Humic Acid Market Research Report - Forecast to 2030

Humic Acid Market Information By Applications (Agriculture, Animal Feed, Dietary Supplement, Ecological Remediation, and Pharmaceuticals), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)ÔÇöForecast till 2030

ID: MRFR/CnM/4253-CR | 111 Pages | Published By Priya Nagrale on December 2018         

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Humic Acid Market

The global humic acid market is high on demand and has planned to achieve a market score of USD 973.06 Mn by the forecast period of 2030.

Segmentation
Applications Agriculture Animal Feed Dietary Supplement Ecological Remediation Pharmaceuticals
Key Players
Companies Profiled   Everwood Farm   Tagrow Co. Ltd.   Faust Bio-Agricultural Services   Nature's Lawn & Garden   Humintech GmbH   Agriculture Solutions Inc.   NPK Industries   Organic Approach LLC   National Pesticides & Chemicals
Drivers
Market Driving Forces   The international market drivers are the helping hands of the this market that has a major role in developing the market sales.
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Global Humic Acid Market Overview


The humic acid market is projected to register a CAGR of 12.42% from 2022 to 2030 due to increasing demand in the agriculture sector.

The agriculture industry extensively uses humic acid as a soil supplement for crops. The acid is an assortment of many acids that contain phenolate and carboxylate groups and is produced from dead organic matter biodegradation. It is also an important organic soil or humus constituent. The humic acid market size is expected to reach approximately USD 973.06 Mn by 2030. The adoption of eco-friendly fertilizers and chemicals for sustainable farming is expected to boost the demand for humic acid in the upcoming years. Furthermore, stringent rules and regulations imposed by statutory governing organizations such as the US EPA (Environmental Protection Agency) against the usage of chemical-based fertilizers are further estimated to fuel the market growth of humic acid across the globe. Moreover, the increasing need for ecological remediation of soil to reduce carbon footprints and protect soil and groundwater from contamination is generating demand for humic acid. The properties of humic acid, such as higher ion exchange and absorption capacity, are expected to propel the demand for market over the forecast period.


COVID-19 Impact Analysis


The market for humic acid has been impacted due to the COVID-19 pandemic. Several governments across the globe have imposed lockdowns to limit the spread of the virus, which resulted in the shutting down of businesses and the ceasing of several economic activities. For instance, according to the International Monetary Fund's 2020 report, the economy has contracted sharply by 3.0% in 2020. However, increasing demand for medicines and a variety of acids and chemicals to conduct trials of vaccines increased the demand for humic acid across the pharmaceuticals sector.


Humic Acid Market Dynamics


Humic acid is the most chemically active compound and contains several essential phytochemical groups, such as hormones, polyphenols, ketones, fatty acids, and natural sterols. These phytochemical groups and subgroups are predicted to increase product demand as a valuable and promising anti-cancer nutrient. The acid fosters electrochemical balance among vital body cells, which is projected to boost demand as an electrolyte over the forecast period. Moreover, other important acid properties, such as enhancing microbial activity, increasing soil fertility, reducing fertilizer run-off, and improving water retention, are expected to drive industry growth further. Its salts, known as humates, are increasingly being used to reduce toxic effects from heavy metals, pesticides, and herbicides, among several others.


Market Drivers




  • Huge demand from the agriculture sector




The growing humic acid uses in the agriculture sector to enhance soil quality and improve crop yield, increase usage of organic fertilizers and soil supplements, and growing applications of humic acid in ecological bioremediation practices, such as wastewater treatment, are among the major factors accounting for the market growth during the forecast period. The growing use of an ingredient called DC antiglycation, a unique combination of humic acid, butylene glycol, water, and Olea Europaea (olive) fruit extracts – in the cosmetics industry owing to its antioxidant, anti-aging and skin-firming properties is another factor fueling the growth of the market.


Market Restraints




  • Lack of awareness among farmers




In a substantially populated country like India and many other Sub-Saharan African countries where agriculture is one of the major industries, farmers lack awareness or knowledge of natural growth boosters. Instead, the farmers choose artificial fertilizers in a greedy way to get more crops in less time, polluting the environment.




  • Side effects associated with humic acid




Various health consequences associated with humic acid are among the major factors anticipated to restrain the  market to a significant extent. Extreme intake of humic acid in the form of dietary supplements could create the immune system in the human body hyperactive, directing to risks of auto-immune diseases, including lupus (systemic lupus erythematosus), multiple sclerosis (MS), rheumatoid arthritis (RA), or various other conditions.


Market Opportunities




  • Increasing need for organic fertilizers and bio-stimulant




Increasing the need for bio-stimulants and organic fertilizers will also act as an opportunity for the market ly. Bio-stimulants can reduce the need for fertilizers by increasing plant growth, abiotic stresses, and water resistance. Humic acid is used for the production of natural biostimulants. The prevalence of biostimulants in farming is linked to the possibility of increasing yields without having to stop producing ecological crops. Numerous scientific research has found that biostimulants have a significant favorable influence on yielding plants.


