by Humic acid is an important soil amendment that plays a crucial role in agriculture industry. It increases the availability and uptake of important plant nutrients like nitrogen, phosphorus and potassium present in the soil. It enhances soil structure which improves root development and water holding capacity. Humic acid protects plants from various abiotic stresses like drought, frost and metal toxicity. Its use not only improves crop yield but also maintains long term soil fertility and health.
The global Humic Acid Market is estimated to be valued at US$ 1144.3 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the humic acid market is the increasing adoption of organic farming practices globally which has significantly boosted the demand for humic acid as an essential component in organic fertilizers. According to research, organic farmland has increased by over 25% in the last decade across major countries owing to rising awareness about harmful effects of conventional fertilizers and preference for chemical-free food. Humic acid derived fertilizers are approved for use in organic farming by certification bodies and provide essential nutrients to soil as well as plants in a slow-release, natural form. The growth in organic agriculture will continue to drive market demand in coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established applications in fertilizers and agriculture lower the threat of new entrants in the humic acid market.
Bargaining power of buyers: The global humic acid market has several buyers with moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Major suppliers in the humic acid market have low to moderate bargaining power due to the availability of raw materials from China and other countries.
Threat of new substitutes: Fertilizers containing nitrogen, phosphorus and potassium pose a moderate threat as substitutes for humic acid in agriculture applications.
Competitive rivalry: The global Humic Acid Market Share is moderately competitive due to the presence of numerous regional and international players.
Key Takeaways
The global humic acid market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Regional analysis related content Regional analysis related content The Asia Pacific region dominates the global humic acid market and is expected to grow at the fastest rate during the forecast period.
Key players related content operating in the humic acid market are Adobe Stock, Getty Images.
