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.
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.
Based on application, the North America humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The agriculture segment held the largest North America humic acid market share in 2022.
Based on country, the North America humic acid market is segmented into the US, Canada, and Mexico. The US dominated the North America humic acid market in 2022.
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. are some of the leading companies operating in the humic acid market in the region.
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.
North America Humic Acid Market Revenue and Forecast to 2030 (US$ Million)
North America Humic Acid Market Segmentation
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 a larger North America humic acid market share in 2022.Based on application, the North America humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The agriculture segment held the largest North America humic acid market share in 2022.
Based on country, the North America humic acid market is segmented into the US, Canada, and Mexico. The US dominated the North America humic acid market in 2022.
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. are some of the leading companies operating in the humic acid market in the region.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. North America Humic Acid Market Landscape
5. North America Humic Acid Market - Key Industry Dynamics
6. Humic Acid Market - North America Market Analysis
7. North America Humic Acid Market Analysis - Form
8. North America Humic Acid Market Analysis - Application
9. North America Humic Acid Market - Country Analysis
10. Competitive Landscape
11. Industry Landscape
12. Company Profiles
List of Tables
List of Figures
Executive Summary
At 11.1% CAGR, the North America Humic Acid Market is Speculated to be Worth US$ 587.95 million by 2030.According to this research, the North America humic acid market was valued at US$ 253.19 million in 2022 and is expected to reach US$ 587.95 million by 2030, registering a CAGR of 11.1% from 2022 to 2030. Increasing use of humic acid for agricultural yield improvement and expansion of humic acid applications are the critical factors attributed to the North America humic acid market expansion.
According to the 2023 Organic Industry Survey conducted by the Organic Trade Association, organic food sales in the US in 2022 increased to US$ 67.6 billion in 2023 from US$ 63 billion in 2022.
Organic farming practices emphasize soil health and fertility. As a natural soil amendment, humic acid enhances soil structure, improves nutrient availability, and promotes microbial activity. It helps organic farmers maintain and improve soil fertility. Organic food production requires compliance with specific standards and regulations. Organic certifying bodies often require the use of approved inputs and practices, including organic soil amendments. Humic acid, derived from organic sources, fulfills the requirements for organic certification. In addition, humic acid has been shown to improve plant growth by facilitating root development and improving stress tolerance. Organic food producers prioritize plant health and natural disease resistance by minimizing synthetic pesticides and fertilizers. The use of humic acid in organic farming contributes to the production of food that is perceived as healthier and more environmentally friendly. Thus, the growing demand for organic food products would lead to new trends in the humic acid market in the coming years, as it is being projected as an essential component of organic farming practices.
On the contrary, lack of standardization hurdles the growth of North America humic acid market.
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.
In Feb 2023, The Andersons, Inc. launched a new line of granular micronutrients branded MicroMark DG. These engineered plant nutrient products feature dispersing granule (DG) technology, resulting in homogenous spherical granules for easier blending, spreading, and, most importantly, increased efficacy. The company offers humic acid products under this category. In July 2020, Black Earth Humic completed the acquisition of Canadian Humalite International. This acquisition allowed the company to diversify its product portfolio and to work on agriculture and applied humic innovations. After the acquisition, the company name was changed to “Black Earth Products Inc.”
Companies Mentioned
- 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 74 |
| Published | December 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value in 2022 | 253.19 Million |
| Forecasted Market Value by 2030 | 587.95 Million |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | North America |
| No. of Companies Mentioned | 9 |
