North America Humic Acid Market size to be worth $580 million By 2027

According to a new research report by Global Market Insights Inc., the North America Humic Acid Market size is anticipated to cross USD 580 million by 2027.
 

The regional population growth and decreasing arable lands will stimulate the fertilizer demand in the region to achieve high yields. For instance, the UN Food and Agriculture Organization (FAO) of the United Nations evaluated that farmland productivity shall be elevated by approximately 15% in the coming years to uphold global food consumption.
 

The escalating demand for organic food and dietary supplements, particularly due to the growing consumer health awareness, will stimulate the North America humic acid market share by 2027. As the product constitutes trace minerals, pre-biotics, pro-biotics, electrolytes & fatty acids, it makes it suitable for use across dietary supplements. To ensure a steady food supply for the growing population, farming needs to become more and more sustainable in the future. Various governments in the region are promoting bio-based products as they decrease emissions into the environment and result in minimum soil & water pollution.
 

The COVID-19 pandemic has negatively impacted the North America humic acid market landscape. Lockdown and quarantine measures to combat the COVID-19 pandemic have limited the production & supply of humic acid, thereby affecting crop production activities in the region. Producers are resolving the pandemic-related challenges and adapting to the changing industry dynamics. The most severe impact was on the demand for end-use products, limiting the market opportunities for humic acid producers.
 

For instance, the pandemic severely hit the industrial sector. As the coronavirus pandemic started spreading in the region, governments issued various orders dictating social distancing, factory shut-downs, lockdowns, halts on international trade, etc. However, as industries start operating normally and supply chain issues resolve, the demand for humic acid is expected to witness a significant rise.
 

Browse key industry insights spread across 110 pages with 59 market data tables & 17 figures & charts from the report, “North America Humic Acid Market By Use (Bio-stimulant, Fertilizer), By Crop (Row Crops {Soybean, Corn, Wheat}, Specialty Crops {Vegetables, Fruits, Tree Nuts), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 – 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-humic-acid-market
 

Bio-stimulant to gain attention among market players

The bio-stimulant segment was valued at over USD 15 million in 2020 and is anticipated to reach over 45 million by 2027. Bio-stimulants minimize the need for fertilizers, increase plant growth, and have a strong resistance to water & abiotic stresses. Humic acid-based bio-stimulants are a blend of organic matter, micro-nutrients, and humic acids. Organic bio-stimulants aid in the growth of flowers, fruits & leaves and improve the soil carbon content. In small concentrations, humic acid is extremely efficient, favors good performance in the plant’s vital processes, and aids in high yields & good quality products.
 

The row crop segment to drive the industry during the projected period

The row crop segment was valued at over USD 150 million in 2020 and is anticipated to reach over USD 350 million during the forecast time frame. The demand for row crops is very strong, which include all sorts of grains such as oats, wheat, barley, corn, etc. The increased consumption and export of this agricultural produce will drive the demand for humic acid during the anticipated period. Humic acid is used to drive the quality and increase the yield of row crops, creating new opportunities for the North America humic acid market.
 

Canada will showcase sustainable growth

The Canada humic acid market will be valued at over USD 70 million by 2027. Agriculture is an integral part of the Canadian community and economy, supporting numerous families across the nation. For instance, Canada is the top producer & exporter of canola, contributing over USD 26 billion to the economy each year. With the growing global demand for food and Agri products, the support for agriculture sustainability, innovation, and growth in Canada is also rising. To mitigate greenhouse gas emissions, farmers are adopting organic practices to reduce or optimize nitrogen fertilizer use. Such trends will bolster the humic acid market growth in the coming years.
 

The North America humic acid industry is highly competitive due to the presence of numerous small- & medium-scale manufacturers in the region. Players are working on new marketing strategies to explore new markets and increase their regional presence. The various North America humic acid market players include The Anderson Inc., Black Earth Humic LP, Faust Bio-Agricultural Services, Inc., Agriculture Solution, Inc., Humic Growth Solution, Inc., Everwood Farm, Nature’s Lawn & Garden, Inc., Grow More, Inc., Winfield, Organic Approach, LLC, Wilbur-Ellis Company, LLC, etc.