The global humic acid market comprises humic acid being used as a key organic ingredient in various agricultural and horticultural activities. Humic acid is a versatile natural compound that is obtained through decomposition of plant and animal materials. It holds important plant nutrients and acts as a fertilizer to enhance plant growth. Humic acid improves soil health by increasing microbial activity and stimulating plant respiration. It helps retain moisture in soil and regulates pH balance. Humic Acid Market Trends is assists in better nutrient uptake by roots and development of strong cell walls and roots that can resist pests and diseases. Owing to such advantages, humic acid finds wide usage across farms to improve crop yields and quality.
The Global Humic Acid Market is estimated to be valued at US$ 1144.3 Billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the humic acid market are Faust Bio-Agricultural Services, Humic Growth Solutions, Inc., Italpoliina S.p.A., LaboratoiresGoemar SAS, Koppert B.V., Sikko Industries, Black Earth Humic, Changsha Xian Shan Yuan Agriculture, Agbest Technology, Nature's Lawn and Garden, Humintech, Everwood Farm, Daymsa, and WinField Solutions. Growing population and increasing food demand is driving higher utilization of humic acid as a soil enhancer and fertilizer across farms. Technological developments are leading to new forms of humic acid being developed that have improved solubility and can be applied through fertigation and foliar sprays for faster results.
Market Trends
Humic Acid Market Size and Trends is formulations are gaining popularity as they are convenient to use through drip irrigation and sprinklers. Production of humic acid from non-agricultural waste sources is a key trend, reducing dependence on limited natural reserves. Manufacturers are focusing on developing humic acid products customized for different soil types and crops to improve efficiencies.
Market Opportunities
Rise in organic and sustainable farming practices worldwide is opening new opportunities for humic acid market. Technologies allowing precise application of humic acid based on soil conditions can optimize yields.
Impact of COVID-19 on Humic Acid Market Growth
The COVID-19 pandemic has significantly impacted the growth of the humic acid market. During the pre-COVID period, the market was growing steadily at a CAGR of 7.7% owing to increasing demand from agriculture industry. However, due to nationwide lockdowns enforced to curb the spread of the virus, the supply chain was disrupted massively. Both production and transportation of humic acid were halted, creating a huge supply demand gap in the market. This led to an initial decline in the market size during 2020.
As lockdowns were gradually lifted, the market saw signs of recovery in 2021. However, demand still remained lower than pre-pandemic levels due to continuing restrictions and economic slowdown. While the agriculture industry faced challenges, use of humic acid in other applications like horticulture also saw a downturn. Virtual meetings and work from home became the new normal, reducing commercial landscape maintenance activities. High uncertainty prevailed in the market.
Looking ahead, it is expected that the market will witness steady growth post-2023 as economic activities pick up pace. The agriculture industry remains highly reliant on humic acid for improving soil health and crop yields. Governments across regions are taking initiatives to enhance domestic food production using organic methods. This will propel demand going forward. Market players need to focus on strengthening supply chains, diversifying into new applications and boosting online sales to counter future disruptions. Global collaboration for ensuring fair distribution of resources will also be important for sustainability.
Geographical Concentration of Humic Acid Market in Europe
In terms of value, the humic acid market remains highly concentrated in the European region. Countries like Germany, France, UK, Italy have been traditionally leading consumers with a high emphasis on organic and sustainable farming practices. The favorable climate and fertile soil in these nations are conducive for cultivating a wide range of crops. Humic acid derived from leonardite deposits, a type of brown coal found abundantly, is used extensively as fertilizers and soil conditioners. Besides agriculture, the construction and landscaping industries also contribute to humic acid demand. Central and Eastern European countries have also emerged as significant markets in recent years. Overall, around 35% of the global humic acid market value is accounted for by Europe currently.
Fastest Growing Region in the Humic Acid Market: Asia Pacific
The Asia Pacific region has been the fastest growing market for humic acid globally. China dominates both production and consumption due to large arable land and growing population. India is another fast expanding economy where agrochemical companies are promoting organic and sustainable alternatives like humic acid to smallholder farmers. Meanwhile, countries like Japan, South Korea and Southeast Asian nations also show high growth potential supported by conducive policy frameworks. As living standards improve, demand for food as well as landscape maintenance is surging rapidly. Furthermore, large deposits of lignite suitable for manufacturing humic acid provide a key competitive advantage for regional manufacturers. It is estimated that Asia Pacific will grow at a CAGR of over 10% during the forecast period, outpacing overall global market expansion.
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