(MENAFN- P&S Intelligence) The humic acid market was USD 757.0 million in 2023, which will increase to USD 1,632.9 million, with an 11.9% compound annual growth rate, by 2030.
The growth of this industry is because of the rising utilization of humic acid in agriculture and various other sectors, growing attention on organic farming & sustainable agriculture, and increasing consciousness of the harms of chemical fertilizers.
Humic acid is an organic element that derives from soils containing lignite, coal, and some other sources. It is employed in animal feed and organic fertilizers in the form of grains, liquid, and powder.
For instance, sandy soils are incapable of holding water because of low humus content. Humic acid can produce ionized nutrients, which are formed by the preservation of humus and water biomolecules.
The increasing need for biostimulants and organic fertilizers is a major factor boosting the requirement for humic acid across the globe. The adoption of biostimulants comprising humic acid in agriculture has been linked with the possibility of enhancing production without losing the production of environmental crops.
Another key trend being observed in the humic acid market is sustainable agriculture. Sustainable agriculture means offering suitable resources as per existing human requirements, without harming the planet. Though chemical fertilizers enhance the growth of the plant, those plants might not have the essential combination of nutrients for humans or develop appropriate root systems.
Moreover, they also gradually reduce the soil quality, and the toxic chemicals further damage groundwater as well as customers' well-being. Humic acid assists in soil retention as well as erosion prevention and guarantees the finest plant growth by helping the development of the root system.
In the pharmaceutical sector, the effectiveness of medicine plays an important part in its success. Various research studies have revealed that humic acid can assist in boosting the antiviral agent’s effectiveness.
Generally, synthetic polymers are employed for targeted medication delivery, however, the application of humic acid has unlocked the entrance for additional natural substances.
APAC accounted for a significant share of the industry. This can be primarily ascribed to the fact that the largest agricultural land in in Asia, with more than 1.4 billion hectares, with China owning 527 million hectares.
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