Humic acid is a biodegradable component derived from organic sources such as soil/humus, peat, and coal. It is a complex mixture of different acids derived from phenolate and carboxyl groups that may be widely employed to nourish crops/plants as well as humans. As a result, humic acid is widely employed in a number of agricultural and medicinal purposes.
The worldwide humic acid market is expected to exceed US$ 1,240.4 million in revenue by the end of 2027, with a CAGR of 11.7 percent during the forecast period (2021 to 2027).
The use of environmentally friendly fertilizers and chemicals for sustainable farming is predicted to increase humic acid demand in the future years. Furthermore, strict laws and regulations established by statutory regulatory bodies such as the United States Environmental Protection Agency (EPA) against the use of chemical-based fertilizers are expected to fuel the global market expansion of humic acid.
Furthermore, the growing need for ecological soil remediation to decrease carbon footprints and preserve soil and groundwater from pollution is driving up demand for humic acid. Furthermore, humic acid features such as greater ion exchange and absorption capacity are projected to drive humic acid demand throughout the projection period.
In terms of revenue, Asia Pacific dominated the worldwide humic acid market in 2020, accounting for 43.8 percent of the total, followed by Europe and North America.