Based on these factors, it has been reported that the North America humic acid market size is likely to cross USD 580 million by 2027.
In North America, the consumption of humic acid is anticipated to skyrocket through the coming years, with significant strides in sustainable agriculture and adoption of modern farming techniques in the U.S. and Canada. The increased intake of grains, legumes, fruits, and vegetables has compelled farmers to look for various measures that add to enhanced yield. Most soils, lately, are unable to uptake the plant nutrients that are present in the soil given the presence of waterlogging, acidic or alkaline conditions, and dryness.
Driven by this, the application of humic acid has turned extremely crucial for amplifying nutrient uptake and plant growth. In fact, with the absence of this acid in soils, the nutrients applied through fertilizers would be inaccessible to plants, subsequently leading to money and time losses to the farmers. The product is also highly favored on account of its ability to offer increased water holding capacity of soils, and reduced use of water.
The regular usage of quality humic acid also plays a key role in the better as well as healthier growth of green grass, and crops & woods. The rising rate of mining activities and increased exports of the product will sway the market growth.
Enumerated below are the most recent parameters that may craft the future of this industry avenue.
Demand for fertilizers to witness a rise
Impelled by the rising obligation for improving seed germination and development in the North American region, humic acid fertilizers have grown significantly popular. Other than enhancing the plant uptake of phosphorus, nitrogen, and potassium, and converting them to different available forms, these fertilizers regulate the pH level of soils. They are also largely preferred in the region for offering enhanced microbial growth.
As humic acid possesses the ability of binding insoluble metal ions, hydroxides, and oxides as well as release them slowly to plants whenever required, they are considered the storehouse for plant nutrients in the soil. The increasing demand for producing physical, chemical and biological effects on plants is further driving their regional demand.
Higher use for row crops
The rising penetration of row crops, like soybean, corn and wheat in North America will act as a potential driver for the humic acid market growth. According to the USDA (U.S. Department of Agriculture), corn accounts for over 95% of the total feed grain production and use in the country, and over 90 million acres of land is dedicated to these crops.
Humic acid fertilizers when applied on these row crops provide improved soil health and yield as well as enhanced crop quality. Greater usage of the acid for influencing the efficiency at which the crops make use of essential nutrients, like irrigation, soil pH, nutrient form, soil texture, and salinity will bolster the industry dynamics.
Humic acid for specialty crops
Humic acid is witnessing higher preference for naturally and organically providing plants and soil with a concentrated dose of vital nutrients, vitamins, and trace elements during plant production in North America. It can be added to liquid or dry fertilizer blends to help enhance nutrient availability by tapping into the nutrient-holding power of the soil. A vast number of humic acid programs have been implemented by vegetable farmers to facilitate the growth of different vegetables.
In a nutshell, the presence of several mines and mineral deposits, mainly in the U.S., suitable for obtaining superior agricultural grade humic fertilizer substances will boost the industry prospects in the long run. Additional advantages, including good aeration of the soil, more space for root growth and bacterial activity will also contribute to the North America humic acid market expansion.
Source : https://www.gminsights.com/industry-analysis/north-america-humic-acid-market
