North America Humic Acid Market Size

North America Humic Acid Market Size

North America Humic Acid Market size was registered at about USD 250 million in 2020 and is expected to showcase considerable growth at a CAGR of 12.8% from 2021 to 2027 driven by the shifting focus toward organic fertilizers over chemical fertilizers owing to the growing product demand from the agriculture industry to produce better quality crops.

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The various governments in the region are working on boosting organic farming methods to help achieve environmental sustainability. For example, the Organic Certification Cost Sharing Program (OCCSP) provides cost-sharing assistance to various producers and the workers of agricultural produce that are working on receiving their certification in National Organic Program. Certified operations generally receive approximately 50% of the cost, which is paid during the program years.

Moreover, the adverse environmental and health effects of chemical fertilizers stimulate product demand. The strong growth indicators of organic farming in the last few years across various countries in North America on account of rising awareness regarding product benefits will create new opportunities for the humic acid market.
 

Humic acid is a primary component of humic substances that form the constituents for peat, coal, and soil. Humic acid is the final break-down constituent of plant & animal decay materials. The other source of humic acid is the sedimentation layers, also referred to as Leonardite, found deep in the Earth’s crust. Humic acid is primarily utilized in horticulture, farming & bioremediation and also in dietary supplement applications. Humic acid is usually beneficial for soil fertility and increasing crop yield as humic acid is a natural soil conditioner that acts as a microbial stimulator.
 

The lack of advanced technological equipment to attain the standard product will impede the North America humic acid market share. Furthermore, organic fertilizers are comparatively less effective than chemical fertilizers, hampering the humic acid market growth during the forecast period. However, there are various long-term ecological and economic benefits of using organic fertilizers, which include retaining the mineral content of the soil, reduced acidity content of the soil, reduced soil & water pollution, etc.