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Press Release: Humic Acid Market to Surpass US$ 1,240.4 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Humic acid is an ingredient obtained from the biodegradation of organic substances such as soil/ humus, peat, and coal. It is a complex mixture of various acids from phenolate and carboxyl groups that can be widely used to provide required nourishment to crops/ plants as well as human beings. Thus, humic acid is widely being used for a variety of applications in the agricultural and pharmaceutical sectors.
The global humic acid market is estimated to surpass US$ 1,240.4 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 11.7% during the forecast period (2021 to 2027).
Drivers
The adoption of eco-friendly fertilizers and chemicals for sustainable farming is expected to boost demand for humic acid in the upcoming years. Furthermore, stringent rules and regulations imposed by statutory governing organizations such as the U.S. EPA (Environmental Protection Agency) against the usage of chemical-based fertilizers are further estimated to fuel the market growth of humic acid, across the globe.
Moreover, increasing need for ecological remediation of soil to reduce carbon footprints and protect soil and groundwater from contamination is generating demand for humic acid. Furthermore, the properties of humic acid such as higher ion exchange and absorption capacity are expected to propel demand for humic acid over the forecast period.
Among regions, Asia Pacific held dominant position in the global humic acid market in 2020, accounting for 43.8% market share, in terms of revenue, followed by Europe and North America.
Figure 1. Global Humic Acid Market Revenue Share (%), By Region, 2020
Market Restraints
Lesser awareness about health benefits associated with humic acid in the emerging economies such as majority of African countries is expected to hamper the market growth over the forecast period. Moreover, lack of consistency in crop yield quality over the application of humic acid is further expected to hinder the market growth to some extent.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2020: | US$ 623.5 Mn |
| Historical Data for: | 2017 – 2019 | Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 11.7% | 2027 Value Projection: | US$ 1,240.4 Mn |
| Geographies covered: |
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| Companies covered: |
Faust Bio-Agricultural Services, Humic Growth Solutions, Inc., Italpoliina S.p.A., LaboratoiresGoemar SAS, Koppert B.V., Sikko Industries, Black Earth Humic, Changsha Xian Shan Yuan Agriculture, Agbest Technology, Nature's Lawn & Garden, Humintech, Everwood Farm, Daymsa, and WinField Solutions. |
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| Restraints & Challenges: |
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Market Trends
On account of shifting inclination towards sustainable farming, the adoption of humic acids is gaining traction across the agricultural sectors. Thus, players operating in this market are adopting advanced chemicals with varied properties for the production of humic acid, depending upon its end application.
Figure 2. Global Humic Acid Market – Opportunity Analysis
On the basis of application, in 2020, agriculture segment accounted for 52.3% of the revenue share, in the global humic acid market. The increasing need to achieve more yield per area of land for catering to the rising demand for food is expected to support growth of this segment. Moreover, the ability of humic acid to improve the nutritional value of food is further expected to drive its demand in the upcoming years.
Figure 3. Global Humic Acid Market Revenue Share (%), By Application, 2020
Global Humic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
The global market for humic acid has been impacted due to the ongoing COVID-19 pandemic. Several governments across the globe have imposed nationwide lockdowns to limit the spread of the virus, which resulted in the shutting down of businesses and ceasing of several economic activities. For instance, according to the International Monetary Fund’s 2020 report, the global economy has contracted sharply by 3.0% in 2020, which is worse than the 2008-09 financial crisis. Moreover, the reduced demand for fertilizers and pesticides has indirectly led to low demand for the humic sector across the agricultural sector. However, increasing demand for medicines and a variety of acids and chemicals to conduct trials of vaccines is expected to increase demand for humic acid across the pharmaceuticals sector.
Competitive Section
Key players operating in the global humic acid market include Faust Bio-Agricultural Services, Humic Growth Solutions, Inc., Italpoliina S.p.A., LaboratoiresGoemar SAS, Koppert B.V., Sikko Industries, Black Earth Humic, Changsha Xian Shan Yuan Agriculture, Agbest Technology, Nature's Lawn & Garden, Humintech, Everwood Farm, Daymsa, and WinField Solutions.
Humic acid is a mixture of organic compounds obtained by the microbiological and chemical process of debris formation of living organisms into refractory organic compounds. The humic substance mainly accounts for 50-80% organic carbon from the soil, bottom sediments & water and is mainly produced on large scale from natural deposits such as coal and peat. The properties of humic acid include higher absorption capacity, environmental compatibility, and ion-exchange capacity make humic acid a well–suited and attractive material for ecological remediation.
Market Dynamics
There has been a shifting inclination of individuals over usage of natural or organic pesticides in farming. As humic acid is naturally formed by biochemical and molecular mechanisms of waste materials and is non-toxic, its usage in organic farming and horticulture is gaining traction across the globe. Moreover, humic acid contains essential phytochemicals such as fatty acids and hormones and thus assists in cancer treatment. The humic acid assists in the maintaining electrochemical balance of vital body cells and its humic-fulvic acid assists in improving brain function among individuals. Thus, humic acid is also being adopted in the production of pharmaceutical drugs.
Though, an increasing number of substitutes to humic acid such as other carbonates, owing to the difference in the pH levels is expected to hinder demand for humic acids to some extent. Moreover, the chance of fumigates production, while reacting with chlorine in the water is further expected to obstruct the market growth for humic acid in the upcoming years.
Major players operating in the humic acids market are focusing on various strategies such as product development and expansion to widen their global reach. For instance, in September 2020, a U.S.-based agricultural innovation company named PureAcre developed advanced nutritional management products that included both seaweed extracts and humic acid extracts products. These products are expected to produce more yield in limited areas of agricultural land and thus are gaining traction across the globe.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
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