HUMIC ACID MARKET ANALYSIS
Global humic acid market was valued at US$ 1,144.3 Billion in 2023, in terms of revenue, exhibiting a CAGR of 7.7% during the forecast period (2023 to 2030).
Market Trends
On account of shifting inclination towards sustainable farming, the adoption of humic acids is gaining traction across the agricultural sector. Thus, the players operating in this market are adopting advanced chemicals with varied properties for the production of humic acid, depending upon its end application.
On the basis of application, in 2022, the agriculture segment accounted for 53% of the revenue share in the global humic acid market. The increasing need to achieve more yield per area of land for catering to the rising demand for food is expected to support growth of this segment.
Figure 2. Global Humic Acid Market Value Share (%), By Application, 2022
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