Pune, India, June 16, 2021 (GLOBE NEWSWIRE) --
The global humic acid market size is set to observe tremendous growth during the forecast period as several farmers are gradually shifting towards organic fertilizers after gaining knowledge about the harmful effects of chemical ones. Governments across the globe are introducing favorable policies to support organic farming so that the farmers do not just produce healthy agricultural crops but get a fair price for their yields as well. The encouragement received for organic farming has resulted in increased demand for humic acid in fertilizer production.
Top trends that will keep the humic acid market afloat over the coming years are given below:
Agriculture will increasingly adopt humic acid in Asia Pacific:
Asia Pacific humic acid market revenue will be worth $195 million by 2027. As mentioned earlier, humic acid will find increased application in agriculture. In fact, this segment in APAC market will expand at 13% CAGR over the coming years. Humic acid has several beneficial characteristics that help in improving the soil quality and producing high-quality crops. It provides nutritional value to the soil which in turn, helps it to effectively absorb water and other components that are vital for the plant’s growth.
It facilitates the germination of seeds in a better manner and starts microbial activities in the soil. It helps plants in their respiratory processes as a result of which their overall metabolism increases to a great extent. The compound helps raise the water-holding capacity of the soil and regulates its overall pH levels, thereby greatly benefiting farmers.
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COVID-19 impact on humic acid demand in Asia Pacific:
COVID-19 pandemic has left a great impact on the demand and sales of humic acid in Asia Pacific. This is because of the several restrictions imposed by the governments across the region. It has severely impacted the overall production of crops in several regional countries. The producers of humic acid have reduced their production capacity due to lack of raw materials and manpower, also affected by the demand. However, with the ease in restrictions and gradual reopening of various industries, this market is expected to pick up pace in the coming years.
Growth of agriculture sector in North America:
North America humic acid market size will reach $390 million during the forecast period of 2021-2027, thanks to the growing agriculture sector in the region. This sector in the U.S. contributed nearly 5% to the total national GDP in the year 2019. Agriculture Improvement Act was enacted in 2018 with the aim to promote the industry. With the help of this Act, the U.S. government announced that it would spend $1.8 billion during the period of 2019-2023.
It is being done with the objective of increasing crop insurance and providing its related benefits to farmers. However, the country has seen a steep decline in the number of farms over the years. This has forced farmers to work with limited space and yield high-quality crops at the same time, leading to rise in demand for humic acid-based fertilizers.
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Growing use of humic acid in horticulture in North America:
North America humic acid market size will expand thanks to the rise in horticulture activities. This field is witnessing rapid adoption among the regional population as it gives them a chance to indulge in their hobby of gardening. An increasing number of people are choosing to grow their own fruits and vegetables through organic farming which has made them do a lot of research on different types of ingredients that will be beneficial for soil and plant health.
Fields like pomology, floriculture and olericulture are gaining immense popularity among several consumers, leading to increased demand for humic acid as it acts as a biostimulant; and can be used to make organic fertilizers.
Canada’s farming sector drives humic acid consumption:
Canada will play an important role in the development of humic acid market in North America. The country’s governments are introducing various policies to support the agricultural activities taking place. The authorities announced a total investment of more than $50 million to promote the sector in 2019. The following year, it decided to increase its overall spending to $250 million with the aim of providing support to farmers and food businesses. This will further help them in growing high-quality crops, thereby leading to increased adoption of efficient fertilizers and other products.
Prevalence of organic farming in Europe:
Europe humic acid market will achieve valuation of more than $306 million by 2027. Organic farming will expand in size because of the increasing awareness about its benefits on the environment. The European Union, through its Farm to Fork plan, placed great emphasis on organic farming as a way to achieve the aims mentioned in the European Green Deal.
This scheme aims to use nearly 25% of the total agricultural land area for organic farming by 2030. It will lead to rise in demand for humic acid because this product helps in yielding crops that are healthier to consume as compared to the ones produced using only chemical fertilizers.
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Consumption of dietary supplements will increase in Europe:
Europe humic acid market share from dietary supplements application will record 11.5% CAGR through 2027 because humic acid is beneficial for human consumption to some extent. It has many advantages that promote overall well-being like boosting immunity, improved metabolism & digestion, better absorption of nutrients and providing protection to and repairing damaged skin.
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