Humic Acid Market Overview -
The global humic acid market is high on demand and is slated to achieve a market score of USD 973.06 million by 2030 at a 12.42% CAGR by the forecast period. The necessity for soils rich in essential vitamins, nutrients, and trace minerals that is immensely beneficial for the soil is estimated to promote the development of the humic acid market share in the forecast period.
The intensification in agricultural activities to feed an increasing population base is estimated to promote the humic acid market share in the impending period. Humus, simply put, is a natural compost that is formed from animal and plant matter decay. Rich in nutrients, the humus acid is a vital constituent of humus that is alkaline in nature. Owing to its alluring features and key benefits, humic acid has wide applications in ecological bioremediation, agriculture, pharmaceuticals, dietary supplements, animal feed, and others.
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Humic Acid Market - Eminent Firms:
Tagrow Co. Ltd., Faust Bio-Agricultural Services, Nature's Lawn & Garden, Humintech GmbH, Agriculture Solutions Inc., Changsha Xian Shan Yuan Agriculture and Technology, NPK Industries, Organic Approach LLC, National Pesticides & Chemicals, Sikko Industries Ltd., Winfield Solutions, Nutri-Tech Solutions Pty Ltd., Wilbur-Ellis Company LLC, Andersons, Inc., and others.
Market Dynamics
The world's population continues to grow, resulting in a significant increase in food demand. The agriculture culture is increasing the use of organic matter such as humic acid to improve crop yield, soil quality, and other factors beneficial to long-term farming. In the long run, chemical pesticides and fertilizers have negative effects on crop yield and soil health, and they often result in soil positioning. As a result, farmers are increasingly using humic acid to enrich the soil and foster a healthy ecological balance, resulting in higher crop yields. The inconsistent quality of humic products in agricultural applications can stymie the global humic acid market's growth. Furthermore, excessive humic acid usage can have negative consequences for soil and plant development. However, growing applications in wastewater treatment and the use of humic acid as organic anodes for lithium and sodium ion batteries are expected to propel the market forward.
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Segment Study of Humic Acid Market :-
The global humic acid market has been studied and analyzed by MRFR analysts on the basis of application. This would give a better glimpse into the market with all its factors, graphs, and charts that can help in making a better assessment of the market possibilities and inspire strategies to ensure an increased profit margin.
By application, the study on the humic acid market reveals segments like ecological remediation, animal feed, dietary supplements, pharmaceuticals, agriculture, and others. The agriculture segment had a market share of around 41% in 2017. The segment will also outrun others in establishing its market superiority. Its CAGR would be the highest during the forecast period. Its use in culturing the soil and inspire better eco-friendly ways of agriculture is making it a valued product in the agricultural sector. Recent tilt towards eco-friendly ways are expected to trigger better growth for the market. The market is also expecting some positive results from the animal feed segment, which is the second largest in terms of revenues. This segment is also going to benefit from the growing demand for better meat quality.
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Humic Acid Market Market - Geographical Analysis :-
The regional examination of the humic acid market includes regions such as the Asia Pacific, the Middle East, North America, Europe, Latin America, and Africa. Among these regions, the North American region's humic acid market has taken the main share of 40%. The occurrence of national markets like the U.S and Canada who have a consumer-centric economy has been an important influence driving the humic acid market growth. With growing health mindfulness and awareness concerning destructive farming practices, customers are employing a high call for organic fresh food, thus motivating the need for humic acid. Furthermore, the extraordinary disposable incomes in the area are backing up the progress of organic farming, which is eventually positive for the humic acid market. The European humic acid market, which has a similar eating pattern as the North American regional market it holds the second principal stake of the humic acid market. The region also has an excessive export of milk and dairy products as many nations in the European area are well-known for their dairy goods such as butter and cheese. The region has a robust incidence of emerging economies that have a full-bodied agricultural constituent. Additionally, the rapid development, industrialization, and continuing growth of the region's residents have given rise to the usage of humic acid to grow crop yields.
Industry News:
The growing environment-friendly steps are making it easier for a product like humic acid to permeate across various industries. However, this trend is expecting some sort of restraint due to the ongoing COVID-19 impact. This is primarily due to the halting of the production process in several cities and disruption in the supply chain. Various companies are facing a lack of supply owing to which the revenue generation is taking blows. However, this change in the market is not going to remain for long as countries have started lifting bans to restore normalcy. Owing to such steps, the market expects a slow start in recovering.
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