The global Humic Acid market is expected to reach USD 1.06 billion by 2028, according to a new report by Reports and Data. Growing demand of humic acid from various applications coupled with increasing adoption of organic farming globally is a key factor influencing market growth.
Agricultural centers across the globe have been experimenting on the effect of humic acid on plants. According to available literature, the ability of soil to plant root growth does not depends only on the concentration of nutrients but also on its organic matter content, depth, texture, acidity and water-retention capacity. Based on results, humates have been found to influence crop yields by improving soil texture, water retention and nutrient buffering capacity
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Key participants include Nutri-Tech Solutions, Humintech GmbH, Humic Growth Solutions, Omnia Specialities, Canadian Humalite International, Grow More, AMCOl International and Jiloca International S.A. Humintech GmbH is a key player in the humic acid market. With a consumer base in almost 70 countries, the company has been ranked as the leading technology company for humic acid based products.
Europe is expected to grow at a CAGR of 6.4% in the forecast period. A number of crops and fruits vegetables, which have been experimented for measuring the effect of humic acid, are grown on a large scale in Europe. Some of these include grapes, pears, tomatoes, potatoes, wheat and maize. Application of humic acid across these crops is expected to enhance the root-shoot growth and promote microbial activity. Along with this, humates are also responsible for improving the water-retention capacity and absorption of nutrients by plants. Based on experiments, treatment of humic acid on grapevines led to an increase in plant growth and nitrogen and chlorophyll content in leaves (measured using SPAD values). Along with this, the size of the grapes also increased thereby implying an increase in total yield.
Further key findings from the report suggest
- Pharmaceutical segment is projected to be one of the fastest growing applications of the Humic Acid. It is anticipated to grow at a CAGR of 5.7% in the forecast period. Humates which are formed from peat have been used for the treatment of gastric, intestinal and hepatic diseases. Humic acid is generally used for musculoskeletal disorders, gynecological problems and skin treatment. Adoption of humic acid in organic farming is expected to play a major role in improving the health of consumers across the globe.
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- Europe is projected to grow significantly in the forecast period. Manufacturers of animal feed in Europe are also anticipated to adopt humic acid as an ingredient. Increasing gastrointestinal infections coupled with the growing incidence of zoonotic diseases in the region is likely to lead to an increase in adoption of humic acid. Adoption of humic acid for producing animal feed is expected to ensure an improved utilization of nutrients in animals thereby stabilizing the feces consistency of animals.
For the purpose of this report, Reports and Data have segmented global Humic Acid market on the basis of type, application and region:
Product Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Powdered Form
- Granular Form
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Animal Feed
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Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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