Asia Pacific Humic Acid Market size exceeded USD 87.5 million in 2020 and is anticipated to expand at a CAGR of 12.8% between 2021 and 2027. The growing demand for sustainable agricultural practices will accelerate the product demand.

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The COVID-19 pandemic has moderately impacted the Asia Pacific humic acid market landscape. The lockdown measures applied to combat the COVID-19 pandemic have limited the production & supply of humic acid globally, thereby affecting the crop production activities across the Asian continent. Producers are resolving challenges caused by the pandemic and adapting to the changing industry dynamics.

As most countries are following travel restrictions and lockdowns, the demand has fallen sharply. Many producers have suspended or reduced their production, hampering the humic acid industry demand. Some end-use applications, such as food & beverage, can witness growth during the pandemic. The increasing awareness of personal hygiene and push from government initiatives are supporting the demand for food & beverage products. The pandemic is intensifying despite strong measures taken by the governments. It is difficult to make forecasts about when it will be controlled totally.

Asia Pacific Market, By Application

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The agricultural application segment will observe around 13% growth rate during the forecast period. The product showcases characteristics that aids in improving the overall crop production by improving the fertility of soil in long run upon imparting the desired nutrient value to the soil. Humic acid helps in binding and separating insoluble metal ions. It facilitates better seed germination, stimulating the beneficial microbial activity. It also assists plant respiration, thereby providing metabolic energy to higher plants and increasing the productivity of microorganisms. The other value adding benefits of the product in the agriculture segment include improving water holding capacity of soil & root respiration, prevention from surface run off, and regulating the pH value of soil.

Humic acids are also superior in the absorption of organic contaminants in soils and aid microbial colonization. They interact with various inorganic and organic contaminants, affecting their bioavailability, mobility, phytotoxicity, and degradation. They can interact with almost all compounds and structures naturally occurring in the surroundings including organic & inorganic molecules, mineral ions as well as mineral and microbial surfaces. Asia Pacific humic acids represent the most important fraction of a humified soil organic matter because of their greater contribution to the total carbon cycle (16%) in comparison with fluvic acid and humin (8%).

Competitive Industry Landscape

Rapidly growing population has led to the increasing food demand in Asia Pacific. The prevailing industrialization and urbanization in the region have resulted in the decreasing arable land that has eventually raised concerns for the government to meet the growing food demand.

Some of the key industry players are Changsha Xian Shan Yuan Agriculture and Technology Co., Ltd, Manidharma Biotech Private Limited, National Pesticides & Chemicals, Pi Industries Limited, China Green Agriculture Inc, Double Dragons Asia Pacific Humic Acid Co. Ltd Taiyuan, Mapon Asia Pacific Humic Acid Development Co. Ltd, Humate (Tianjin) International Limited, International Inc., and Agro Biochemicals.