Global Humic Acid Water Soluble Fertilizers Market - 2023-20230

Global Humic Acid Water Soluble Fertilizers Market - 2023-20230

Global Humic Acid Water Soluble Fertilizers Market reached US$ 8.41 billion in 2022 and is expected to reach US$ 10.41 billion by 2030, growing with a CAGR of 2.7% during the forecast period 2023-2030.

The rising global population necessitates more sustainable and efficient food production. Humic acid water-soluble fertilizers are essential for enhancing crop yields, nutrient absorption, and soil health. They contribute to a reliable and secure food supply by optimizing agricultural productivity, a crucial factor given limited arable land and shifting climates. Consequently, the market for these fertilizers is growing to meet the increasing demand for food security.

Increasing environmental awareness has driven demand for sustainable agriculture. Humic acid water-soluble fertilizers are preferred for their eco-friendliness, enhancing soil health, and decreasing reliance on chemical fertilizers. In February 2022, GSFC launched Urban Sardar to cater to the growing demands for gardening solutions and fertilizer for urban settings. It contains humic acid, vitamins, and minerals.

The liquid segment holds a significant share of the humic acid water soluble fertilizers market due to their ease of application. North America held a significant share of the humic acid water-soluble fertilizers market due to its large-scale fertilizer production. According to the World Bank's collection of development indicators, the United States fertilizer use (as a % of fertilizer production) was 112% in 2021.

Dynamics

Increasing Demand for Enhanced Crop Productivity

Humic acid water-soluble fertilizers contain humic substances, which can chelate or complex essential nutrients like nitrogen, phosphorus, and potassium. This chelation process makes these nutrients more available and easily absorbed by plants. As a result, crops can take up nutrients more efficiently, leading to increased growth and productivity.

Humic substances in these fertilizers can stimulate root development and improve root architecture. Stronger and more extensive root systems can better explore the soil for nutrients and water, further enhancing crop productivity. In July 2022, Performance Nutrition unveiled the NutriWise brand, a water-soluble powder and granular fertilizer that will take the place of the previous NutriSmart product range. An analysis of 5-3-0 with 3% humic acids, 1.5 percent Fe, and 0.5 percent Zn is included in the new core product.

Increased Demand for Sustainable Agriculture

There is a growing global awareness of the need for sustainable and environmentally friendly agricultural practices. The global trend toward organic farming is growing. According to The 22nd edition of The World of Organic Agriculture, published by the Research Institute of Organic Agriculture FiBL and IFOAM, organic agriculture is done in 187 countries with 72.3 million hectares of agricultural land cultivated organically. Humic acid is 100% organic fertilizer. It is the perfect ingredient to increase bioactivity and enhance compost performance, soil structure, and plant nutrient uptake.

Organic farming relies on slow-release nutrients from organic sources. Humic acid water-soluble fertilizers can provide a controlled release of nutrients, ensuring a steady supply of essential elements to crops without overloading the soil with soluble synthetic chemicals.

High Cost and Limited Awareness

Humic acid water-soluble fertilizers are more expensive than conventional chemical fertilizers. The production of humic acid water-soluble fertilizers involves extracting humic substances from natural sources, such as leonardite or peat. This extraction process can be complex and costly. The need to purify and concentrate the humic substances to create a water-soluble form adds to the production expenses. The higher cost can deter some farmers, particularly those with limited budgets, from adopting these products.

Many farmers are not well-informed about the benefits and proper use of humic acid water-soluble fertilizers. This lack of awareness and knowledge can hinder its adoption globally and restrain its market growth.

Segment Analysis

The global humic acid water soluble fertilizers market is segmented based on product, distribution channel, application and region.

Ease of Application of Liquid Fertilizer

Liquid fertilizers can provide a more uniform distribution of nutrients across the field. This ensures that each plant receives a consistent supply of essential elements, which can lead to improved crop yields and quality. Liquid formulations are readily absorbed by plant roots and leaves, leading to rapid nutrient uptake. This can be advantageous for addressing nutrient deficiencies or providing a quick nutrient boost to crops during critical growth stages.

Liquid humic acid water-soluble fertilizers are versatile and can be applied throughout the growing season as needed. Farmers can make adjustments based on changing crop conditions and nutrient requirements. Nutri-Tech Solutions Pty Ltd provides NTS Liquid Humus, a rich, dark brown liquid humic acid produced from potassium humates for use as a fertilizer.

