Global humic acid market is expected to grow at a significant rate over the forecast period due to increasing demand in agriculture sector. Agriculture industry extensively uses humic acid as a soil supplement for crops. The acid is an assortment of many acids that contain phonolate and carboxylate groups and is produced from dead organic matter biodegradation. It is also an important organic soil or humus constituent. The acid with low molecular weight is generally known as fulvic acid. Fulvic acid’s ability to penetrate leaf as well as cell mitochondria enables it to be used in foiler sprays and root drenches. Hence, increasing utility as a soil supplement in agriculture is anticipated to be a key factor driving the global industry growth over the forecast horizon.
Humic acid is considered as the most chemically active compound and contains several essential phytochemical groups such as hormones, polyphenols, ketones, fatty acids, and natural sterols. These phytochemical groups and subgroups are predicted to increase product demand as a valuable and promising anti-cancer nutrient. The acid fosters electrochemical balance among vital body cells, which is projected to boost demand as an electrolyte over the forecast period. Moreover, other important properties of the acid such as enhancing microbial activity, increasing soil fertility, reducing fertilizer run-off and improving water retention are expected to further drive the global industry growth. Its salts known as humates are increasingly being used to reduce toxic effects from heavy metals, pesticides and herbicides among several others. Hence, growing demand in horticulture and greenhouse cropping is anticipated to drive industry growth. Humic-Fulvic acid complex helps to repair, regenerate and restore cells as well as improve brain function. Hence increasing humic-fulvic complex demand as a nutrient supplement in healthcare and dietary applications is projected to bolster the global humic acid market in the upcoming years. There is a significant threat of substitution from other carbonates and rare earth metals due to differences in pH levels which constitute as the basis for these product’s applications.
Humic acid can be categorized on the basis of application into free radical scavenger & anti-oxidant, organic electrolyte, pollution detoxifier and nutrients. Antioxidant application segment is expected to witness rapid growth owing to lower molecular weight and the ability to promote oxidation-reduction reaction in transition metals. Increasing application as a chelation and pollution detoxifying agent is predicted to augment global market demand over the forecast period. Humic acid also catalyzes toxic pollutants’ breakdown in order to decompose silica to release important mineral nutrients which may promote product demand in global market. However, during chlorination process, humic acid present in treated drinking water can react with chemicals to produce fumigates such as dihaloacetonitriles. This factor may restrain market growth over the forecast period owing to toxicity of dihaloacetonitriles.
North America is a major consumer with highest demand attributable to U.S., where consumption is driven by high demand for pollution detoxifiers and organic electrolytes. Increasing biological stimulants consumption in agriculture will strengthen North America growth over the forecast horizon. Asia Pacific is expected to register highest demand growth owing to industrial practices being adopted in agriculture to improve crop yield. High agricultural growth in China and India are expected to be major drivers for Asia Pacific industry’s growth. Increasing organic farming in Western Europe is projected to drive European market growth over the forecast period.
The global industry is fragmented with major players striving for leadership position through R&D and new product development along with capacity expansion in high growth potential regions. Major players operating globally include Cosmocel, Pingxiang Anhua Biotechnology, Humic Growth Solutions, CIFO, Aglukon, ZhongNongTianshun, Humintech, Italpoliina S.p.A., LaboratoiresGoemar SAS and Koppert B.V.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.