The North America humic acid market is projected to expand substantially by 2027 on account of the flourishing organic food industry across key regions.
Recent studies have revealed that humic acid is one of the most effective methods that use the natural biologically active substances to enhance plant growth and quality while re-mineralizing soil. Increasing awareness regarding the negative impacts of chemical fertilizers has propelled the adoption of sustainable agricultural practices around the world, which has significantly supported industry uptake in recent years.
The North America humic acid market has been segmented based on crop, use, and country.
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In terms of crop, the market has further been categorized into specialty crop and row crop. Under row crop, the market has been bifurcated into wheat, soybean, corn, and others.
The soybean segment recorded a valuation worth USD 45 million in 2020 and is expected to be valued at over USD 100 million by the end of 2027. Surging demand for soybean around the world is likely to boost crop production for farmers in North America through 2021-2027.
The corn segment held a valuation of nearly USD 50 million in 2020 and is projected to grow at a CAGR of approximately 11% over the study timeline to reach almost USD 120 million valuation by 2027. Growing corn consumption and widespread production of processed corn products are estimated to drive product adoption through the forecast period.
In 2020, the wheat segment was worth more than USD 30 million and is anticipated to garner a valuation of around USD 65 million by the end of the review period. Extensive application of humic acid in the production of wheat is slated to fuel segmental expansion over the forthcoming years.
The others segment was valued at about USD 30 million in 2020 and is speculated to progress at over 12.3% CAGR through the assessment timeframe to attain nearly USD 75 million valuation by 2027. This segment includes barley, oats, etc. Mounting demand for oats, primarily from the Asia Pacific region, is set to accelerate market growth over the analysis timeline.
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Under specialty crop, the market has been divided into tree nuts, vegetables, fruits, and others.
The vegetables segment is expected to amass a revenue estimation of more than USD 120 million by the end of 2027 owing to the widespread utilization of humic acid in the cultivation of vegetables.
In 2020, the fruit segment was worth almost USD 20 million and is likely to surpass USD 55 million in revenue by the end of the study period. Increasing production of fruits followed by rising exports of fruit products is estimated to foster segmental development over next few years.
The tree nuts segment held over USD 5 million valuation in 2020 and is set to grow to a valuation of about USD 14 million by the end of 2027. Increased production of tree nuts in the United States is deemed to bolster market expansion.
In 2020, the others segment amassed more than 8 million valuation and is slated to record a valuation of almost USD 19 million by 2027.