The global humic acid market size was estimated to be valued at USD 550 million in 2021. It is forecast to reach USD 1465 million by 2030, registering a CAGR of 12% during the forecast period (2022–2030). The Asia-Pacific region is expected to witness the fastest growth over the forecast period and was valued at USD 95 million in 2021. It is forecast to reach USD 272 million by 2030, registering a CAGR of 12% during the forecast period.
New York, United States, June 28, 2022 (GLOBE NEWSWIRE) -- Humic acids are brown-black polymeric acids derived from plants found all over the Earth's surface. Humic acids are a class of chemicals that bind to the root system and assist them in receiving water and nutrients, adding to soil fertility. High humic acid content can significantly boost yields. A lack of humic acid can prohibit farmers and gardeners from cultivating nutritious crops.
Furthermore, humic acids are critical as a medium for transferring nutrients from the soil to the plant because they can hold onto ionized nutrients, prohibiting them from draining away. Although humic acids bind firmly to soils, are prone to microbial decomposition, and have a long half-life in the soil profile, they are depleted from soils by wind and water erosion and leaching. As a result, it is critical to replenish them to maintain and improve soil fertility.
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Huge Demand from the Agriculture Sector to Drive the Global Humic Acid Market
The world's growing population would continue to use more agricultural goods for food, feed, and industrial needs. Over the next decade, much of the extra food demand will come from rapidly growing populations in Sub-Saharan Africa, South Asia, the Middle East, and North Africa. The most crucial driver driving the anticipated increase in food use of staple products is population increase, which is estimated to be strongest in Sub-Saharan Africa and South Asia.
Furthermore, global food production must quadruple by 2050 to meet population growth and changing eating choices. Moreover, it must deal with the impacts of climate change on biodiversity, soil and water health, and global market needs. Consequently, the agriculture sector will consume a sizable portion of the humic acid market in the future years.
Increasing Need for Organic Fertilizers and Bio-stimulant to Provide Opportunities for the Global Humic Acid Market
The continued growth of bio-stimulants and organic fertilizers would deliver an opportunity for the worldwide humic acid industry. Bio-stimulants are compounds that can reduce the demand for fertilizers by improving plant growth, tolerance to abiotic stressors, and water resistance. Humic acid is utilized to create natural biostimulants. The popularity of biostimulants in agriculture is linked to the ability to acquire larger yields without stopping producing ecological crops. Thus, as the need for sustainable farming techniques develops, so will the demand for humic acid-based biostimulants during the next decade.
The organic food industry's expansion is predicted to drive demand for organic fertilizers and bio-stimulants. The organic sector has expanded at a healthy rate, particularly in Europe and North America, which will benefit the market under consideration. Biostimulants are frequently employed in the production of cereals, fruits, and vegetables. Furthermore, demand in the North American region is being pushed by expanding organics networks in the country. Moreover, there is a growing awareness among farmers in the Asia-Pacific region, which will serve as another potential for the humic acid market. There is also policy assistance from various countries, which will benefit the market.
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Impact of the COVID-19
During the COVID-19 pandemic, the United States, Brazil, India, Russia, France, and South Africa were the most afflicted countries. Given the circumstances, COVID-19 has been designated a pandemic, and governments worldwide enacted complete lockdowns based on the scenario in their countries. According to the World Bank, farming provides a living for 80 percent of the world's impoverished who live in rural areas. Furthermore, at the local level, in markets, particularly in nations already impacted by hunger and other crises, some food product prices are rising, owing to local logistical issues or import challenges.
COVID-19 has hit when famine and malnutrition are on the rise. People who suffer from hunger or chronic malnutrition cannot fulfill their dietary needs - intake enough calories to live everyday, active life for an extended period. This has long-term consequences for their development and continues to be a setback to worldwide attempts to achieve Zero Hunger.
The food and Agriculture Organization of the United Nations (FAO) is concerned about the medium and longer-term consequences of the pandemic. The impact of COVID-19 on businesses would cause a significant decline in all economies, particularly the most vulnerable ones, and make countries, particularly food import-dependent countries, suffer from having the obligatory resources to buy food. As a result, the above factors influenced the humic acid market's growth during the pandemic.
