such crops will drive the market for row crops, which will have a positive impact on the North America humic acid market revenue during the anticipated period.

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The U.S. humic acid industry will exceed USD 450 million by 2027 owing to the increasing product applications in the agriculture sector to boost the overall yield without harming soil fertility. The presence of stringent regulations in the country and the growing adoption of sustainable farming techniques are some of the major factors attributing to this market growth. In addition, stringent regulations imposed by the U.S. government and regulatory authorities against the use of chemical fertilizers to promote sustainability are resulting in the replacement of conventional fertilizers with organic fertilizers.

Furthermore, the prevailing demand for dietary supplements in the country will have a positive influence on the overall humic acid market share during the forecast period. Humic acid has a very vast scope in different applications, which include landfill closures, erosion control, sand dunes, horticulture, agricultural, golf courses, etc. The majority of U.S. exports revolves around soybeans, corn, livestock, horticultural products, grains, etc. The country has established itself as a dominant player in corn production with over 13 billion bushels of corn being produced annually.

North America Humic Acid Market Share

The North America humic acid industry participants are primarily focused on forming strategic partnerships to increase their industry presence and drive their revenue generation. Industry players in the market are involved in product capacity expansion and developing their research & development capabilities to expand their product portfolios. For instance, In July 2020, Black Earth Humic LP acquired Canadian Humalite International. This strategic acquisition has helped the company to provide a more diverse product offering and further enables them to consult with their partners about their soil health solutions.

Various industry players in the North America humic acid market include

• The Anderson Inc
• Black Earth Humic LP
• Faust Bio-Agricultural Services, Inc
• Agriculture Solution, Inc
• Humic Growth Solution, Inc
• Everwood Farm
• Nature’s Lawn & Garden, Inc
• Grow More, Inc
• Winfield
• Organic Approach, LLC
• Wilbur-Ellis Company, LLC

The North America humic acid market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2021 to 2027 for the following segments

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By Use

• Bio-stimulant
• Fertilizer

By Crop

• Row Crops
  • Soybean
  • Corn
  • Wheat
  • Others
• Specialty Crops
  • Vegetables
  • Fruits
  • Tree nuts
  • Others

The above information is provided on a regional and country basis for the following

By Country

• North America
  • U.S.
  • Canada
  • Mexico