IMARC Group, a leading market research company, has recently releases report titled “Humic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global humic acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the humic acid market?
The global humic acid market size reached US$ 603.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,063.8 Million by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
What is humic acid?
Humic acid is a naturally occurring organic material extracted from humus, the organic component of soil, peat, and coal. It is characterized by its high carbon and oxygen content and ability to hold water, which helps in enhancing soil fertility and plant growth. It is used as a soil amendment to improve soil structure, increase water retention, and stimulate plant growth. Additionally, it finds various applications in environmental remediation activities due to its ability to bind with heavy metals. It also aids pollution control and restoration efforts. Besides this, as it offers numerous benefits, including increased crop yield, enhanced soil health, and contributes to sustainable farming practices, the demand for humic acid is increasing worldwide.
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What are the growth prospects and trends in the humic acid industry?
The escalating global demand for organic food, spurred by growing health consciousness among consumers, represents one of the key factors positively influencing the market. This trend is motivating farmers to switch to organic farming practices, increasing the demand for organic fertilizers like humic acid. Moreover, rising awareness about the long-term harmful impacts of chemical fertilizers on soil health and the environment is leading to a shift towards eco-friendly farming practices.
Furthermore, the ongoing research and innovation in the field of sustainable agriculture, coupled with government initiatives promoting organic farming, are favoring market growth. Additionally, the application of humic acid in environmental restoration and wastewater treatment is gaining traction due to increasing global environmental concerns and stricter regulatory controls.
The emergence of bio-based, environmentally friendly humic acid products with low ecological impact aligns well with global sustainability goals and is contributing to market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Form:
- Powdered
- Granular
- Liquid
Breakup by Sales Channel:
- Direct
- Indirect
Breakup by Application:
- Agriculture
- Animal Feed
- Pharmaceuticals
- Horticulture
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Archer-Daniels-Midland Company, Cargill Incorporated, FoodChem International Corporation, GLG Life Tech Corporation, Herboveda India, Ingredion Incorporated, Morita Kagaku Kogyo Co. Ltd, PureCircle Ltd, Pyure Brands LLC, Roquette Frères, Sweetly Stevia USA and Tate Lyle PLC.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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