Humic acid is an organic compound that is derived from the decomposition of plant and animal materials. It helps enrich the soil quality and structure. Humic acid improves water retention and release nutrients to plants in a controlled manner. It is widely used in fertilizers, agricultural and horticultural industries. The global humic acid market is estimated to be valued at US$ 1144.3 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing applications of humic acid in agriculture is one of the key trends driving the growth of the humic acid market. Humic acid improves nutrient availability, water retention and crop yield when used as fertilizer or soil conditioner. It helps build up microorganisms in the soil which further enhances plant growth. The rising global population and decreasing arable land have increased agricultural activities. Humic acid based fertilizers are widely being adopted to maximize crop production from limited land areas. This is expected to significantly drive the demand for humic acid over the forecast period.
Segment Analysis
The global humic acid market is dominated by the agriculture segment. Humic acid when added to soil helps in increasing fertility and water retention. It acts as a coagulant that binds soil particles together allowing for better nutrient and water uptake by plants. As concerns around sustainability and organic farming increase, the demand for humic acid from the agriculture segment is expected to rise substantially during the forecast period.
Key Takeaways
The global Humic Acid Market Share is expected to witness high growth.
Regional analysis: The North America region currently dominates the global humic acid market and is expected to continue its dominance owing to high demand from agriculture and landscaping sectors in countries like the US and Canada. Rapid growth will be witnessed in the Asia Pacific region primarily driven by countries like China and India where adoption of organic farming is increasing at a tremendous rate.
Key players operating in the humic acid market are Adobe Stock and Getty Images. Adobe Stock is a leading brand known for its high quality humic acid products mainly used in agricultural applications. Getty Images is also a popular player worldwide supplying humic acid to various end use industries like farming, gardening etc.
For more insights, read- https://www.ukwebwire.com/humic-acid-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-
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