North America Humic Acid Market would surpass $580 million by 2027, Says Global Market Insights Inc.

The growth of the North America humic acid market is driven by the proliferating organic food industry, increasing health consciousness among consumers, and prominent food security concerns, says this report.

Selbyville, Delaware, Jan. 19, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Global Market Insights Inc., the North America Humic Acid Market was estimated at USD 250 million in 2020 and is poised to reach a valuation of around USD 580 million by 2027, registering with a CAGR of 12.8% from 2021 to 2027. The report offers an in-depth analysis of drivers & opportunities, market size & estimations, top winning strategies, wavering market trends, competitive scenario, and major investment pockets.

Humic acid is typically used as a soil conditioner for improving soil structure and value. Emerging trends in the farming sphere are facilitating the growth of the organic food industry on account of enhanced nutrient value of organic food as it complies with environmental concerns, thereby helping conserve biodiversity. Organic food requires organic fertilizers as they are non-toxic and do not adversely impact human life and ecology. Moreover, mounting health awareness among consumers has further bolstered organic food uptake, which has prompted the imposition of stringent guidelines for producers in Canada, the U.S., and several other countries for the marketing of organic food in accordance with standards set by the U.S. Department of Agriculture. Additionally, soaring consumer awareness about nutrients to improve health benefits has propelled organic food sales in the region. These factors are anticipated to foster North America humic acid market outlook over the forecast timeframe.

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Humic acid is an organic substance that is broadly used as fertilizer and is useful for the overall growth and development of the crop. It also enhances the metabolism of plants and improves root growth and crop tolerance in intense environmental conditions. Propelled by widespread application of humic acid as fertilizer in agricultural production, the fertilizer use segment is expected to progress at around 12.5% CAGR over the analysis timeline.

Key reasons for North America humic acid market growth:

• Prominent utilization as organic fertilizer.

• Surging uptake in agricultural production.

• Increased usage in organic food production.

2027 forecasts show ‘specialty crops’ segment retaining its dominance:

In terms of crop, the specialty crops segment is primed to be valued at over USD 300 million by 2027. Rapid urbanization, health concerns, ethnic composition, and changes in demographic features have boosted product demand in recent years. Specialty crop growers have been focusing on optimizing yields in the most cost-effective way. This can be achieved with the use of humic acid, which is speculated to augment the segmental growth through the forecast timeframe.

The row crops segment is likely to expand at a stable CAGR over the review timespan. Humic acid offers several benefits, including better efficiency, enhanced soil health, and improved crop quality and yields, which is anticipated to fuel segmental progress in the forthcoming years.

Mexico to maintain top status in terms of revenue:

The Mexican humic acid market is set to account for approximately 7% of the overall industry by the end of 2027. Various factors, such as the agriculture-based domestic economy and the expanding government intervention to shift towards sustainable farming methods, are likely to propel regional product demand over the following years. Furthermore, prevalent concerns regarding water preservation in Mexico have caused a shift in preferences for organic farming, which is foreseen to fuel regional market development.

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Impact of COVID-19 pandemic on North America humic acid market:

Following the COVID-19 outbreak, increased consumer inclination towards eating healthy food resulted in an upsurge in demand for clean and organic food products. Soaring demand for organic food has played a vital role in boosting product uptake in recent years. Meanwhile, increasing climate consciousness and limited availability of agricultural land have bolstered the adoption of organic fertilizers in the agricultural sector, which has also been favorable for North America humic acid market dynamics during the pandemic.

Leading market players:

Some key companies operating in the North America humic acid market include Black Earth Humic LP, Grow More, Inc., The Anderson Inc., Faust Bio-Agricultural Services, Inc., Everwood Farm, Agriculture Solution, Inc., Humic Growth Solution, Inc., Nature’s Lawn & Garden, Inc., Organic Approach, LLC, Winfield, Wilbur-Ellis Company, LLC, and others.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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