Humic Acid Water Soluble Fertilizers Market Size Set to Cross USD 11.8 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global humic acid water soluble fertilizers market size at USD 9,082.48 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global humic acid water soluble fertilizers market size to grow at a steady CAGR of 3.92% reaching a value of USD 11,823.41 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global humic acid water soluble fertilizers market size at USD 9,082.48 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global humic acid water soluble fertilizers market size to grow at a steady CAGR of 3.92% reaching a value of USD 11,823.41 million by 2029. An increase in the demand for organic fertilizers over synthetic alternatives in the farming sector is one of the key development reasons for the global humic acid water soluble fertilizers market. Due to their ability to store water and endurance to drought, these fertilizers are appropriate for use in drought-affected areas, which further promotes its market growth.
Global Humic Acid Water Soluble Fertilizers Market – Overview
Humic acid fertilizer promotes the growth of soil microbes, which helps to improve soil structure, regulate PH levels, and protect crops from dangerous poisons and metals. Additionally, it also increases oxygen levels and further enhances soil life. Fertilizer containing humic acid stimulates plant biological reactions. The humic acid application promotes root initiation and root development, enhancing seed germination and seedling growth. Humic acid does not contain any rooting hormones; instead, it works to stop them from oxidizing and breaking down, which keeps IAA active for a longer period.
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Global Humic Acid Water Soluble Fertilizers Market – By Application
Based on application, the global humic acid water soluble fertilizers market is segmented into crops, vegetables, fruits, turf, and others. The crops segment accounts for the largest market share. Humic acid buffers soil pH, bringing it to optimal ranges of 5.5 to 7.5 for plant growth and nutrient uptake. As a result of their role as natural chelators, they facilitate nutrient absorption by crop roots more effectively, improving soil quality and production over time.
Impact of COVID-19 on Global Humic Acid Water Soluble Fertilizers Market
The COVID-19 pandemic offered lucrative growth opportunities to the global humic acid water soluble fertilizers market. The market witnessed a setback during the initial outbreak in March 2020 due to an interruption in production activities during the lockdown period, particularly in India and China. The lack of raw materials and restrictions in the supply chain further hampered market growth during this period. However, due to an increase in demand for organic food brought on by consumers' growing health consciousness, the agriculture sector has seen an enticing shift towards organic farming and sustainable agricultural practices, proliferating global humic acid water soluble fertilizers market growth.
Competitive Landscape
Major players operating in the global humic acid water soluble fertilizers market include Haifa Chemicals, Yara, The Andersons, Arab Potash Company, HUMINTECH GmbH, TAGROW, UralChem, Omex, ICL Fertilizers, and SQM. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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