Global Humic Acid Market Is Anticipated To Witness High Growth Due To Rising Demand For Organic Fertilizers And Growing Demand From The Agriculture Sector

 

Humic Acid Market

Overview:

Humic Acid is a complex organic macromolecular compound that is present in all soils, plants and animals. It is produced in a natural cycle by a process of organic decomposition by fungi, insects and bacteria. The chemical nature of humic acid is complex and it includes many types of acids, enzymes, proteins, amino acids, polymers and carbon compounds. It is also comprised of minerals like phosphorus, calcium, sulfur, magnesium and nitrogen. Humic acid originates from sedimentation layers, which are the remains of plants and animals that have died or decayed by exposure to the elements and natural weathering processes. The formation of humic acid is the result of this continuous cycle in soils, oceans and streams.

Market Dynamics:

Growing acquisition are estimated to augment growth of the global Humic Acid Market over the forecast period. For instance, Black Earth Humic acquired Humalite International in July 2020. This acquisition will strengthen Humalite's products that are produced in North America. Moreover, lack of awareness among farmers is anticipated to restrain growth of the global humic acid market over the forecast period.

Impact of COVID-19:

COVID-19 had severe impact several sectors. The outbreak was first reported in 2019 in China and later it was transmitted to more than 100 nations. Malnutrition and famine are on rise owing to the pandemic. Several individuals were suffering from chronic malnutrition during the pandemic as several lockdowns were imposed in many regions. The pandemic had long-term effect on the health of millions of people. The pandemic also had an impact on the agricultural sector. Many agricultural activities were shut down, and there was a shortage of raw materials. Disruptions in supply chains also affected many agricultural activities. This hampered the growth of the global humic acid market.

 

Key Takeaways:

The global Humic Acid Market is expected to witness high growth, exhibiting CAGR of 6.67 % over the forecast period, due to rising expansion by key players. For instance, a new plant was started by Humic Growth Solutions Inc., in February 2020, in Shelby, Montana. This plant will increase the production of humic acid.

North America is anticipated to witness significant growth in the global humic acid market over the forecast period, owing to growing consumption of organic food products and increasing awareness of health & fitness among consumers.

Major players operating in the global Humic Acid Market are Xian Shan Yuan, Agbest Technology Co. Limited, The Anderson Inc, Black Earth Humic, Saint Humic Acid, Cifo SRL, JILOCA INDUSTRIAL SA, Daymsa, and Humintech.