Humic Acid Market size is projected to surpass USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc. A wide range of possible humic acid uses is being nurtured owing to its various novel characteristics. Humic acids exhibit high surface area material and have the ability to absorb & extract various organic materials and some inorganic compounds. It can be utilized to make high-quality adsorbents that can remove nonaqueous liquids, such as oil, from aqueous systems.
Changing market trends of the past in the farming sector are propelling the organic food industry expansion owing to better nutrient value by subsequently complying with ecological concerns, thereby helping in conserving biodiversity. Organic food usually employs organic fertilizers as they are non-toxic and have no hazardous impacts on human life and the environment. The organic food demand has propelled in the past few years owing to increasing health awareness among consumers; thus, the European Commission, the U.S., Canada, and many other countries have initiated strict guidelines for producers to market organic food as approved by the U.S. Department of Agriculture to maintain standards.
Raw materials used to manufacture humic acid are obtained from the decomposed dead remains of plant & animals, humus, and coal. The lack of industry standards in product manufacturing results in varying product concentrations. Additionally, the industry is negatively influenced by the prevalence of improper qualitative analysis, subsequently hampering consumer decisions regarding product purchasing.
The lack of advanced technological equipment to attain product standards is another factor that will impede the humic acid market share by 2028. Furthermore, chemical fertilizers are comparatively more effective than organic fertilizers; this is expected to hinder the industry growth during the forecast timeframe. However, various long-term economic & ecological benefits of using organic fertilizers include reduced soil acidity content, the retaining of soil mineral content, and minimize water pollution.
Browse key industry insights spread across 190 pages with 95 market data tables & 33 figures & charts from the report, “Humic Acid Market Statistics, By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing demand for humic acid in the dietary supplements application
Humic acid market from dietary supplements is projected to grow at a CAGR of 11.9% through 2028 due to growing demand for consuming nutrient-rich food among the populace. Humic acid is the source of amino acids, minerals, electrolytes, and antioxidants, which improves nutrients uptake and assimilation. The availability of several nutrients provides various health benefits including an improved immune system, better nutrient absorption, improved digestion, and skin repair & protection. This will subsequently boost the market share for dietary supplements over the projected timeframe.
Securing food production to feed the rising world population coupled with natural resource conservation for future generations has been one of the utmost challenges for agricultural science. Rising population will result in an increased demand for nutritional intake. Humic acid contains phytochemicals, biochemicals, antioxidants, enzymes, electrolytes, and amino acids. These factors will substantially increase the applications of humic acids for better cellular functions.
North America is set to exhibit steady growth during the forecast period
North America humic acid market is projected to grow at a CAGR of 11.6% during the assessment period. Growing product applications in agriculture to raise the overall yield without affecting soil fertility will drive the industry landscape. Implementing of stringent regional regulations and the rising adoption of sustainable farming techniques are some of the major factors contributing to the regional market expansion. In addition, stringent regulations imposed by the U.S. government and regulatory authorities against the use of chemical fertilizers to promote sustainability are resulting in the replacement of conventional fertilizers with organic fertilizers. Furthermore, the rising demand for horticulture in the U.S. and Canada will have a positive influence on the overall market demand during the forecast timeframe.
Some of the top players in the humic acid markeet include The Andersons, Inc, Daymsa, Black Earth Humic LP, Biolchim S.p.A, Faust Bio-Agricultural Services, Inc, Humintech GmbH, Agbest Technology Co., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., Everwood Farm Nutri-Tech Solutions Pty. Ltd., Agriculture Solutions Inc., Humic Growth Solutions, Inc, Nature’s Lawn & Garden, Inc, Sikko Industries Ltd., Manidharma Biotech Private Limited, Tagrow Co., Ltd., Grow More, Inc., WinField, National Pesticides & Chemicals, Organic Approach LLC, Wilbur-Ellis Company LLC, Jiloca Industrial, S.A., and Saint Humic Acid.