Europe Humic Acid Market size crossed USD 150 million in 2021 and is slated to exhibit a CAGR of around 11% between 2022 and 2028. The market demand is favored by the rising adoption in agriculture and medicine applications. Increasing consumption of organic fertilizers has been aiding product sales, as more customers are growing aware regarding the negative impact of chemical fertilizers on soil fertility as well as human health.
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Humic acid is a key ingredient for organic fertilizers. In May 2022, global leader in crop nutrition, Yara International, announced that it will collaborate with the European Organic-Based Fertilizer Industry Consortium (ECOFI) for promoting the use of organic fertilizers amongst farmers, dealers, and policy-makers alike. The European Green Deal will play a major role in establishing more sustainable farming practices with minimal environmental impact.
Europe Market, By Application
The ecological bioremediation application segment will show tremendous growth through 2028, supported by favorable government schemes. As several EU countries move toward circular bioeconomy, they have been promoting the use of seaweed-based products. Product use will grow due to the implementation of SeaMark, an EU-funded project aiming to exploit a host of a seaweed-derived products ranging from cosmetics and medicine to animal feed and fertilizers. At the same time, the project will provide ecosystem services, thereby contributing to ecological bioremediation via large-scale seaweed production.
Recently, in June 2022, the SeaMark project secured grants worth over USD 9.4 million. Since seaweed fertilizers are extensively used alongside humic acid for boosting plant growth in agriculture and horticulture industries, this development will have a positive impact on horticulture applications as well. By 2028, the horticulture segment will represent a significant share of the market, as greenhouse vegetables such as peppers, cucumbers, and tomatoes form a crucial part of European diet.
Europe Market, By Country
Spain humic acid market revenue from agriculture application will surpass USD 40 million by 2028. Several industry participants have been aggressively adopting decarbonization initiatives by adopting greener alternatives. Several water-soluble fertilizer manufacturers in Spain have been specializing in the formulation, production, and distribution if liquid products for eco-friendly farming. Soil loss has been a major concern for regional farmers, who are likely to adopt sustainable farming practices to tackle N-related pollution.
Competitive Industry Landscape
Major players involved in the market are Sikko Industries Ltd., Daymsa, WinField, Tagrow Co., Ltd., Humic Growth Solutions, Inc., The Andersons, Inc., Biotech Private Limited, Humintech GmbH, National Pesticides & Chemicals, Manidharma Biotech Private Limited, Nutri–Tech Solutions Pty. Ltd., and Biolchim S.p.A. Several product manufacturers have been joining hands with regional organizations, reflecting the significance of organic-based fertilizers.