Global Humic Acid Market to Reach US$ 1,240.4 Million by 2027; Organic Farming Trends Driving the Market Growth, Says Coherent Market Insights (CMI)
/EIN News/ -- SEATTLE, July 07, 2021 (GLOBE NEWSWIRE) -- The global humic acid market was valued at US$ 623.5 million in 2020 and is expected to exhibit a CAGR of 11.7% during the forecast period (2021-2027).
Key Trends and Analysis of the Global Humic Acid Market:
Humic acid is the final constituent obtained by the decay of animal and plant materials. These acids are complex molecules that exists in oceans, soils, peats, and others. This acid provides essential nutrients such as iron to the soil that it can improve the crop yield and reduce the usage of pesticides and fertilizers.
Moreover, the ability of humic acid to hold more water is expected to trigger its demand across the agriculture sector. Humic acid is also considered as the most chemically active compound that contains various phytochemical groups such as polyphenols, hormones, fatty acids, and ketones. Thus, humic acid is used for growing a variety of vegetables and fruits such as olives, potatoes, grapes, and others.
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Moreover, its salt, prominently known as humates is generally used to curtail the toxic effects of pesticides and metals on plants. Furthermore, the adoption of humic acid in the production of dietary supplements is gaining traction across the globe. This can be attributed to the fact that humic acid helps in repairmen, regeneration, and restoration of cells to improve the brain function of individuals. A report published by the U.S. Pharmacopeia Convention in February 2016, stated that the dietary supplements market across the globe is expected to generate a revenue of US$ 180 billion by 2020. Thus increasing demand for dietary supplements is further expected to propel demand of humic acid in the upcoming years.
Key Market Takeaways:
The global humic acid market is expected to exhibit a CAGR of 11.7% over the forecast period (2021-2027). The shifting inclination towards natural and organic farming to get more yield from a limited area of land and to safeguard plants from hazardous chemicals is driving the market growth of humic acid across the globe. Moreover, strict regulations imposed by various statutory governing authorities over the usage of toxic chemicals in farming to reduce carbon footprints is further expected to fuel the market growth. For instance, the U.S. EPA has developed the Emergency Planning and Community Right-to-Know Act (EPCRA) in 1986 to curtail the usage of hazardous chemicals in the agricultural sector.
Humic acid assists in neutralizing the pollutants from a contaminated site, and thus is being adopted for ecological remediation purposes. Moreover, the ability of a humic substance to enhance the abiotic and biotic degradation of pesticides, polyaromatic hydrocarbons (PAH), and phenols is contributing towards its usage for ecological remediation purposes.
Competitive Landscape:
Major players operating in the global humic acid market include Faust Bio-Agricultural Services, Humic Growth Solutions, Inc., Italpoliina S.p.A., LaboratoiresGoemar SAS, Koppert B.V., Sikko Industries, Black Earth Humic, Changsha Xian Shan Yuan Agriculture, Agbest Technology, Nature's Lawn & Garden, Humintech, Everwood Farm, Daymsa, and WinField Solutions.
Key players are focusing on implementing strategies such as acquisitions and mergers to gain a competitive edge in the global market. For instance, in July 2020, a prominent Canada-based humic acid manufacturer named Black Earth Humic gained acquisition over Canada-based Humalite International Inc., a well-known manufacturer, and supplier of high-quality humic compounds. This acquisition has assisted Black Earth Humic to strengthen its customer base across the globe, especially in North America.
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Market Segmentation:
-
Global Humic Acid Market, By Application:
- Agriculture
- Animal Feed
- Ecological Remediation
- Dietary Supplements
- Pharmaceuticals
- Others
-
Global Humic Acid Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Middle East
- Africa
- North America
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About Us:
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