Global Humic Acid Market was valued at US$ 950.00 million in 2021, 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..
Global humic acid market was valued at US$ 950.00 Million in 2021. Humic Acid market is expected to register a CAGR of 6.67 % over the forecast period (2022-2030), to reach US$ 1701.9 Million by 2030.
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.
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.
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