Growing adoption of North America Humic Acid for various industrial uses coupled with increasing scale of organic farming is anticipated to drive demand.
North America Humic Acid Market Size – USD 707.5 million in 2020, Growth - CAGR of 6.1%, Trends – Growing demand from various application
The global North America Humic Acid Market is expected to reach USD 1.06 billion by 2028, according to a new report by Reports and Data. Growing demand of North America Humic Acid from various applications coupled with increasing adoption of organic farming globally is a key factor influencing market growth.
Agricultural centers across the globe have been experimenting on the effect of North America Humic Acid on plants. According to available literature, the ability of soil to plant root growth does not depends only on the concentration of nutrients but also on its organic matter content, depth, texture, acidity and water-retention capacity. Based on results, humates have been found to influence crop yields by improving soil texture, water retention and nutrient buffering capacity
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Top Companies: Nutri-Tech Solutions, Humintech GmbH, Humic Growth Solutions, Omnia Specialities, Canadian Humalite International, Grow More, AMCOl International and Jiloca International S.A. Humintech GmbH is a key player in the North America Humic Acid market. With a consumer base in almost 70 countries, the company has been ranked as the leading technology company for North America Humic Acid based products.
Further Key Finding from the Report Suggestion:
- Pharmaceutical segment is projected to be one of the fastest growing applications of the North America Humic Acid. It is anticipated to grow at a CAGR of 5.7% in the forecast period. Humates which are formed from peat have been used for the treatment of gastric, intestinal and hepatic diseases. North America Humic Acid is generally used for musculoskeletal disorders, gynecological problems and skin treatment. Adoption of North America Humic Acid in organic farming is expected to play a major role in improving the health of consumers across the globe.
- Europe is projected to grow significantly in the forecast period. Manufacturers of animal feed in Europe are also anticipated to adopt North America Humic Acid as an ingredient. Increasing gastrointestinal infections coupled with the growing incidence of zoonotic diseases in the region is likely to lead to an increase in adoption of North America Humic Acid. Adoption of North America Humic Acid for producing animal feed is expected to ensure an improved utilization of nutrients in animals thereby stabilizing the feces consistency of animals.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Humic Acid market is segmented into:
Product Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Powdered Form
- Granular Form
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Agriculture
- Industrial
- Animal Feed
- Pharmaceutical
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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