The market of Humic Acid is projected to grow at a CAGR of over 4% during the forecast period. The drivers of the market are its growing application in agriculture sector, and increasing usage in making animal feed. Various chemical counterparts and unfavorable conditions arising due to the COVID-19 outbreak are the restraints that hinder the growth of market. Growing need for bio-stimulants can provide opportunities for the future growth of humic acid market.
The demand from agriculture sector owing to drifting focus towards organic fertilizers is expected to drive the market over the forecast period.
By application, agriculture segment is expected to dominate the market owing to increasing population and decreasing agricultural land due to rapid urbanization and industrialization is increasing the demand of fertilizers to achieve high yields of crops which will propel the demand of humic acid.
Rising awareness about the harmful effects of chemical fertilizers and growing need for sustainable agriculture is expected to increase the demand of humic acid over the forecast period.
Asia-Pacific holds the largest market share of humic acid with highest demands coming from China and India.
Key Market Trends Increasing Demand from Agriculture Sector
- Growing population, degrading soil quality, scarcity of food and agricultural organizations focus towards increasing the crop yield and quality are expected to propel the demand of humic acid over the forecast period. - Agriculture industry has been benefited by the usage of humic acid owing to enhancement in plant mechanisms such as photosynthesis, enzyme activities, protein synthesis, cell respiration and nutrients and water uptake which have improved plant growth. - Humic acid helps in the replenishment of the soil by acting as a source for providing soil building carbon. It has advantages over its chemical counterparts as it is eco-friendly substitute to conventional fertilizers thereby increasing the overall yield in limited area land. - Humic acid helps in improving water holding capacity of soil, which helps to prevent surface run-off, regulates the ph. value of soil, helps in seeds germination and roots respiration which will increase the demand of humic acid in near future. - The global market size of smart agriculture is expected to reach USD 23.14 USD billion in the year 2022 which would increase the demand of humic acid. - The fertilizer segment in the global agriculture sector is expected to grow at a CAGR of over 3% during the forecast period which would increase the demand of humic acid and consequently propel the humic acid market. - The increasing awareness about health consciousness across the globe will stimulate the demand of humic acid in agriculture sector as the trace nutrients and minerals found in humic acid will help strengthen immunity and improve overall health. - Owing to the aforementioned factors, the humic acid market is expected to grow rapidly over the forecast period.
Asia-Pacific region to dominate the market.
- The growing awareness about the harmful effects of agrochemicals and chemical fertilizers, particularly in countries of Asia-Pacific like India, China and Japan have propelled the humic acid market. - The easy accessibility to raw-materials and technological advancements in producing this acid is projected to have a positive impact on the market. - The strict rules and regulations imposed by the India and China government have changed the market dynamics and has increased the focus of consumers on replacing chemical fertilizer with organic fertilizer which will stimulate the market growth over the forecast period. - Humic acid is used in animal feed as the humus supplements increase the milk production and help to keep the animal healthy by providing useful nutrients which has resulted in the increased demand of humic acid in animal feed applications. - The Asia-Pacific humic acid market accounted for almost 40% of the global market in the year 2019 and is expected to grow at a CAGR of over 6% during the forecast period. - In pharmaceutical industry, humates are used for the treatment of gastric, intestinal and hepatic diseases, thereby increasing the demand of humic acid. - In 2019, China agriculture sector registered a growth rate of over 3% and is further projected to grow over the same CAGR during the forecast period which would increase the demand of humic acid in the region and is likely to propel its market.. - Some of the major companies operating in the region are Humic Growth Solutions and Arctech INC. - The aforementioned factors along with the government support have helped in the growth of humic acid market.
Competitive Landscape The humic acid market is consolidated with key players accounting for major shares of the market. Some of the key companies in the market are Humic Growth Solutions, Humintech, Black Earth Humic, Xian Shan Yuan Agriculture & Technology Co., Ltd. and SAINT HUMIC ACID.
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