IMARC Group, a leading market research company, has recently releases report titled “Humic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global humic acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the humic acid market?
The global humic acid market size reached US$ 603.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,063.8 Million by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
What is humic acid?
Humic acid is a natural organic substance derived from the decomposition of plant and animal matter and through the biological activities of microorganisms. Its sources include coal, lignite, soil, and organic materials. It is a complex mixture of various organic compounds that aid in promoting soil health and fertility by improving nutrient uptake, water retention, and overall soil structure. It facilitates the availability of essential minerals to plants and enhances their growth and productivity. Besides this, due to its ability to enhance soil fertility, stimulate root development, and boost plant resilience, humic acid is increasingly used in sustainable agricultural practices and organic farming methods.
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What are the growth prospects and trends in the humic acid industry?
The rise in global population and the subsequent need for higher food production are driving the adoption of humic acid in the agricultural sector. Additionally, the growing awareness about environmental sustainability and the impact of conventional agricultural practices on soil degradation and water pollution are influencing the market positively.
This, along with this shifting consumer preference towards environmentally friendly and chemical-free farming methods, is catalyzing the demand for humic acid. Additionally, the growing awareness about environmental sustainability and the impact of conventional agricultural practices on soil degradation and water pollution are influencing the humic acid market.
Humic acid aids in soil remediation and restoration by promoting the formation of stable soil aggregates, reducing erosion, and improving soil structure. Moreover, the increasing adoption of humic acid in horticulture, turf management, and landscaping applications is contributing to market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Form:
- Powdered
- Granular
- Liquid
Breakup by Sales Channel:
- Direct
- Indirect
Breakup by Application:
- Agriculture
- Animal Feed
- Pharmaceuticals
- Horticulture
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Agbest Technology Co. Limited, Arctech Inc., Black Earth Humic, Cifo Srl, Desarrollo Agrícola y Minero S.A., Humic Growth Solutions Inc., Humintech GmbH, Jiangxi Pingxiang Anhua Biotechnology Co. Ltd., Jiloca Industrial S.A. (JISA), Saint Humic Acid, The Andersons Inc. and Xian Shan Yuan Agriculture Technology Co. Ltd.
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