by Humic acid is a complex organic acid that is derived from the organic matter in soil, water, and some coal deposits. It plays an important role in several physiological processes in plants and is commonly used as a fertilizer in the agriculture industry. Humic acid improves plant growth and increases yields by enhancing nutrient availability and uptake. It promotes microbial activity in soil and improves soil structure. Major applications of humic acid include farming, agriculture, horticulture, gardening, and lawns & turf.
The global humic acid market size is estimated to be valued at US$ 1318.24 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
The Global Humic Acid Market Size is driven by the rising demand from the agriculture industry. Humic acid finds widespread usage as an organic fertilizer for enhancing crop productivity and yield. It improves nutrient retention capacity of soil and promotes root development in plants. Humic acid fertilizers help increase resistance of crops to biotic and abiotic stresses. Many farmers are incorporating humic acid into their integrated fertilization practices to boost agricultural output in a sustainable manner without compromising on soil health. Growing focus on organic and natural farming practices is also propelling the demand for humic acid-based products.
Market Dynamics:
The opportunities provided by the agriculture sector for humic acid market is one of the key drivers referred from the heading. The growing global population is increasing the demand for food thereby necessitating improvements in agricultural productivity. Humic acid with its plant growth enhancing and yield boosting properties is poised to benefit from these demand dynamics. The other driver aiding market growth is the rising preference for organic fertilizers and inputs. With growing environmental consciousness, farmers and growers are shifting from conventional chemicals to natural and organic products to minimize agricultural footprint without compromising on yields. This shifting trend bodes well for humic acid sales.
Segment Analysis
The humic acid market is segmented into product type, application, form and region. By product type, it is divided into powdered and granular humic acid. Among these, the powdered segment dominates the market and accounts for around 60% share as powdered humic acid finds extensive applications in agriculture, horticulture, and gardening due to its ability to easily dissolve and disperse in water.
PEST Analysis
Political: Government support for sustainable and organic farming is driving demand for humic acid based fertilizers and growth additives. Various policies aim to reduce usage of chemicals in agriculture.
Economic: Rising disposable incomes and growing popularity of organic foods are fueling sales of humic acid products across horticulture and agriculture sectors. higher crop yields boost farmers income.
Social: Increasing health awareness among consumers regarding effects of chemicals is pushing demand for natural plant growth enhancers like humic acid.
Technological: Advanced processing techniques help manufacturers enhance nutritional value and dispersibility of humic acid products. Digital tools aid in product promotion.
Key Takeaways
The global humic acid market is expected to witness high growth over the forecast period driven by factors such as supportive policies for organic farming, growing preference for natural agro inputs, and technological advancements. The global humic acid market size is estimated to be valued at US$ 1318.24 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024-2031.
Regional analysis indicates North America dominates current demand owing to large scale organic farmlands and widespread product awareness. Asia Pacific is emerging as the fastest growing regional market with countries like China and India boosting organic cultivation.
Key players operating in the humic acid market include 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. Leading companies are focusing on new product launches catering varied application segments and regions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
