The rising consumer interest in organic produce and the collective inclination for cosmetics and natural health products will act as significant contributors to the North America humic acid market expansion. Driven by the rapidly growing population and the proliferating agricultural sector in the region, several humic substances have grown prominent as fertilizers and plant growth stimulants, as they can be either applied directly in the soil or can be used as foliar sprays.
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Humic acid is a major component in fertilizers as it not only enhances the nutrient uptake and facilitates seed germination and drought tolerance, but also amplifies the availability of nutrients. It increases microbial activities in the soil, making it an excellent root stimulator. In addition to these uses, rising penetration in various industries, like building, ceramic, woodworking, plastics, and paper for eliminating toxic metals as well as in veterinary and human medicine will drive the North America humic acid industry growth.
The growing incorporation of inert ingredients in the formulation of pesticide products will also influence the preference for humic acid in the long run. However, one of the most prolific applications associated with this organic compound in the region is in the form of biostimulants in horticulture and agricultural practices. When assisted by microorganisms, it makes the minerals in the soil available in plant soluble forms. It therefore significantly helps promote the activity of nutrient accumulation and marker enzyme. This acid also acts as a biostimulant in terrestrial photosynthetic organisms.
Taking note of these factors, recent estimates have projected that the North America humic acid market will generate close to USD 580 million in yearly remuneration by 2027.
Rising usage of fertilizers
The demand for humic acid in fertilizers will see a tremendous rise in North America, with their escalating importance in transporting nutrients from the soil to the plant as they can hold onto the ionized nutrients and prevent them from leaching away. Applying this compound to sandy soil helps retain water and provides organic matter, essential for good plant growth. It is also noted that humic acid allow the growers to enhance the efficiency of applied fertilizers by increasing nutrient retention and uptake.
The North America humic acid industry will also witness expansion with the increasing sales and exports of fertilizers across the region. According to recent estimates, the imports of fertilizers in Canada during 2021 were valued at over US$2.21 billion.
Growing cultivation of row crops
In light of the surging developments in row crop production, inclusive of barley, corn, soybean, wheat, and rice, the utility of humic acid will see a rise in various countries, like the U.S. It has been proposed by the U.S. Department of Agriculture that the U.S. is a major wheat-producing country, with wheat being the third most common field crop in planted acreage and gross farm receipts.
The addition of humic acid to these crops not only plays an essential role in enhancing the soil properties, and plant growth, but also improves the agronomic parameters. Some estimates propose that adding humic compounds to fertilizers increases the crop yields by 22% for soybeans and 16% to 53% for corn.
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To summarize, the North America humic acid market is set to expand with the growing concerns related to micronutrient deficiencies that lead to reduced chlorophyll formation, stunted growth and weakened plant defence mechanisms. The increasing dominance of specialty crops in the agricultural spectrum will further accelerate the regional industry growth.
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