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North America Humic Acid Market size crossed USD 186.5 million in 2020 and is expected to witness over 11.7% growth rate from 2021 to 2027. Favorable growth trends associated with the regional agricultural sector will influence the market expansion.
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The positive outlook of agricultural sectors in the U.S. will exhibit huge potential for the humic acid market growth. The agricultural sector plays a pivotal role in the country’s economy as agriculture, food, and related industries accounted for over 5% of the total GDP in 2019. In 2018, the U.S. government introduced Agriculture Improvement Act to facilitate the agricultural sector growth. Under this act, the government increased agricultural spending by USD 1.8 billion for the period 2019-2023. It will provide necessary crop insurance benefits for farmers with added safety.
In 2019, the estimated number of farms in the U.S. were 2,023,400, displaying a decline of 5,800 from 2018. The total land in farms decreased by 2,100,000 acres within the same period. These growing concerns will drive farmers to improve crop yields within the limited space. Humic acid can improve yield rates by enhancing soil texture, nutrient buffering capacity, and water retention characteristics. It promotes plant growth by enabling efficient uptake of nutrients from soil. The ecological and environmental benefits of the product will support the market growth. Humic acid aids in fighting soil erosion by increasing the ability of soil colloids to combine and by enhancing root system & plant development. It also reduces the water salination issues raised in the use of water-soluble mineral fertilizers.
In 2020, the horticultural segment held around 20% share in the North America humic acid market. The soaring popularity of the horticultural sector within North America will propel the humic acid sales in the future. The positive outlook of floriculture, pomology, and olericulture will pave the way for product growth as it is widely used as a biostimulant within these sectors. It helps in altering primary & secondary plant metabolism, improving root growth, and enhancing crop tolerance to environmental stresses. It is widely used in foliar applications along with fulvic acid to increase cell wall permeability and enable easy movement of nutrients through plants.
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Canada humic acid market captured over 10% revenue share in 2020. Supportive government policies will boost agricultural production in Canada in the next few years. In 2019, the government of Canada invested over USD 50 million to support the agricultural sector. In May 2020, the government announced to invest over USD 250 million to support farmers, food processors, and food businesses. Moreover, remedial measures have been implemented to solve food supply chain issues and other challenges created by the pandemic situation.
Some of the key humic acid manufacturers include Faust Bio-Agricultural Services, Inc., The Andersons, Inc., Humic Growth Solutions, Inc., Black Earth Humic LP, Nature’s Lawn & Garden, Inc., Wilbur-Ellis Company LLC., and Organic Approach LLC.
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