The Global Humic Acid Market Growth Accelerated by Wide Applications in Agricultural Sector

 


Humic acid products offer various benefits such as higher nutrient uptake, enhanced plant growth and yield, increased soil microbial activity. They are widely used in horticulture and agriculture sectors to improve soil fertility and structure.

The global humic acid market is estimated to be valued at US$ 1318.24 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for organic farming is one of the key trends driving the growth of the humic acid market. Humic substances help to create a fertile soil environment for organic farming by enhancing nutrient availability to plants. They aid in sustainable farming practices by improving soil health. This trend has led to an increase in adoption of humic acid products by organic farmers globally. Further, the rising consumer preference for chemical-free food products has also augmented the demand for organic produce grown using humic acid as fertilizer and soil conditioner. This upswing is expected to continue and fuel the market growth over the forecast period.

Segment Analysis

The Global Humic Acid Market Size is segmented in terms of form, type, application and region. By form, the dry segment dominated the market in 2021 as dry humic acid is easier to handle, store and transport. However, the liquid segment is expected to witness higher growth during the forecast period due to increasing demand from agriculture and horticulture industry.

By type, the next generation humic acid type is expected to be the fastest growing segment during the forecast period. Next generation humic acid offers improved effectiveness by increasing nutrient uptake, microbial activity and plant growth. Its rising demand from horticulture and agriculture is driving the growth of this segment.

Key Takeaways

The global humic acid market is expected to witness high growth during the forecast period. The global humic acid market is estimated to be valued at US$ 1318.24 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis

The Asia Pacific region dominated the global humic acid market in 2021 and is expected to remain the fastest growing regional market during the forecast period. Countries like China, India are witnessing rapid growth in agricultural production and area under cultivation which is increasing the use of humic acid as fertilizer and soil conditioner. North America and Europe are other major markets for humic acid due to widespread application in horticulture and agriculture industry.

Key players

Key players operating in the humic acid market include Adobe Stock, Getty Images, Visual China Group (VCG), Shutterstock, 123RF,Agence France Presse (AFP), Agefotostock, Alamy, AP Images, Artlist, Coinaphoto, Depositphotos, Dissolve, Dreamstime, East News, Envato, Fotosearch, ImagineChina, Masterfile, The Mega Agency, Newscom, Photofolio, Pixta, Pond5, PR Photos, Redux Pictures, Reuters Images, SilverHub Media, Stocksy, SuStock Videotock, Imagesbazaar, Videvo, PEXELS, NHK Video Bank, Nippon News, Motion Array, Storyblocks, WENN, and ZUMA Press. Leading players are focusing on expanding their production facilities and distribution networks to cater to the growing demand for humic acid especially in developing regions.

 

Get More Insights On This Topic: https://www.pressreleasebulletin.com/humic-acid-market-size-share-analysis-2023-2030/

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