Global Humic Acid Market was valued at US$ 1,144.5 Billion in 2022, According to Global Humic Acid Market Report, by Application (Agriculture, Animal Feed, Ecological Remediation, Dietary Supplements, Pharmaceuticals, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global humic acid market was valued at US$ 1,144.5 Billion in 2022. The humic acid market is expected to register a CAGR of 7.7% over the forecast period (2023-2030), to reach US$ 1,918.9 Billion by 2030.
Market Dynamics
The increasing need to develop ecologically sustainable acid to gain more yield in agriculture is expected to boost the demand for humic acid in the coming years. Moreover, the ability of humic acid to nourish the plant root system, and boost the immune system in human beings are expected to fuel its demand in the coming years. Thus, humic acid is largely being used for the production of dietary supplements. For instance, according to an article published on January 10, 2020 by Invest India, a National Investment Promotion & Facilitation Agency, the market for dietary supplements is estimated to exhibit a CAGR of 17% from 2017 to 2025. Moreover, as per the report on ‘Prospects for Humic Acid Products from Digestate in the Netherlands’ published by Wageningen University & Research in December 2020, the usage of 1.5-3 kg/ha of humic acid for tomato, onion, and potato crops seemed to provide the required nourishment. Thus, the adoption of humic acid is expected to gain significant momentum across the agricultural sector in the coming years.
Impact of Covid-19
The global humic acid market has been negatively impacted to some extent due to the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdowns, travel restrictions, and shutting down of manufacturing facilities. Moreover, the unavailability of fertilizers and chemicals required for farming had further hampered the demand for humic acid. However, restarting of international trade and ease of trade restrictions is expected to fuel the demand for humic acid in the coming years. Moreover, the loosening of restrictions and reopening of manufacturing facilities is also expected to boost demand for humic acid during the post-pandemic period.
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https://www.coherentmarketinsights.com/market-insight/humic-acid-market-4504
Key Trends and Analysis of the Global Humic Acid Market:
- Among regions, Asia Pacific accounted for a significant market share in 2022. This is attributed to the exponential population growth in the region with the rising need for gaining more agricultural yield from a limited area of land. For instance, as per the ‘World Population Prospects 2019’ article published by U.N. (United Nations) on 17th June 2020, China held the dominant position across the globe, in terms of population. Moreover, increasing awareness about the usage of humic acid in food and dietary supplements to increase its nutritional value is expected to boost the demand for humic acid in this region.
Key Takeaways of the Global Humic Acid Market:
- Among application, the agriculture segment held the largest revenue share of 58% in the global humic acid market in 2022. This can be attributed to the non-toxic nature of humic acid along with the capacity to yield more crops and improve soil fertility, as compared to conventional chemical-based fertilizers.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities in the humic acid market are the key strategies adopted by market players. For instance, in July 2020, Black Earth Humic, an agriculture horticulture company, acquired Canadian Humalite International, a leader in quality humic products.
