by Humic acid is an important organic molecule derived from humus which contributes to improving soils nutrition and fertility. It acts as a plant nutrient and helps increase microbial activity in the soil. The use of humic acid in agriculture is growing as it enhances crop yield and quality while reducing requirements for chemical fertilizers.
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 need for nutrients enhancement in agricultural soils is a key driver boosting the growth of the Global Humic Acid Market Size. As agricultural activities intensify to meet the rising food demand of the growing global population, soil fertility is declining in many parts of the world. Humic acid helps restore soil organic matter content and release locked-up nutrients in soil to promote plant growth. Its use allows decreasing reliance on chemical fertilizers for higher crop productivity in a sustainable way. The multi-functional plant nutrition and soil enrichment properties of humic acid are leading to its rising adoption globally.
SWOT Analysis
Strength: Humic acid has various agricultural and environmental benefits. It can improve soil fertility and plant growth.
Weakness: The extraction process of humic acid from lignite coal is expensive and involves the use of strong chemicals like sodium hydroxide.
Opportunity: The growing organic farming trend and emphasis on sustainable agriculture is increasing the demand for humic acid as an organic fertilizer.
Threats: Stringent environmental regulations around mining activities and availability of alternative organic fertilizers.
Key Takeaways
The global humic acid market is expected to witness high growth over the forecast period of 2024 to 2031. 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 suggests North America and Europe currently dominate the market due to widespread agricultural applications of humic acid as a soil conditioner and plant growth promoter.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
