DUBLIN, Feb. 29, 2024 /PRNewswire/ — The “North America Humic Acid Market Forecast to 2030 – Regional Analysis – by Form (Dry, and Liquid) and Application (Agriculture, Horticulture, Ecological Bioremediation, Dietary Supplements, and Others)” report has been added to ResearchAndMarkets.com’s offering.
The North America humic acid market is expected to grow from US$ 253.19 million in 2022 to US$ 587.95 million by 2030. It is estimated to grow at a CAGR of 11.1% from 2022 to 2030.
Increasing Use of Humic Acid for Agricultural Yield Improvement Fuels North America humic acid market
Humic acid is a natural compound derived from organic matter such as decomposed plant material. It is known for its beneficial effects on soil fertility and plant growth. Upon application to the soil, humic acid enhances its physical, chemical, and biological properties. It improves soil structure, increases water-holding capacity, enhances nutrient retention, and promotes the growth of beneficial microorganisms, which leads to improvements in soil conditions through better nutrient availability and uptake, resulting in improved crop yields. As a result, the demand for humic acid-based fertilizers, soil amendments, and biostimulants, among others, has been increasing. In addition, humic acid has been found to stimulate root and shoot growth, leading to increased biomass production. It promotes the development of lateral roots, improves nutrient uptake efficiency, and enhances plant metabolism, in turn, resulting in plant growth with the potential to produce high yields and better-quality food products. These stats have been alarming the agricultural sector about the subsequently increasing food demand. As a result, agriculturists across the world are focusing on modifying farming practices to obtain high yields from smaller cultivation areas. Thus, the need for fertilizers in farming, including humic acid-based ones, increases with a major focus on crop protection and yield enhancement in the agricultural sector.
North America Humic Acid Market Overview
The humic acid market in North America is segmented into the US, Canada, and Mexico. The demand for humic acid products is increasing in these countries owing to its broad application areas, including agriculture, nutraceuticals, environmental protection, etc. Natural ingredients, such as humic acid, are used in organic farming. Rising government spending on the agricultural sector across North America and supportive policies drive the use of humic acid products in agricultural applications. The continual growth of organic fertilizers and bio-stimulants boost humic acid sales in the coming years.
The growing population and increasing per capita income propel the demand for food and cash crops. As per the FAO, food demand in the US is expected to increase by 50-90% by 2050. The shift toward organic food consumption in North America has increased the dependency on water-soluble bio-stimulants such as humic acid in the region, which fuels the humic acid market growth in the region.
The North America humic acid market is segmented into form, application, and country
Based on form, the North America humic acid market is segmented into dry and liquid. The dry segment held 69.8% share of North America humic acid market in 2022, amassing US$ 176.76 million. It is projected to garner US$ 416.11 million by 2030 to expand at 11.3% CAGR during 2022-2030.
Based on application, the North America humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The agriculture segment held 54.1% share of North America humic acid market in 2022, amassing US$ 136.91 million. It is projected to garner US$ 304.60 million by 2030 to expand at 10.5% CAGR during 2022-2030.
Based on country, the North America humic acid market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.0% share of North America humic acid market in 2022. It was assessed at US$ 187.47 million in 2022 and is likely to hit US$ 443.20 million by 2030, exhibiting a CAGR of 11.4% during 2022-2030.
Key players operating in the North America humic acid market are Agricultural and Mining Development SA, Agriculture Solutions Inc, Black Earth Products Inc, Faust Bio-Agricultural Services Inc, Grow More Inc, Humic Growth Solutions Inc, Humintech GmbH, MYCSA Ag Inc, and The Andersons Inc, among others.
Key Topics Covered:
1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Humic Acid Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.3.1 List of Raw Material Manufacturers
5. North America Humic Acid Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Use of Humic Acid for Agricultural Yield Improvement
5.1.2 Expansion of Humic Acid Applications
5.2 Market Restraints
5.2.1 Lack of Standardization
5.3 Opportunities
5.3.1 Rising Demand for Natural Feed Additives
5.4 Future Trends
5.4.1 Growing Demand for Organic Food Products
5.5 Impact of Drivers and Restraints:
6. Humic Acid Market – North America Market Analysis
6.1 North America Humic Acid Market Revenue and Forecasts To 2030 (US$ Million), 2022 – 2030
6.2 North America Humic Acid Market Forecast and Analysis
7. North America Humic Acid Market Analysis – Form
7.1 Dry
7.2 Liquid
8. North America Humic Acid Market Analysis – Application
8.1 Agriculture
8.2 Horticulture
8.3 Ecological Bioremediation
8.4 Dietary Supplements
8.5 Others
9. North America Humic Acid Market – Country Analysis
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
- Agricultural and Mining Development SA
- Agriculture Solutions Inc
- Black Earth Products Inc
- Faust Bio-Agricultural Services Inc
- Grow More Inc
- Humic Growth Solutions Inc
- Humintech GmbH
- MYCSA Ag Inc
- The Andersons Inc
For more information about this report visit https://www.researchandmarkets.com/r/lupx4o
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