February 24, 2024
Humic Acid Market

Humic Acid Market Is Expected To Be Flourished By Growing Demand For Organic Farming

Humic acid is a versatile soil amendment extracted from oxidized terrestrial organic materials like leonardite, lignite, and peat. It is widely used in agriculture to enhance soil fertility, plant growth, and crop yield. Humic acid helps improve soil structure by increasing aeration and water-holding capacity. It aids nutrient delivery to plant roots by forming complexes with micronutrients. Humic acid also acts as a natural biostimulant and reduces abiotic stress on crops. Owing to these properties, the demand for humic acid is growing extensively in organic farming globally. Organic agriculture follows natural nutrient cycling processes and prohibits synthetic fertilizers and pesticides. Humic acid fulfills the nutrient and soil health needs of organic farms, providing a substitute for chemical inputs.

The global humic acid market is estimated to be valued at US$ 1144.3 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for organic farming is expected to drive the growth of the humic acid market during the forecast period. Organic farming practices such as no-till farming promote soil ecological balance and increase soil organic matter with the help of natural amendments like humic acid. Humic acid supports plant health in organic systems by facilitating nutrient availability from organic sources like compost and manure. It also aids in disease and pest resistance in crops. According to Research Institute of Organic Agriculture, the global organic agricultural land grew from 37.5 million hectares in 1999 to 71.5 million hectares in 2018. The increasing organic farmland area will proportionally surge the need for humic acid-based products during the projected period. Additionally, supportive regulations encouraging sustainable agriculture and restrictions on chemical inputs will further create opportunities for humic acid in the agriculture industry.

Segment Analysis

The global humic acid market is segmented into form, application and source. The granular humic acid segment holds the dominant share in the global market, with over 60% share. Granular form of humic acid is more convenient to use in agriculture as it can be directly applied to soil or mixed with fertilizers. It is widely used for various crops like cereals, fruits and vegetables.

PEST Analysis

Political: The governments across major economies are supporting sustainable agricultural practices and use of organic fertilizers. This is positively impacting the demand for humic acid.
Economic: With rise in population and reduced cultivable land, the demand for high crop yield is increasing. This is fueling the adoption of humic acid as it enhances soil fertility and plant growth.
Social: Rising consumer awareness regarding use of organic and eco-friendly products is a major driver. People prefer food produced using natural ingredients like humic acid.
Technological: Leading players are focusing on new extraction technologies to produce high quality humic acid and address current limitations like low concentration. This is expanding application scope.

Key Takeaways

The global Humic Acid Market Share is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030.

Regional analysis shows North America holds the dominant share currently due to widespread use in farming industry. The country-level analysis shows United States as the largest consumer.

Key players operating in the humic acid market are Adobe Stock, Getty Images, PEXELS, Shutterstock and Picjumbo. Key player analysis shows Adobe Stock as the leading provider with wide collection of stock images, videos and editorial content. The company has strong presence across major countries and focuses on new technologies to enhance digital experience.