Market Overview

Humic Acid Market is high on demand and is slated to achieve a market score of USD 973.06 million by 2023 at a 12.42% CAGR by the forecast period.

Market Dynamics

The world's population continues to grow, resulting in a significant increase in food demand. The agriculture culture is increasing the use of organic matter such as humic acid to improve crop yield, soil quality, and other factors beneficial to long-term farming. In the long run, chemical pesticides and fertilizers have negative effects on crop yield and soil health, and they often result in soil positioning. As a result, farmers are increasingly using humic acid to enrich the soil and foster a healthy ecological balance, resulting in higher crop yields. The inconsistent quality of humic products in agricultural applications can stymie the global humic acid market's growth. Furthermore, excessive humic acid usage can have negative consequences for soil and plant development. However, growing applications in wastewater treatment and the use of humic acid as organic anodes for lithium and sodium ion batteries are expected to propel the market forward.

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The pandemic caused major changes in global marketing, one of which is the humic acid market. Thanks to global lockdown, the global economy was in a loss for a while. However, this pandemic brought with it a plethora of opportunities in this market. The COVID-19 has been discovered to have made the global population very health conscious, as people suddenly tended to consume and drink very fresh foods. It increases humic acid market demand, and the main drivers have strengthened their global supply chain as a result. Furthermore, according to the study, COVID-19 has wreaked havoc on the humic acid market by obtaining more customer demands. More main drivers are being employed in the humid acid sector in order to help reaching all of the countries' geographical regions.

Market segmentation

The humic acid market's segmental classification has been divided into various types like powdered humic acid, liquid humic acid, and granular humic acid. These humic acid markets have highly valued in the global market.

In the market segment, the humic acid market trends have been used dissimilarly in various applications such as animal feed, agriculture, dietary supplement, pharmaceuticals, ecological remediation, and others.

Regional Overview

The global humic acid market has been segmented into major regions which include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Among these, the humic acid market in North America has a 40 percent market share. The presence of the United States and Canada, both of which have a consumer-driven economy, has been a key driver of growth. Consumers are putting a strong demand for organic fresh produce as they become more health conscious and mindful of unhealthy farming practices, which is driving the demand for humic acid. Furthermore, the area's high disposable incomes are encouraging the growth of organic farming, which is good for the humic acid sector.

The European economy, which has a consumption pattern that is very close to that of the North American market, accounts for the second largest share of the market. As many countries on the European continent are known for their dairy products such as cheese and butter, the region has a high export of milk and dairy products. The European market is expected to be driven by the growing use of humic acid in animal feed to promote a healthy increase in milk production.

The Asia Pacific humic acid market is the fastest growing regional market. The Asia Pacific sector, which accounts for 19 percent of global market share, is expected to rise at a CAGR of 13.71 percent over the assessment period. Emerging economies with a strong agricultural component are well-represented in the region. Furthermore, rapid urbanization, industrialization, and continued population growth in the area have led to the use of humic acid to boost crop yields.

The increasing urban population, with its increased knowledge of organic produce and rising disposable incomes, is expected to have a positive effect on the humic acid industry. Other market regions with major agricultural activities, such as the Middle East and Africa and Latin America, support the humic acid market.

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Competitive Dynamics

MRFR has meticulously tracked the competition in the market to identify prominent market players present in the market. Market players included in the report are Humintech GmbH, Arihant Bio Fertichem Pvt. Ltd, Jiloca Industrial SA, Biolchim SpA, Minerals Technologies Inc, Shandong Chuangxin Humic Acid Technology Co. Ltd., Humic Growth Solutions Inc, Black Earth Humic, Saint Humic Acid, and Sikko Industries Limited.