Humic acid is a compound derived from the decomposition of organic matter such as vegetable and animal remains and actively helps in enriching nutrients in soil. Being a plant-nutrient enhancer, it is increasingly used in agricultural activities such as fertilizers, growing media, and soil conditioners. Humic acid improves soil quality, stimulates plant growth, enhances fertilizer efficiency, and reduces drought stress on soil and crops. It further serves as a soil conditioner improving water retention capacity and drainage in soil. Hence, the growing requirement for improved crop yield and soil quality along with efficient utilization of fertilizers is expected to drive the demand for humic acid in agriculture over the coming years.
The global humic acid market is estimated to be valued at US$ 1318.24 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the humic acid market are Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF,Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press. The key players are actively investing in expanding their production capacities to meet the growing demand for humic acid globally.
Key opportunities in the market include increasing application of humic acid in horticulture and landscaping for improving plant growth. The demand is specifically increasing from emerging nations of Asia Pacific and Latin America owing to rapid urbanization and growth in construction activities.
The Humic Acid Market Demand is witnessing increasing global expansion with key players setting up manufacturing units across various regions. Growing research and development is further helping expand application scope of humic acid in various end-use industries like agriculture, horticulture, hydroponics, food & beverages, personal care etc.
Market Drivers
The major market drivers for humic acid include rapid growth in global agriculture sector and rising demand for organic farming. Increasing population has surged the need for improved and sustainable agricultural production worldwide. Humic acid with its plant-nutrient enhancement and soil fertility improvement properties is playing a crucial role here. Additionally, growing consumer awareness about advantages of organic food items and shift towards eco-friendly farming practices are further fueling the adoption of humic acid in agricultural activities on a global level. Stringent regulations pertaining to usage of synthetic fertilizers and chemicals are encouraging farmers to opt for organic soil supplements like humic acid as well.
PEST Analysis
Political: The humic acid market is facing ups and downs due to the frequent changes in import and export policies and regulations set by the governments across the globe. Some governments have also imposed regulations regarding the use of humic acid in different applications.
Economic: Factors such as fluctuations in agricultural commodity prices and global GDP growth rates have an impact on the demand and supply of humic acid across industries. The economic conditions determine the purchasing power of end-use industries.
Social: Growing awareness about the benefits of organic farming and sustainability is influencing the adoption of humic acid in farming practices. Consumers are more inclined towards products obtained from organic sources.
Technological: New production technologies are enabling cost reduction and large-scale production of humic acid. Advancements in extraction and purification methods allow for higher-quality humic acid suits. Technologies to analyze humic substances are also improving.
Geographical Concentration
In terms of value, the humic acid market is concentrated in North America and Europe. North America holds a significant share owing to the large-scale agriculture and developed horticulture industries in the US and Canada. Europe is another major market due to stringent regulations favoring organic and sustainable practices in farming.
Fastest Growing Region
Asia Pacific is expected to exhibit the fastest growth in the humic acid market during the forecast period. This can be attributed to rising agriculture production, growing preference for organic alternatives, and expansion of end-use industries in countries such as China and India. Governments in the region are also supporting sustainable agriculture through initiatives and policies.
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