Geographical Penetration

North America’s Growing Fertilizer Production

North America, particularly the United States and Canada, has a substantial and highly developed agricultural sector. According to the Prospective Plantings report published by the USDA's National Agricultural Statistics Service (NASS), producers polled across the country plan to plant 92.0 million acres of maize in 2023, an increase of 4% from the previous year. This growing plantation creates a substantial demand for fertilizers, including humic acid water-soluble fertilizers.

Some governments in North America provide support and incentives for sustainable agriculture. In March 2022, the U.S. Department of Agriculture (USDA) announced that it would support increased fertilizer production for American farmers. USDA made $250 million accessible through a new award program to assist the independent, creative, and sustainable fertilizer production of American farmers. This government support led to increased fertilizer production including humic acid water soluble fertilizer in that region and driving its market growth.

Competitive Landscape

The major global players include Xiangcheng Jiahe Biological Technology Co., Ltd., ARCTECH Inc., Humintech, Humic Growth Solutions, Inc., Casa De Amor, Raven Biotech, Neufarm, NordFert Ltd, HANS, Sakthi Fertlizers Corporation

COVID-19 Impact Analysis

COVID Impact

The pandemic disrupted global supply chains, impacting the availability of raw materials, manufacturing processes, and transportation. This disruption could have affected the production and distribution of humic acid water-soluble fertilizers. During the early stages of the pandemic, lockdowns, and restrictions on movement led to labor shortages and logistical challenges in agriculture. This resulted in reduced demand for fertilizers, including humic acid water-soluble fertilizers.

The economic impact of COVID-19 led to fluctuations in commodity prices, including those for fertilizers. This influenced the pricing and affordability of humic acid water-soluble fertilizers. Some farmers and agricultural businesses shifted their priorities during the pandemic, focusing more on essential crops and reducing the use of specialty fertilizers.

Russia- Ukraine War Impact

Both Russia and Ukraine are significant players in the global fertilizer industry. Russia is a major producer of various fertilizers. According to the World Bank, 12% of phosphate exports and 16 percent of urea exports respectively came from Russia. Together, Russia and Belarus exported 40% of the world's potash. The war and associated geopolitical tensions led to disruptions in the supply of raw materials and fertilizers, potentially affecting the availability and pricing of humic acid water-soluble fertilizers.

The Russia-Ukraine war impacted agricultural productivity in the region, which in turn, affected the demand for fertilizers, including specialized ones like humic acid water-soluble fertilizers. The geopolitical instability in the region led to price fluctuations in global fertilizer markets. Uncertainty regarding supply and increased transportation costs due to the conflict impacted the pricing of fertilizers, including humic acid water-soluble fertilizers.

By Product
• Liquid Fertilizers
• Solid Fertilizers
• Others

By Distribution Channel
• Supermarket/Hypermarket
• Specialty Stores
• E-Commerce
• Others

By Application
• Crops
• Vegetables
• Fruits
• Turf
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In October 2023, Progressive Planet Solutions Inc., provider of CleanTech solutions for the plane, introduced a new, natural soil conditioner to be applied on up to 1,355 acres this fall. CARBO Ca, the latest proprietary product under the CARBON™ brand of natural fertilizers and soil conditioners. CARBON Ca is a trade-secret combination of organic materials that enriches soil with calcium, carbon (humin), humic acid, and fulvic acid.
• In August 2022, Lawn care startup Gnome introduced A first-of-its-kind organic lawn care subscription box. The program makes use of biostimulants like kelp and humic acids to promote plant growth without endangering the stability of ecosystems.
• In February 2023, The Andersons Inc. introduced a new line of granular micronutrient fertilizer called MicroMark DG. MicroMark DG Blitz, a combination of calcium, boron, manganese, and zinc, and MicroMark DG Humic, a combination of calcium, sulfur, manganese, zinc, and humic acid, will both be included in the initial release.
• The President, Mr. He Zhenwei, and Deputy Secretary General, Mrs. Zhang Hong, attended the launching ceremony of the Kyrgyzstan Fertiliser Plant Project Phase I on 15 December at the request of Hebei Baidoujia Agricultural Development Co., Ltd. China and Kyrgyzstan are working together to develop ""the Belt and Road""; the project is expected to cost a total of 260 million dollars. After being put into operation, it can manufacture humic acid compound fertilizer and humic acid urea at a rate of more than 500000 tonnes per year.

Why Purchase the Report?
• To visualize the global humic acid water soluble fertilizers market segmentation based on product, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of humic acid water soluble fertilizers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global humic acid water soluble fertilizers market report would provide approximately 61 tables, 60 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies