The global humic acid market was valued at US$ 623.5 million in 2020, according to Global Humic Acid Market Report, by Application (Agriculture, Animal Feed, Ecological Remediation, Dietary Supplements, Pharmaceuticals, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global humic acid market is expected to surpass US$ 1,240.4 million by 2027, exhibiting a CAGR of 11.7% during the forecast period (2021-2027). The increasing need to develop ecologically sustainable acid to gain more yield in agriculture is expected to boost demand for humic acid in the upcoming years. Moreover, the ability of humic acid to nourish the plant root system, and boost the immune system in human beings are expected to further trigger its demand in the upcoming years. Thus, humic acid is largely being used for the production of dietary supplements. For instance, according to the article published on January 10, 2020, by Invest India, a National Investment Promotion & Facilitation Agency, the market for dietary supplements is estimated to exhibit a CAGR of 17% from 2017 to 2025. Moreover, as per the report on ‘Prospects for Humic Acid Products from Digestate in the Netherlands’ published by the Wageningen University & research in December 2020, stated that usage of 1.5-3 kg/ha of humic acid for tomato, onion, and potato crop seemed to provide the required nourishment. Thus, the adoption of humic acid is expected to gain significant momentum across the agricultural sector in the upcoming years.
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Key Trends and Analysis of the Humic Acid Market:
- Among regions, Asia Pacific accounted for a significant market share in 2020. This is attributed to the exponential population growth with the rising need for gaining more agricultural yield from a limited area of land. For instance, as per the ‘World Population Prospects 2019’ article published by U.N. (United Nations) on 17th June 2019, China held the dominant position across the globe, in terms of population. Moreover, increasing awareness about the usage of humic acid in food and dietary supplements to increase its nutritional value is expected to boost demand for humic acid in this region.
Key Takeaways of the Market:
- Among application, agriculture segment held largest revenue share of 52.3% in the global humic acid market in 2020 This can be attributed to the non-toxic nature of humic acid along with the capacity to yield more crops and improve soil fertility, as compared to conventional chemical-based fertilizers.
- Major 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.
- Key players operating in the humic acid market are focusing on developing advanced products using conventional humic For instance, in October 2019, Humintech developed a new formulation named Humic acid granulate or Perlhumus Pro granulate specially to cater to the increasing demand across agricultural sector. According to the company, this product is dust-free and is easy to distribute using a conventional fertilizer sprayer machine.
Global Humic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
- The global humic acid market has been negatively impacted to some extent due to the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown, travel restrictions, and shutting down manufacturing facilities. Moreover, the unavailability of fertilizers and chemicals required for farming had further hampered demand for humic acid. However, restarting of international trade and ease of trade restrictions is expected to generate demand for humic acid in the upcoming years. Moreover, the loosening of restrictions and reopening of manufacturing facilities is expected to boost demand for humic acid over the post-pandemic period.