The latest report by IMARC Group, titled “Humic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global humic acid market size reached US$ 545.9 Million in 2021. Humic acid (C9H9NO6) is a water-soluble organic substance that helps plant roots to receive water and nutrients. It encapsulates essential nutrients, such as potassium, phosphorous and vitamins, which are helpful in preventing soil erosion and maintaining soil texture, pH level, and moisture-holding capacity. It is widely available in the market in various forms and is extensively utilized in fertilizer additives to improve crop fertility and enhance plant growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Humic Acid Market Trends:
The market is primarily driven by the increasing utilization of humic acid in horticulture as it enhances the cation-exchange capacity (CEC) and oxygen content in the soil. In addition, the shifting inclination of farmers toward organic fertilizers due to harmful side effects of chemical fertilizers is contributing to the market growth. Besides this, the market is propelled by the introduction of bio-stimulants that supports plant growth by enhancing their tolerance to abiotic stresses. Moreover, humic acid is also used in animal feed to maintain the overall health of animals and increase milk production. Apart from this, governments of numerous countries are undertaking various initiatives to strengthen the agriculture sector. This, coupled with the rapidly growing population, which is escalating the demand for food, represents another major growth-inducing factor. Furthermore, the rising applications of humic acid in the cosmetics, pharmaceutical and nutraceutical industries are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 988.4 Million by 2027, expanding at a CAGR of 9.60% during the forecast period (2022-2027).
- On the basis of the form, the market has been classified into powdered, granular, and liquid.
- Based on the sales channel, the market has been bifurcated into direct and indirect.
- On the basis of the application, the market has been segmented into agriculture, animal feed, pharmaceuticals, horticulture, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Agbest Technology Co. Limited, Arctech Inc., Black Earth Humic, Cifo Srl, Desarrollo Agrícola y Minero S.A., Humic Growth Solutions Inc., Humintech GmbH, Jiangxi Pingxiang Anhua Biotechnology Co. Ltd., Jiloca Industrial S.A. (JISA), Saint Humic Acid, The Andersons Inc. and Xian Shan Yuan Agriculture & Technology Co. Ltd.
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