Humic Acid Market size worth over USD 1 billion by 2027
Published Date: April 12, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Humic Acid Market size is forecast to exceed USD 1 billion by 2027.
The escalating demand for organic food and dietary supplements, particularly due to growing consumer health awareness, will stimulate the humic acid market demand by 2027. The product constitutes trace minerals, pre-biotics, pro-biotics, electrolytes, and fatty acid, making it suitable for use across dietary supplements.
The humic acid industry is anticipated to attain a decent growth rate supported by increasing government initiatives worldwide to promote bio-based products. To safeguard the food supply for the growing global population, farming must become more sustainable in the future. Moreover, it will decrease emissions into the environment and result in lesser soil and water pollution.
COVID-19 has significantly influenced the supply chain of majority of the industries across the globe. The demand and production margins for humic acid manufacturers have witnessed severe pressure owing to the unavailability of feedstock. Restrictions on operating time of production facilities coupled with the availability of limited workforce, limited international trade, and disruption in supply chain have limited the production of humic acid during the period. Lower demand from major end-use applications of humic acid has also negatively influenced the raw material demand from product manufacturers.
Browse key industry insights spread across 187 pages with 94 market data tables & 33 figures & charts from the report, “Humic Acid Market By Application (Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Ecological bioremediation will register healthy product demand during the forecast timespan
Humic acid demand for ecological bioremediation is expected to grow with a CAGR over 11% and is anticipated to reach USD 54 million in 2027. Humic acids are excellent adsorbents of organic contaminants in soils and support for microbial colonization. They interact with various organic and inorganic contaminants, affecting their sorption, mobility, bioavailability, degradation, and phytotoxicity. They have the ability to interact with almost all the compounds and structures naturally occurring in the surroundings including organic and inorganic molecules, mineral ions as well as mineral and microbial surfaces.
Humic acids represent the most important fraction of a humified soil organic matter because of their greater contribution to the total carbon cycle (16%) in comparison with fluvic acid and humin (8%). There is a robust product demand from the industrial sector as it is increasingly adopting wastewater techniques to attain sustainability, which will subsequently boost the humic acid market share by 2027.
Asia Pacific will experience high growth during the forecast timespan
Asia Pacific industry share was USD 87.5 million in 2020 and at a CAGR 12.8% it is expected to reach USD 198.2 million by 2027. The growth of the Asia Pacific is majorly due to factors such as increasing need for enhanced crop productivity owing to the growing population. The initiatives taken by the government is another major factor driving the market in this region.
Most of the economies in the region are agriculture-dependent, due to which they are heavily investing in agriculture and related sectors to increase the overall yield. However, factors, such as less awareness among farmers, might hinder the humic acid market growth in this region over the forecast duration.
Manufacturers are increasing their production capacity to cater to the growing product demand across the globe
Key companies in the industry are increasing their production capacities to cater to the growing humic acid demand across the globe. For instance, in June 2015, Humic Growth Solutions expanded to form a 100% green facility center in the east of Shelby, U.S. The facility expansion will support in increased production of humic acid to cope up with the rising customer requirement.
Other major companies operating in the humic acid industry are The Anderson, Inc., Daymsa, Faust Bio-Agricultural Services, Black Earth Humic LP, Biolchim S.p.A., Changsha Xian Shan Yuan, Humintech GmbH, and Agbest Technology Co., Limited.
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