The Humic Acid Market Is Estimated To Witness High Growth Owing To Increasing Soil Nutrient Demand
Humic acid is a complex organic material found naturally in soil and derived substances including peat, coal, and other humic deposits. Humic acid improves soil nutrient value, increasing crop yields and stimulating plant growth when used as fertilizer and soil conditioner. Key applications of humic acid include agriculture, horticulture, ecological bioremediation. The global humic acid market is estimated to be valued at US$ 1144.3 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Humic Acid Market is driven by increasing soil nutrient demand from the agriculture industry globally. As per the United Nations Food and Agriculture Organization, the world population is expected to reach nearly 10 billion by 2050 putting pressure on global food supply. This is increasing focus on augmenting agricultural yields through effective soil management practices and fertilizers. As humic acid enhances nutrient uptake and retention in soil, its demand from farmers is growing. Another key driver is rising application in horticulture and landscaping. Humic acid based fertilizers and nutrients are increasingly used for lawns, gardens, potted plants etc for ensuring healthy plant growth. This is expanding opportunities in non-agricultural sectors.
SWOT Analysis
Strength: Humic acid contains many nutrients that can improve soil health and plant growth. It helps retain moisture in the soil and encourages more robust root development. It also improves nutrient uptake, allowing plants to derive more benefits from fertilizers.
Weakness: The composition and properties of humic acid extracts can vary depending on their source and manufacturing process. This inconsistency makes standardized dosage recommendations more difficult. It may also take time to see effects as humic acid works gradually to condition the soil over multiple growing seasons.
Opportunity: Many organic farmers and gardeners are looking for all-natural soil amendments to replace chemical fertilizers. The use of humic acid extracts is growing in popularity as a sustainable option for boosting soil fertility and plant nutrition. Commercial agriculture could explore using humic acid supplements to boost crop yields while reducing dependence on synthetic inputs.
Threats: Alternative organic soil amendments like compost teas are increasingly marketed as more beneficial and multifunctional than humic acids alone. Strict regulations and certification standards for organic products may limit certain extraction and processing methods for humic acid supplements.
Key Takeaways
The global Humic Acid Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis shows that North America currently dominates the market and is expected to remain the fastest growing region due to widespread use in agriculture and gardening. Europe and Asia Pacific are also major markets with increasing adoption in various applications such as fertilizers, agriculture, and soil conditioners.
Key players operating in the humic acid market are Adobe Stock, Getty Images, Alfa Chemistry, Aquatrols, BioOrganic Concepts, Humintech, Humic Growth Solutions, Omnia Specialities Australia, Canadian Humalite International, and GTPL Himalaya. While Adobe Stock and Getty Images supply stock images, the others are key manufacturers and suppliers of humic acid products. Humintech and Humic Growth Solutions focus on developing humic-based formulations for the agriculture industry.
For more insights, read- https://www.pressreleasebulletin.com/humic-acid-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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