Market Size of Humic Acid Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Humic Acid Market Analysis
The Humic Acid Market size is estimated at 0.74 Million tons in 2024, and is expected to reach 1 Million tons by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020 due to lockdowns and supply chain issues. However, the outbreak led to the blooming of home gardening, along with growing food insecurity across various regions of the world. From mid-2021, the market started to recover and reach pre-pandemic levels.
- Over the short term, the major driving factor of the market is its massive demand from the agriculture sector.
- However, a lack of awareness among farmers is likely to slow down the market growth.
- Nevertheless, changing demographics, food habits in emerging markets, and the growing need for organic fertilizers and bio-stimulants are expected to increase the demand for humic acid over the forecast period.
- Europe dominates the market across the world, with the most substantial consumption from countries like France, Germany, and the United Kingdom.
Humic Acid Industry Segmentation
Humic acid is a type of organic compound derived from coal, lignite (leonardite ore) soils, and organic materials. It plays a pivotal role in improving soil properties, mobilizing nutrients to promote plant growth, and enhancing the overall yield. Humic acid-based products are used as powder, granules, or liquid in organic fertilizers and animal feed. They are preferred due to their application in sustainable agriculture.
The humic acid market is segmented into type, application, and geography. By type, the market is segmented into powdered, granular, and liquid. By application, the market is segmented into organic fertilizers, animal feed, and other applications (medicine, etc.). The report also covers the market size and forecasts for the humic acid market in 27 major countries across various regions. For each segment, the market sizes and forecasts are provided on the basis of volume (tons).
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| Organic Fertilizer | |
| Animal Feed | |
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Humic Acid Market Size Summary
The humic acid market is poised for significant growth, driven primarily by its extensive application in the agriculture sector. The demand for humic acid is bolstered by its benefits in enhancing soil fertility, improving nutrient uptake, and supporting plant growth, which are crucial for meeting the increasing food demands globally. The market has rebounded to pre-pandemic levels after the initial setbacks caused by COVID-19, with the surge in home gardening and the rising need for organic fertilizers and bio-stimulants contributing to its recovery. Despite challenges such as limited awareness among farmers, the evolving demographics and food habits in emerging markets are expected to further propel the market's expansion over the forecast period.
Europe stands out as the dominant region in the humic acid market, with countries like France, Germany, and the United Kingdom leading in consumption. The agricultural sectors in these countries are significant contributors to the demand for humic acid, driven by the need for fertilizers to support crop production. Factors such as climate challenges and economic growth in the agricultural sector are influencing the market dynamics in these regions. The global humic acid market is partially consolidated, with key players like Humic Growth Solutions Inc., Zhengzhou Shengda Khumic Biotechnology Co. Ltd, and Humintech playing pivotal roles. These companies are instrumental in shaping the market landscape through their strategic initiatives and product offerings.
Humic Acid Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Drivers
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1.1.1 Huge Demand from the Agriculture Sector
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1.2 Restraints
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1.2.1 Lack of Awareness Among Farmers
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Price Overview
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2. MARKET SEGMENTATION (Market Size in Value and Volume)
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2.1 Type
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2.1.1 Powdered
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2.1.2 Granular
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2.1.3 Liquid
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2.2 Application
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2.2.1 Organic Fertilizer
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2.2.2 Animal Feed
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Indonesia
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2.3.1.6 Malaysia
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2.3.1.7 Thailand
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2.3.1.8 Vietnam
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2.3.1.9 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Turkey
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2.3.3.6 Spain
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2.3.3.7 Russia
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2.3.3.8 NORDIC
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2.3.3.9 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Colombia
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2.3.4.4 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Saudi Arabia
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2.3.5.4 Nigeria
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2.3.5.5 Qatar
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2.3.5.6 Egypt
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2.3.5.7 Rest of Middle East and Africa
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Humic Acid Market Size FAQs
How big is the Humic Acid Market?
The Humic Acid Market size is expected to reach 0.74 million tons in 2024 and grow at a CAGR of greater than 6% to reach 1 million tons by 2029.
What is the current Humic Acid Market size?
In 2024, the Humic Acid Market size is expected to reach 0.74 million tons.
