The global Humic-based Biostimulants market is expected to reach USD 1708.22 Million by 2032, according to a new report by Reports and Data. Growing demand of humic acid from various applications coupled with increasing adoption of organic farming globally is a key factor influencing market growth.
Agricultural centers across the globe have been experimenting on the effect of humic acid on plants. According to available literature, the ability of soil to plant root growth does not depends only on the concentration of nutrients but also on its organic matter content, depth, texture, acidity and water-retention capacity. Based on results, humates have been found to influence crop yields by improving soil texture, water retention and nutrient buffering capacity
Europe is expected to grow at a CAGR of 12% in the forecast period. A number of crops and fruits vegetables, which have been experimented for measuring the effect of humic acid, are grown on a large scale in Europe. Some of these include grapes, pears, tomatoes, potatoes, wheat and maize. Application of humic acid across these crops is expected to enhance the root-shoot growth and promote microbial activity. Along with this, humates are also responsible for improving the water-retention capacity and absorption of nutrients by plants. Based on experiments, treatment of humic acid on grapevines led to an increase in plant growth and nitrogen and chlorophyll content in leaves (measured using SPAD values). Along with this, the size of the grapes also increased thereby implying an increase in total yield.
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Humic Acid Market: Drive factors
As of my last update in September 2021, the Humic-based Biostimulants Market was influenced by several drive factors. However, please note that market conditions can change over time, and it's recommended to verify the current situation from up-to-date sources. That said, some of the drive factors that were relevant in 2021 included:
- Agriculture and Organic Farming: Humic acid is widely used in agriculture as a soil amendment and organic fertilizer. Its ability to enhance soil structure, retain moisture, and improve nutrient uptake by plants made it popular among farmers and organic farming enthusiasts.
- Increased Demand for Environmentally Friendly Products: As awareness about the negative impacts of chemical-based products grew, there was an increasing demand for eco-friendly alternatives. Humic acid, being a natural organic compound, appealed to environmentally-conscious consumers.
- Growing Interest in Soil Health and Sustainable Agriculture: Soil health became a major concern due to issues like soil degradation and nutrient depletion. Humic acid's positive effects on soil health and fertility contributed to its demand.
- Effective Chelating Agent: Humic acid's ability to chelate or bind with micronutrients helped in improving nutrient availability to plants. This chelating property was beneficial in various applications, such as foliar sprays and fertigation.
- Wide Range of Applications: Apart from agriculture, humic acid found applications in areas like animal feed additives, horticulture, and wastewater treatment. Its versatility contributed to its market growth.
- Research and Development: Ongoing research and studies on humic acid highlighted its potential benefits, leading to increased adoption in various industries.
- Increasing Demand from Emerging Economies: The humic acid market saw significant growth in emerging economies as they focused on improving agricultural productivity and adopting sustainable practices.
- Government Support and Incentives: Some governments provided incentives and subsidies to promote the use of organic fertilizers and soil amendments, which further boosted the demand for humic acid.
Remember that the market landscape may have changed since then, so it's crucial to refer to the latest reports and industry analysis to get the most current drive factors for the humic acid market.
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