Humic Acid Market is expected to grow at a CAGR of 12.1% during the forecasted period | Evolve Business Intelligence
• The global Humic Acid Market size was valued at USD 1.1 billion in 2023 growing at a CAGR of 12.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Humic Acid Market size accounted for USD 1.1 Billion in 2023, growing at a CAGR of 12.1% from 2023 to 2033. Humic acid is a complex mixture of organic molecules that are formed by the microbial decomposition of plant and animal residues. It is commonly found in soils, peat, and other natural organic materials. Humic acid is part of a group of substances known as humic substances, which also include fulvic acid and humin. These substances play a crucial role in soil health and fertility.
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Humic acid helps improve soil structure, water retention, and nutrient availability. It enhances soil fertility by promoting microbial activity and nutrient uptake by plants. As agriculture faces the challenge of maintaining productivity, the demand for soil amendments like humic acid is on the rise. The increasing trend towards organic farming has boosted the demand for natural and organic soil amendments. Humic acid is considered an organic input that aligns with the principles of organic farming, further driving its market growth. Humic acid is seen as an environmentally friendly alternative to synthetic fertilizers. It contributes to sustainable agriculture by reducing the need for chemical inputs and minimizing environmental impact. Growing awareness of the environmental consequences of conventional farming practices has led to an increased interest in humic acid.
Some of the major Humic Acid Market players holding high market shares include Faust Bio-Agricultural Services, Humic Growth Solutions, Inc., and Italpoliina S.p.A. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include 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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Based on type, the Humic Acid market is segmented into Powdered Humic Acid, Granular Humic Acid, and Others. The largest segment in the Humic Acid market based on type is Powdered Humic Acid. This is due to its ease of application, handling, and transportation. Powdered humic acid can be easily mixed with water and applied to crops or soil. It is also relatively inexpensive to produce and transport.
Based on Application, the Humic Acid market is a Fertilizer, Oilfield Chemicals, Industrial Application, and Others. The largest segment in the Humic Acid market based on application is Fertilizer. Humic acid is a natural soil conditioner that can improve soil structure, water retention, and nutrient availability. It can also help to reduce the need for synthetic fertilizers. As a result, humic acid is increasingly being used in agriculture as a more sustainable and environmentally friendly alternative to synthetic fertilizers.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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