April 20, 2024
Humic Acid Market

Humic Acid Market to Witness Robust Growth owing to Increasing Application in Agriculture Industry

The humic acid market has witnessed significant growth in recent years owing to the increasing application of humic acid in agricultural industries. Humic acid is an important constituent of soil and plays a key role in plant growth and soil fertility. It helps in retaining nutrients in soil, assisting plant growth by improving root development and crop yield. The agriculture industry extensively uses various humic acid products such as potassium humate and ammonium humate as organic fertilizers.

The global humic acid market is estimated to be valued at US$ 1318.24 Billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period of 2024 to 2031.

Humic acid enhances soil structure and improves water retention capacity of soils. Additionally, it aids in ameliorating toxic effects of agrochemicals and heavy metals in soil. These advantages propel the demand for humic acid from agricultural applications.

Key Takeaways

Key players operating in the Humic Acid Market Size 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. The global leaders are focusing on capacity expansion and new product launches to meet the growing demand and gain a competitive edge in the market.

The key opportunities in the humic acid market include its increasing application in various industries like agriculture, healthcare, and personal care. Additionally, rising awareness about the benefits of humic acid for plant and soil health is expected to drive its demand.

Furthermore, manufacturers are focusing on expanding their global footprint by tapping growth opportunities in emerging economies of Asia Pacific and Latin America. Humic acid demand is anticipated to grow robustly in countries like India, China, and Brazil owing to the rapid development of agricultural sector.

Market Drivers

The major driver propelling the humic acid market growth is its increasing application in the agriculture industry. Humic acid improves soil fertility and crop yields considerably by increasing nutrient retention capacity and water-holding ability of soil. It eliminates the need for excessive use of fertilizers and aids sustainable agriculture. Humic acid also benefits plant growth by stimulating metabolic activities inside roots and shoots. These advantages are fueling its adoption among farmers globally.

PEST Analysis

Political: Changes in environmental regulations will impact the humic acid market. Strict regulations can increase costs of production and distribution.

Economic: Global economic growth and rising farm incomes are increasing demand for organic agricultural inputs including humic acid. Reduced economic activity can decrease demand.

Social: Growing health and environment consciousness is driving greater use of organic fertilizers and soil conditioners. Population growth is also increasing global food demand.

Technological: Advancements in formulation and application techniques are improving the effectiveness of humic acid products. New technologies help increase crop yields through optimized usage.

Geographical Concentration

The market is currently concentrated in North America and Western Europe due to widespread adoption of organic farming techniques in these regions. Major markets include the United States, Canada, Germany, France and the United Kingdom.

Fastest Growing Region

Asia Pacific is expected to experience the fastest growth in demand for humic acid over the forecast period. Countries like China and India are investing heavily in agricultural development and output. Rising incomes are also pushing more consumers towards organic products in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it