Increasing industrial applications of humic acid and growing scale of organic farming worldwide due to rising environmental concerns are among the key factors expected to drive market revenue growth.
Increasing industrial applications of humic acid and growing scale of organic farming worldwide due to rising environmental concerns are among the key factors expected to drive market revenue growth
Reports and Data has published its latest report titled “Humic Acid Market, By Product Type (Granular Humic Acid, Powdered Humic Acid, Liquid Humic Acid), By Application (Agriculture, Horticulture, Pharmaceutical, Animal Feed, Ecological Bioremediation, Industrial, Others), and By Region, Forecast to 2028”
According to the latest report by Reports and Data, the global humic acid market size was USD 707.5 million in 2020 and is expected to reach USD 1.06 billion in 2028 and register a revenue CAGR of 6.1% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities:
Major factors contributing to the global humic acid market revenue growth are rise in global population over the past decade, increasing consumption of nutritious food, and agricultural activities rising on a global scale. Other key factors driving the global market revenue growth are rising preference for natural and organic fertilizers and pesticides over the conventional ones, increasing agriculture uses of humic acid to enhance soil quality and increase crop yield, growing use of organic soil supplements, and increasing use of the product in ecological bioremediation practices. Stringent government norms against the use of chemical-based fertilizers due to their harmful impact on the environment and human health have opened up growth avenues for the global humic acid market.
Humic acid is an organic compound naturally present in soil, oceans, upland streams, peats, and coal. A rich source of key nutrients, vitamins, and minerals, humic acid acts as a bio-stimulant and bio-catalyst and therefore helps condition the soil. Leonardite – an oxidation product of lignite that is a soft, waxy, and highly soluble in alkaline solutions – is a major source of humic acid and is widely used as a fertilizer additive to increase soil fertility and aid in nutrient absorption and plant growth. Humic acid improves the texture, moisture holding capacity, and pH stability of soil and prevents soil erosion and nitrogen leaching. Hence, growing applications of humic acid in the cosmetics and pharmaceutical industries are further expected to boost revenue growth of the global market. DC antiglycagen is an ingredient (a unique combination of humic acid, butylene glycol, water, and other substances) increasingly being used in the cosmetics industry due to its anti-ageing, antioxidant, and skin-firming properties. Humic acid, which is also rich in phytochemical elements such as ketones, polyphenols, fatty acids, and natural sterols, acts as an anti-cancer nutrient and is widely used in therapeutics for various skin disorders, musculoskeletal disorders, and gastrointestinal problems.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Granular Humic Acid Segment Accounted for Largest Revenue Share in 2020:
Based on product type, the global humic acid market is segmented into granular humic acid, powdered humic acid, and liquid humic acid. The granular humic acid segment dominated other segments in terms of revenue share in the global market in 2020. In the granular form, humic acid promotes seed germination and aids in soil nourishment by improving water and oxygen intake. Moreover, it protects the soil against toxic chemicals while stabilizing the crop cycle.
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Agriculture Application Segment to Lead in Terms of Revenue Growth:
Based on application, the agriculture segment is expected to register the fastest revenue growth rate in the global humic acid market over the forecast period. Increasing agricultural activities worldwide, growing use of humic acid in the agriculture sector, rising awareness of the product’s chemical, biological, and economic benefits, and its increasing availability in the forms of humic acid fertilizer, ammonium humate, sodium humate, and potassium humate are major factors bolstering the growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America humic acid market dominated other regional market in terms of revenue share in 2020. Rising consumption of organic food products, growing awareness of health & fitness among consumers, increasing consumption of nutritional supplements, and growing use of humic acid in the cosmetics and pharmaceutical industries are key drivers for the North America humic acid market revenue growth. Increasing agriculture and horticulture activities, growing use of bio-stimulants and bio-catalysts in agriculture to improve crop yield, increasing use of organic ingredients in animal feed, and rising demand for organic and chemical-free fertilizers further boost the regional market growth.
Major Companies in the Global Humic Acid Market Include:
- Nutri-Tech Solutions
- Humintech GmbH
- Humic Growth Solutions
- Omnia Specialities
- Canadian Humalite International
- Grow More
- AMCOl International
- Jiloca International S.A.
- Wilbur-Ellis Company
- Nature’s Lawn & Garden
- Saint Humic Acid
- Faust Bio-Agricultural Services
- Black Earth
- Sikko Industries
- WinField Solutions
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global humic acid market based on product type, application, and region:
Product Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- Granular Humic Acid
- Powdered Humic Acid
- Liquid Humic Acid
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- Agriculture
- Horticulture
- Pharmaceutical (Dietary Supplements)
- Animal Feed
- Ecological Bioremediation
- Industrial
- Others
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of Middle East & Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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