Humic Acid Market Key Players and Forecast by 2030

[Research Report] The humic acid market size was valued at US$ 1,144.11 million in 2022 and is projected to reach US$ 2,640.11 million by 2030; it is expected to register a CAGR of 11.0% from 2022 to 2030.

Market Insights and Analyst View:

Humic acid is a natural organic compound derived from decomposed plant and animal matter. It is commonly found in soil, peat, and coal deposits. Humic acid is a complex mixture of organic molecules that contains a variety of functional groups, including carboxylic acids, phenols, and quinones. The global humic acid market is expected to grow at a significant rate over the next few years. The increasing demand for organic food and sustainable agriculture practices are driving the growth of the humic acid market. Humic acid has been shown to improve soil fertility, increase crop yields, and enhance plant growth and health. These benefits are driving the demand for humic acid across the agriculture and horticulture sectors.

Growth Drivers and Challenges:

Humic acid has been proven to stimulate root and shoot growth, leading to increased biomass production. It promotes the development of lateral roots, improves nutrient uptake efficiency, and enhances plant metabolism, in turn, resulting in high yields and better-quality food products. Humic acid also improves soil structure, increases water-holding capacity, enhances nutrient retention, and promotes the growth of beneficial microorganisms, which leads to improvements in soil conditions through better nutrient availability and uptake. As a result, the demand for humic acid-based fertilizers, soil amendments, and biostimulants, among others, is increasing. According to the United Nations, the global population is expected to rise by ~2 billion in the next 30 years; it would surge from 8 billion in 2022 to 9.7 billion by 2050. The population would further peak at ~10.4 billion in the mid-2080s. These stats have been alarming the agricultural sector about the subsequently increasing food demand. As a result, agriculturists across the world are focusing on modifying farming practices to obtain high yields from smaller cultivation areas. Thus, the need for fertilizers in farming, including humic acid-based ones, rises with a major focus on crop protection and yield enhancement in the agricultural sector.

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Humic Acid Market: Strategic Insights

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Report Segmentation and Scope:

The “Global Humic Acid Market” is segmented based on form, application, and geography. Based on form, the humic acid market is bifurcated into dry and liquid. The humic acid market, by application, is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The humic acid market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

In terms of form, the humic acid market is bifurcated into dry and liquid. In 2022, the dry humic acid segment held a larger market share, and it is projected to register a faster CAGR from 2022 to 2030. Dry humic acid, also called humates, is available in the form of flakes and granules. Humates are formed by rendering humic acids into a solid form through dehydration. Being the same compound in a different physical form, humates have similar benefits as liquid humic acids. The dry form of humic acid is often used as an additive in various nutraceutical supplements and organic fertilizers. Humates can decrease nitrogen present in the form of nitrate in agricultural produce. Humate powder acts as a natural soil fortifier and a plant growth stimulant. Dry humic acid is also easy to store and requires less transport costs compared to liquid humic acid.

Based on application, the humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. In 2022, the agriculture segment held the largest share of the humic acid market, whereas the dietary supplements segment is expected to register the highest CAGR during the forecast period. Humic acid improves the absorption of organic and mineral substances and retains water-soluble inorganic fertilizers. Farmers need fertilizers that enhance crop yield, which has become a priority across the world with growing efforts to meet the increasing food demand and decreasing agricultural land availability. Humic acid enhances soil fertility and crop yield with its natural oil-conditioning properties. It improves nutrient uptake, water retention, microbial growth, and soil structure. The humic acid application rate in agriculture and horticulture sectors is increasing rapidly as it helps to increase the crop yield at optimum cost. This factor is driving the humic acid water soluble fertilizers market across the globe.  

Regional Analysis:

In terms of geography, the humic acid market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, the humic acid market size for Europe accounted for the largest share, and Asia Pacific is estimated to register the highest CAGR during the forecast period. The governments of Asian countries are encouraging farmers to adopt sustainable agricultural practices by providing incentives and investing in research and development. Japan has set a goal to reduce chemical fertilizer and pesticide usage by 30% and 50%, respectively, by 2050. Similarly, Government of India is promoting biofertilizers through various schemes such as National Mission for Sustainable Agriculture (NMSA)/Paramparagat Krishi Vikas Yojana (PKVY), Rashtriya Krishi Vikas Yojana (RKVY), National Mission on Oilseeds and Oil Palm (NMOOP), National Food Security Mission (NFSM), and Indian Council of Agricultural Sciences (ICAR). The initiative by the Indian government is expected to drive the humic acid market in India over the forecast period.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the global humic acid market are listed below:

1. In October 2019, Humic Growth Solutions Inc. started a new production plant in Shelby, Montana, US, to enhance its humic acid production capacity.
2. In February 2023, The Andersons, Inc. launched a new line of granular micronutrients—MicroMark DG. These engineered plant nutrient products feature dispersing granule (DG) technology, resulting in homogenous spherical granules for easier blending and spreading, and, most importantly, for greater efficacy. The company offers humic acid products under this category.
3. In July 2020, Black Earth Humic completed the acquisition of Canadian Humalite International. This acquisition allowed the company to diversify its product portfolio, and to work on agriculture and applied humic innovations. After the acquisition, the company name was changed to Black Earth Products Inc.

Humic Acid Market Regional Insights

The regional trends and factors influencing the Humic Acid Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Humic Acid Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Humic Acid Market Report Scope

Humic Acid Market Players Density: Understanding Its Impact on Business Dynamics

The Humic Acid Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Humic Acid Market are:

1. AGBEST TECHNOLOGY CO LTD
2. Agriculture Solutions Inc
3. Black Earth Products Inc
4. AGRICULTURAL AND MINING DEVELOPMENT SA
5. Faust Bio-Agricultural Services Inc

Disclaimer: The companies listed above are not ranked in any particular order.

COVID-19 Impact:

The COVID-19 pandemic affected economies and industries in various countries across the world. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals & materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, and delivery schedules. Disruptions in the global supply chains led to shortages of raw materials, which hampered the production operations of various large-scale and small-scale humic acid manufacturers. The COVID-19 pandemic introduced various economic challenges, including trade barriers and tariffs, currency fluctuations, and regulatory challenges, which hindered the humic acid market growth in different regions. In late 2020 and early 2021, the humic acid market began reviving as governments of various countries took significant measures, such as well-coordinated vaccination drives. The resumption of agricultural and horticultural business activities and consumers’ shift toward organic food products propelled the demand for humic acid products in 2021, driving the humic acid market growth.

Competitive Landscape and Key Companies:

A few of the prominent players operating in the humic acid market include AGBEST TECHNOLOGY CO LTD, Agriculture Solutions Inc, Black Earth Products Inc, AGRICULTURAL AND MINING DEVELOPMENT SA, Faust Bio-Agricultural Services Inc, Humic Growth Solutions Inc, Humintech GmbH, The Andersons Inc, MYCSA Ag Inc, and Grow More Inc.