North America Humic Acid Market size was over USD 200 million in 2021 and is poised to observe 11% CAGR between 2022 and 2028. Increased application in agriculture, will be one of the key drivers for the industry.
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The agricultural sector plays an essential part in feeding the planet through. However, long-term usage of chemical-based fertilizers can have a severe influence on the ecosystem, such as soil structure deterioration and other negative effects. Humic acid functions as an organic soil conditioner and is expected to observe increasing adoption across the agriculture sector. Humic acid has the potential to increase drought tolerance, nutrient uptake, and seed germination. By increasing the microbial activity in the soil, the compound makes it an excellent root stimulator.
Impact of COVID-19 on North America industry outlook:
The COVID-19 pandemic, and its accompanying impact on supply chains had a significant influence on manufacturing across various sectors, including North America humic acid market to some extent. Import and export of essential fertilizers as well as agricultural goods was restricted with protracted lockdowns and restricted travel across the globe. However, with ease of travel restrictions, and supply chains returning to normal functioning, the market has been on its path for revival. Consumption of health supplements jumped during the pandemic, bolstering the demand for various ingredients, suggesting strong potential for humic acid suppliers.
One of key concerns has been to ensure that food production keeps pace with the world's growing population while conserving natural resources for future use. Recent years have seen people put more emphasis on health and diet improvement. With better health and immunity, it is simpler to avoid and recover from a variety of disorders. While eating fresh veggies and fruits is important, many people have resorted to nutritional supplements to satisfy their body's nutritional needs. Thanks to their immunity boosting characteristics, North America humic acid market share from dietary supplements will garner significant traction through 2028.
Organic farming is one method to achieve this goal. Organic farming involves the use of natural ingredients in agricultural methods, such as humic acid. With rising government spending on the agricultural sector across North America, in conjunction with supportive policies, will drive the product consumption for agricultural applications in the future. Continual growth of organic fertilizers and bio-stimulants would deliver an opportunity for humic acid sales.
Canada humic acid market revenue from agriculture applications will cross USD 20 million by 2028. The country’s governments are introducing various policies to support the agricultural activities taking place in the region. For instance, in 2019, the regional government had announced a total investment of more than USD 38 million to promote agriculture. The following year, the investment was raised to over USD 192 million, with the aim of providing support to farmers and food businesses amidst the COVID 19 pandemic. Such supportive government initiatives will help farmers in growing crops of greater quality.
Some of the leading companies operating in the North America humic acid market are Wilbur-Ellis Company LLC, Faust Bio-Agricultural Services, Inc., Humic Growth Solutions, Inc., Nature’s Lawn & Garden, Inc., and The Andersons, Inc. Partnerships, new product innovation, mergers and acquisitions, are a few examples of the tactics adopted by industry leaders to sustain existing customers and attract new clientele.