Humic Acid Market Growth Analysis | 2023-2028

Market Insights

The humic acid market was estimated at USD 620.26 million in 2022 and is likely to grow at a CAGR of 11.88% during 2023-2028 to reach USD 1222.08 million in 2028.

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What is humic acid?

Humic acid is a major element of humic substances, which are the constituents of coal, peat, and soil. It being the final break-down constituent of natural animal and plant decay material, is majorly found in leonardite sedimentation layers, which are the products of lignite. Used in agriculture, horticulture, ecological bioremediations, and dietary supplement applications, humic acid is highly advantageous for soil fertility and also increases water holding capacity. All of these benefits make humic acid a vital part of agriculture and crop yield as it is a natural soil conditioner and acts as a microbial stimulator or organic chelator.

Key Players

Some of the major humic acid manufacturers are-

• Humic Growth Solutions
• Humintech
• Black Earth Humic
• Xian Shan Yuan Agriculture & Technology Co., Ltd.
• SAINT HUMIC ACID.

Market Dynamics

The prime factor contributing to the demand for humic acid is mainly its increasing usage in various agricultural applications owing to its properties to enhance soil fertility and crop yield as it is a natural soil conditioner.

The global market is mainly driven by a shifting focus on organic fertilizers from chemical alternatives. Harmful effects on the environment and health from chemical fertilizers are the reasons for the increasing product demand.

The surge in demand for green fertilizers will be the reason for the increase in grip on the market in the assessment period. Increasing awareness about the harmful effects of chemical fertilizers, inorganic chemical compounds, and stilted compounds is conceived to be the driving force for the surge in demand for organic compounds such as humic acid and fulvic acid.

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Segments Analysis

By Application Type

The market is segmented as agriculture, ecological bioremediation, horticulture, dietary supplements and others. The agriculture industry segment dominates the market as to achieve environmental sustainability various government initiatives are encouraging organic farming.

By Form Type

The market is segmented as powdered, granular and liquid. The powdered segment is expected to dominate the market during the assessment period. Humic acid in powdered form is frequently used in horticulture, agriculture, and pharmaceutical applications. The powdered form is the most used form of humic acid. The market is expected to be driven by the increasing uses of powdered humic acid in horticulture, agricultural, and pharmaceutical applications.

Regional Insights

North America is estimated to be the largest and Asia-Pacific as the fastest-growing market for humic acid during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various applications, such as agriculture, dietary supplements, and others, which is generating huge demand for humic acid and the presence of a large number of humic acid manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the assessment period.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The humic acid market is segmented into the following categories.

By Application Type

• Agriculture
• Ecological Bioremediation
• Horticulture
• Dietary Supplements
• Others
  • Type Analysis: Animal Feed and Pharmaceutical

By Form Type

• Powdered
• Granular
• Liquid

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current segmentation by any one of the application types by form type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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