The humic acid market size is expected to showcase a notable expansion by 2028 owing to the global fight against climate change. Humic acid is a set of molecules that can bind to, and aid plant roots in receiving nutrients and water from the ground. These characteristics make humic acid one of the key components of crop management in the agriculture sector.
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Agricultural yields are highly susceptible to climate change. Which makes understanding climate change, particularly the temperature impacts and ways to ensure optimal harvest, critical for agriculturalists, policymakers, as well as crop breeders to ensure effective global food security.
According to 2021 United Nations estimates, in 2020, approximately 720 to 811 million people went hungry across the world. With the COVID-19 pandemic gravely intensifying the inadequacies and vulnerabilities of the global food systems.
With calls for food security and climate change prevention both turning global focus towards agricultural sustainability, the humic acid market is slated to undergo a transformative phase of growth over the coming years.
Overall, the humic acid market is categorized into two segments on the basis of application and regional landscape.
With respect to application, the market is further classified into agriculture, dietary supplements, horticulture, ecological bioremediation, and others.
Among these, the ecological bioremediation segment is earmarked to showcase distinguished revenue gains. In 2021, the ecological bioremediation segment accounted for around 5.27% of the overall market share. Ecological bioremediation is a process that uses micro-organisms to effectively reduce pollution, from an array of different sources, by biologically degrading the pollutants into harmless, non-toxic substances.
Currently, the world produces about 1.3 billion tonnes of garbage on an annual basis, with the majority being stored across landfill sites or worse yet, dumped in the oceans. Recently, ecological bioremediation is being proposed as a viable solution to neutralize pollutants inside a garbage landfill.
Meanwhile, the other segment is forecast to chart its grow at an impressive CAGR of more than 10.9% through the analysis timeframe.
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With respect to the regional landscape, the Latin America humic acid market is projected to record notable growth in coming years. In 2021, the regional market held n industry share of more than 10% and is projected grow at a double-digit CAGR of 12.9% through the assessment period. The agri-food systems of Latin America are considered highly important globally. In fact, the region is counted as the largest provider of ecosystem services in the world, and supplies a prominent share of the globe's overall food supply.
The Middle East & Africa humic acid market will showcase significant growth owing to rising organic farming demand.