Humic Acid Market Segmentation


Applications Insights


The  humic acid market segmentation, based on applications, is agriculture, animal feed, dietary supplement, ecological remediation, and pharmaceuticals. The  humic acid market growth was prominently high under the agriculture category in 2021 due to the growing availability of the product in the forms of humic acid fertilizer, sodium humate, ammonium humate, and potassium humate, and raising awareness of the chemical and biological, and economic benefits of the product. However, ecological remediation was the fastest growing category in the coming years as it improves and optimizes the uptake of nutrients and water holding capacity.


Global Humic Acid Market Share, by Region, 2021 (%)Humic Acid Market Share, by Region, 2021Humic Acid Market Overview by Region


By region, the humic acid market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.


North America


North America dominated the market share in 2021 due to rising demand for bio-stimulants and biocatalysts in the agriculture sector for improved crop yield, increasing consumption of organic foods, rising consumer awareness about health & fitness, and increasing demand for nutritional supplements are among the key factors driving the North America market growth. Increasing horticulture activities and the growing use of organic ingredients in animal feed are other factors driving the region's market growth.


Asia-Pacific


Asia-Pacific accounted for the second-largest market share in the  market in 2021.Agriculture is a major livelihood source for nearly 60% of India's population, one of Asia-Pacific's emerging countries. Surging demand for organic and chemical-free fertilizers and pesticides, increasing exports & imports of agricultural products, rising government investments in the agricultural industry and stringent regulatory policies for agricultural practices are major contributors to the region’s market growth. Furthermore, the pharmaceutical industry in China is one of the largest in the world. The country produces generics, therapeutic medicines, active pharmaceutical ingredients, and traditional Chinese medicine. More than 90% of the drugs registered in the country are generic.


Humic Acid Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have  reach with diverse product portfolios. Companies such as The Andersons, Inc., Daymsa, Black Earth Humic LP, Biolchim S.p.A, Faust Bio-Agricultural Services, Inc., and Humintech GmbH dominate the  market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, joint ventures, product introduction, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in September 2022, Paine Schwartz Partners announced that it had completed a second strategic investment through Paine Schwartz Food Chain Fund VI ("Fund VI") in Humic Growth Solutions, a leading developer of humic acid products with a strong manufacturing footprint across the United States and Canada.


Prominent players in the  humic acid market research include Agbest Technology Co., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., and 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, SA, and Saint Humic Acid. among others.


Scope of the  Humic Acid Market Report


Applications Outlook




  • Agriculture




  • Animal Feed




  • Dietary Supplement




  • Ecological Remediation




  • Pharmaceuticals




Region Outlook




  • North America




    • US




    • Canada




    • Mexico






  • Europe




    • UK




    • Germany




    • France




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific




    • China




    • India




    • Japan




    • Australia and New Zealand




    • Rest of Asia-Pacific






  • Rest of the World




    • South America




    • Middle East




    • Africa






Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Humic Acid Market Forecast & Size


To identify and estimate the market size for the  humic acid market segmentation by application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of  humic acid market forecast between 2022 and 2030


Market Landscape and Trends


To identify and infer the drivers, opportunities, restraints, and challenges in the  humic acid market growth


Market Influencing Factors


To find out the factors which are impacting the  humic acid market size among consumers


Impact of COVID-19


To identify and understand the several factors involved in the market affected by the pandemic as per the  humic acid market report


Company Profiling


To provide a detailed insight into the key companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, recent developments, product offerings, SWOT analysis, and key strategies.


Intended Audience




  • Humic Acid Manufacture




  • Raw material suppliers




  • Retailers, wholesalers, and distributors




  • Governments, associations, and industrial bodies




  • Agriculture industry





Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 973.06 Mn
  CAGR   12.42% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units    Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Application
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Agbest Technology Co., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., Everwood Farm Nutri-Tech Solutions Pty. Ltd, Agriculture Solutions Inc., and Humic Growth Solutions, Inc.,
  Key Market Opportunities   Increasing need for organic fertilizers and bio-stimulant
  Key Market Drivers   Huge demand from the agriculture sector


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Frequently Asked Questions (FAQ) :

The  humic acid market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~12.42% over the next 10 years, according to the  humic acid market research.

Asia-pacific is expected to register the highest CAGR during 2022 - 2030

North America held the largest share in 2021

The market size is expected to be USD 973.06 Mn by 2030.

Agbest Technology Co., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., Everwood Farm Nutri-Tech Solutions Pty. Ltd, Agriculture Solutions Inc., and Humic Growth Solutions, Inc. are the major companies operating in the market.