The humic acid market comprises various naturally occurring dark acid compounds that are derived through decomposition of plant and animal matters. Humic acid improves soil fertility and water retention capacity, stimulates microbial growth, and enhances crop yields. Rising awareness about benefits of humic acid in improving soil health and plant nutrients has increased its usage in agricultural sectors.
The Global Humic Acid Market is estimated to be valued at US$ 1318.24 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Humic Acid Market Demand 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.
The growing demand for organic foods and sustainability initiatives in agricultural practices have increased the usage of humic acid as plant growth enhancer and soil conditioner. Farmers are increasingly using humic acid to improve yields while adopting environment-friendly practices.
Major manufactures are expanding globally through collaborations and strategic partnerships to cater to the high demand from agricultural and farming sectors. Countries with large agricultural lands like the US, Brazil, India, and China offer lucrative opportunities for humic acid market.
Market key trends
One of the prominent trends driving the humic acid market is the increasing organic and sustainable agricultural practices globally. Concerns around the environment impact of conventional farming and need for eco-friendly alternatives have raised adoption of organic fertilizers and soil additives like humic acid. Governments and international bodies are supporting sustainable agriculture through subsidies and promoting practices like organic farming. This has positively impacted the demand for humic acid. Another key trend is extensive research and new applications development in non-agriculture sectors. Humic acid is being studied for usage in construction, cosmetics, healthcare and waste treatment owing to its soil conditioning and nutrient supplying properties. These new adpotion avenues are likely to further propel the humic acid market growth in coming years.
Porter’s Analysis
Threat of new entrants: The Humic Acid Market requires significant R&D investments and has well-established players. This poses high entry barriers for new players.
Bargaining power of buyers: The humic acid market has multiple global players. This gives buyers higher bargaining power in terms of price and quality.
Bargaining power of suppliers: Key raw materials for humic acid like lignite and peat are abundantly available. This gives suppliers lower bargaining power.
Threat of new substitutes: There are limited substitutes for humic acid in applications like agriculture, soil enrichment etc. Threat from substitutes is low.
Competitive rivalry: The global humic acid market is consolidated with few global players. Intense competition exists in terms of product quality, pricing and innovation.
Geographical Regions
North America region accounts for the largest share in the humic acid market owing to rising agriculture and landscaping activities. The United States dominates the regional market.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing demand from agriculture, gardening and construction industries is driving the market in countries like China and India. Rapid urbanization is also supporting the regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it