The Humic Acid Market is Estimated to Witness High Growth Owing to Rising Usage in Agricultural Sector
Humic acid is a key component of soil and compost that works to enrich the organic matter in agricultural lands. It helps improve soil fertility and water retention. Humic acid promotes overall plant growth by facilitating nutrient uptake. The global increasing focus on organic farming has created high demand for humic acid-based fertilizers and growth promoters.
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 Dynamics:
One of the key drivers for the growth of the Global Humic Acid Market Size is the rising usage of humic acid in agricultural sector. Humic acid improves soil quality and fertility which indirectly promotes the production and yield of key crops. It acts as a plant growth catalyst and supports nutrient transport in plants. As agricultural production rises to meet growing global food demand, the consumption of humic acid is projected to increase substantially during the forecast period. Further, the rising organic farmland worldwide is another driver as humic acid-based products are commonly used as organic fertilizers and soil conditioners in organic agricultural practices.
SWOT Analysis
Strength: Humic acid has several benefits for agricultural crops such as improving soil quality, increasing nutrient uptake, and enhancing plant immunity. It acts as a soil conditioner and microbial stimulator. Humic acid also finds uses in various industrial applications like wastewater treatment, metal extraction, and construction due to its ability to form complexes with metals and surfactants. This wide range of benefits in different sectors presents ample opportunities for market growth.
Weakness: The quality and composition of humic acid varies significantly depending on its source and manufacturing process. The lack of standardized testing and certification results in inconsistent product quality. Moreover, the higher production costs associated with extracting and processing humic acid from low-yield sources limit its widespread adoption.
Opportunity: The burgeoning global population and rising demand for food have increased the need for sustainable agricultural practices. The bio-stimulant properties of humic acid make it a viable organic alternative to chemical fertilizers. Its potential applications in construction chemicals and renewable energy industries also present untapped opportunities. Rapid urbanization in developing regions also drives the need for wastewater treatment where humic acid finds uses.
Threats: Stringent regulations pertaining to the use of mining and extraction processes can negatively impact supply availability. Technology advancements enabling precision farming and development of synthetic substitutes pose threats. Economic slowdowns affecting key end-use sectors also impact market demand. Fluctuations in raw material prices and climate change inducing extreme weather events remain challenges.
Key Takeaways
The global Humic Acid market is expected to witness high growth over the forecast period driven by factors such as rising popularity of organic farming practices and industrial applications. The market size valued at US$ 1318.24 Bn in 2024 is projected to reach over US$ 2000 Bn by 2031, registering a CAGR of 5.2% during the forecast period.
Regional analysis: North America currently dominates the global market owing to extensive agricultural and wastewater treatment industries in the region. However, Europe and Asia Pacific are emerging as high potential markets with rapid development of the agricultural sector. India and China in particular offer lucrative opportunities for Humic Acid suppliers with their large population base and arable land.
Key players: Key players operating in the Humic Acid market are 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. Major players focus on expansion in emerging regions through strategic
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