By region, the global humic acid market is divided into Europe, Asia-Pacific, North America, South America, the Middle East, and Africa. Europe accounted for the largest share and was valued at USD 224 million in 2021, and it is forecast to reach USD 582 million by 2030, registering a CAGR of 11% during the forecast period. In Europe, Germany has the largest economy, and approximately half of the land in Germany is utilized for agriculture. It is the world's third-largest exporter of agricultural goods. Animal feed producers in Germany include Deutsche Tiernahrung Cremer GmbH & Co. KG, Worlée, and Kiwa, among others. As the number of animal feed firms in the country grows, so will the need for humic acid over the projection period.
The Asia-Pacific region is expected to witness the fastest growth over the forecast period and was valued at USD 95 million in 2021. It is forecast to reach USD 272 million by 2030, registering a CAGR of 12% during the forecast period. In the Asia-Pacific region, China has the world's largest economy. Furthermore, China has one of the world's major pharmaceutical industries. The Chinese Ministry of Agriculture and Rural Affairs estimates that the animal feed market was worth more than CYN 291.83 billion (USD 45 billion) in 2019. Such a large market size emphasizes the scale of the country's animal feed additives business, which might be linked to the country's significant prospective demand for humic acid. Because of the factors mentioned, the humic acid market in the country is expected to develop throughout the forecast period.
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The global humic acid market was estimated to be valued at USD 550 million in 2021, and it is forecast to reach USD 1465 million by 2030, registering a CAGR of 12% during the forecast period (2022–2030).
By form, the market is divided into powdered, granular, and liquid. The powder segment accounted for the largest share and was valued USD 350 million in 2021. It is forecast to reach USD 1040 million by 2030, registering a CAGR of 12% during the forecast period.
By application, the global humic acid market is divided into agriculture, animal feed, pharmaceuticals (includes dietary supplements), horticulture (gardening), and other applications. The agriculture segment accounted for the largest share and was valued USD 365 million in 2021. It is forecast to reach USD 934 million by 2030, registering a CAGR of 11% during the forecast period. The horticulture segment is expected to witness the fastest CAGR of 12% over the forecast period.
Top Key Companies
Agbest Technology Co. Limited
Black Earth Humic
Daymsa (DESARROLLO AGRICOLA Y MINERO SA)
Humic Growth Solutions Inc
JILOCA INDUSTRIAL SA
Saint Humic Acid
The Anderson Inc
Xian Shan Yuan
Global Humic Acid Market: Segmentation
Pharmaceuticals (Includes Dietary Supplements)
Middle East and Africa
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TABLE OF CONTENT
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Humic Acid Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
188.8.131.52 North America
184.108.40.206 Central and South America and the Caribbean
220.127.116.11 The Middle East and Africa
5 Form Overview
5.1.1 Market Size & Forecast (Value & Volume)
5.2.1 Market Size & Forecast (Value & Volume)
5.3.1 Market Size & Forecast (Value & Volume)
5.4.1 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1.1 Market Size & Forecast (Value & Volume)
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Animal Feed
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Pharmaceuticals (Includes Dietary Supplements)
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Horticulture (Gardening)
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Other Applications
6.6.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.6 Rest of Central and South America and the Caribbean
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.5 The U.K.
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.8 The Rest Of Middle East
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Agbest Technology Co. Limited
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.4 ARCTECH Inc
8.5 Black Earth Humic
8.6 Cifo SRL
8.7 Daymsa (DESARROLLO AGRICOLA Y MINERO SA)
8.8 Humic Growth Solutions Inc
8.10 JILOCA INDUSTRIAL SA
8.11 Saint Humic Acid
8.12 The Anderson Inc
8.13 Xian Shan Yuan
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
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Recent Developments by Key Players
In July 2020, Black Earth Humic announced that it had completed the acquisition of the Canadian company Humalite International. This led to the strengthening of Humalite's products produced in North America.
In February 2020, Humic Growth Solutions Inc. started a new plant in Shelby, Montana, the United States, which is likely to enhance the production of humic acid.
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