Source: Global Market Insights news release
The global humic acid market was valued at USD 631 million in 2023 and is estimated to grow at a CAGR of 10.4% to reach USD 1.53 billion by 2032, according to recent report by Global Market Insights Inc.
This growth is attributed to the expanding applications of humic acid across various sectors, including agriculture, horticulture, landscaping, and environmental remediation. Its role as a soil conditioner and fertilizer not only enhances soil fertility but also boosts plant health. Furthermore, the surging demand for organic farming largely driven by consumer preferences for chemical-free produce acts as a catalyst for the market’s expansion. As organic farming practices gain traction, the pivotal role of humic acid in enhancing soil structure and promoting sustainable agriculture underscores its burgeoning market size.
The humic acid market is segmented based on application and region.
The agriculture segment has shown significant growth. In 2023, this segment accounted for USD 361.8 million and is projected to reach USD 891.8 million by 2032. This growth is fueled by the prevalent use of humic acid as a soil enhancer and plant growth stimulant. Its ability to boost nutrient absorption, enhance water retention, and improve overall soil health renders it invaluable for crop production. The global shift towards sustainable and organic farming practices amplifies the demand in this sector.
In addition to agriculture, humic acid finds applications in horticulture, landscaping, and environmental remediation. In horticulture, it improves plant growth and resilience, making it a preferred choice for gardeners and commercial growers. Landscaping professionals use humic acid to enhance soil quality and promote healthy plant development in urban and suburban settings.
Regionally, North Americas humic acid market was valued at USD 236.9 million in 2023, with projections set at USD 570.7 million by 2032. This growth is driven by the region’s advanced agricultural practices and a pronounced emphasis on sustainability. North America’s expansive agricultural operations, coupled with a rising trend in organic farming, bolster the demand for humic acid as a vital soil amendment and nutrient enhancer. Additionally, heightened investments in agricultural technology and a growing environmental consciousness further fuel market expansion.
Europe also represents a significant market for humic acid, driven by stringent regulations on chemical fertilizers and a strong push towards organic farming. The European Union’s policies favor sustainable agricultural practices, which in turn, boost the demand for humic acid. Countries like Germany, France, and Italy are at the forefront of adopting humic acid in their farming practices.
In the Asia-Pacific region, the humic acid market is growing rapidly due to increasing agricultural activities and a shift towards organic farming. Countries such as China and India are investing heavily in sustainable agriculture to meet the rising food demand and address environmental concerns. The adoption of humic acid in these countries is expected to rise significantly during the forecast period.
Major players operating in the humic acid industry include Agbest Technology Co., Limited, Agriculture Solutions Inc., Black Earth Humic LP, Biolchim S.p.A., Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd., Daymsa, Everwood Farm, Faust Bio-Agricultural Services, Inc., Grow More, Inc., Humintech GmbH.
