Humic acid is a principal component of Humic substances which are the major organic constituents of soil (humus), peat, coal, many upland streams, dystrophic lakes and ocean water. It is produced by biodegradation of dead organic matter. It is not a single acid, rather, it is a complex mixture of many different acids containing carboxyl and phenol ate groups so that the mixture behaves functionally as a dibasic acid or, occasionally, as a tribasic acid. Agriculture: with high content of organic matters, natural Humic acid is the best additive for the organic fertilizer, raw material for hamates based fertilizers and also can be used as soil ameliorator, plant growth stimulator and fertilizer improver. Industry: used as oil drilling fluid stabilizer, cement and ceramic additive, wastewater treatment agent, cathodal plate additive for accumulator.
The global Humic acid market is on track to grow to reach a market value of USD 973.06 Mn by the end of 2023. Due to its nutrient components, humic acid has become a vital part of agriculture as it improves nutrient intake by enriching the soil and increases water holding capacity among other benefits, thus resulting in an increase in the use of humic acid. The growth of the global population is rapid, which has greatly impacted the agricultural sector. Growing awareness and regard for environmental impact has popularized sustainable farming, thus driving demand for humic acid. Use in animal feed to increase nutrient intake in animal husbandry activities is expected to assist growth as consumers become more conscious of fresh and animal produce. Additionally, increasing health consciousness across the globe has increased the demand for humic acid as the trace minerals and nutrients found in humic acid help strengthen immunity and improve overall health.
Growing need for bio-stimulants can provide opportunities for the future growth of Humic acid market. The demand from agriculture sector owing to drifting focus towards organic fertilizers is expected to drive the market over the forecast period. By application, agriculture segment is expected to dominate the market owing to increasing population and decreasing agricultural land due to rapid urbanization and industrialization is increasing the demand of fertilizers to achieve high yields of crops which will propel the demand of humic acid. As a whole any entrepreneur can venture in this project without risk and earn profit.
Few Indian major players are as under
Agro Phos (India) Ltd.
Basant Agro Tech (India) Ltd.
Ghatprabha Fertilizers Pvt. Ltd.
Indian Farmers Fertiliser Co-Op. Ltd.
Karnataka Compost Devp. Corpn. Ltd.