Humic Acid Market is Expected to Clock a Notable CAGR of 6.1%and Reach USD 1.06 billion by 2032
According to a new report by Reports and Data, the global Humic Acid market is expected to reach USD 1.06 billion by 2028. The market growth is primarily attributed to the growing demand for humic acid from various applications and the increasing adoption of organic farming globally. Agricultural centers across the world have been experimenting on the effect of humic acid on plants. Based on the available literature, humates have been found to influence crop yields by improving soil texture, water retention, and nutrient buffering capacity.
Europe is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.4% in the forecast period due to the large-scale growth of crops, fruits & vegetables, and experiments measuring the effect of humic acid in this region. Humic acid application across these crops is expected to enhance root-shoot growth, promote microbial activity, improve water-retention capacity and nutrient absorption by plants. Moreover, the pharmaceutical segment is projected to be one of the fastest growing applications of humic acid, anticipated to grow at a CAGR of 5.7% in the forecast period. Humic acid is used for the treatment of various diseases such as musculoskeletal disorders, gynecological problems, and skin treatment.
The adoption of humic acid in organic farming is expected to play a major role in improving the health of consumers worldwide. Key players in the humic acid market 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 leading technology company for humic acid-based products with a consumer base in almost 70 countries.
Reports and Data have segmented the global Humic Acid market on the basis of type, application, and region for the purpose of the report. The report provides key findings such as the anticipated growth of the pharmaceutical segment and the projected adoption of humic acid in animal feed production, which is expected to stabilize the feces consistency of animals.
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Humic Acid Market: Drive factors
The humic acid market is being driven by various factors, including the increasing demand for humic acid from different applications, such as agriculture, industrial, animal feed, and pharmaceutical. Furthermore, the adoption of organic farming practices worldwide is also fueling market growth. Agricultural centers are experimenting with the effect of humic acid on plants and finding that it improves soil texture, water retention, and nutrient buffering capacity, resulting in increased crop yields. In Europe, where a number of crops and fruits are grown on a large scale, humic acid application is expected to enhance root-shoot growth, promote microbial activity, improve water-retention capacity, and increase nutrient absorption. The pharmaceutical segment is anticipated to be one of the fastest-growing applications of humic acid, with humates being used to treat gastric, intestinal, hepatic, musculoskeletal, gynecological, and skin diseases. The adoption of humic acid in animal feed is also expected to increase due to the growing incidence of gastrointestinal and zoonotic diseases, leading to improved nutrient utilization and stabilized feces consistency in animals. Key players in the humic acid market include Nutri-Tech Solutions, Humintech GmbH, Humic Growth Solutions, Omnia Specialities, Canadian Humalite International, Grow More, AMCOl International, and Jiloca International S.A.
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