At 9.6% CAGR, the Middle East & Africa Humic Acid Market is Projected to be Worth US$ 95.84 million by 2030, says The Business Market Insights

According to the Business Market Insights’ research, the Middle East & Africa humic acid market was valued at US$ 45.99 million in 2022 and is expected to reach US$ 95.84 million by 2030, registering a CAGR of 9.6% from 2022 to 2030. Increasing use of humic acid for agricultural yield improvement and expansion of humic acid applications are the critical factors attributed to the Middle East & Africa humic acid market expansion.                     

Humic acid is a natural compound derived from organic matter such as decomposed plant material. It is known for its beneficial effects on soil fertility and plant growth. Upon application to the soil, humic acid enhances its physical, chemical, and biological properties. It improves soil structure, increases water-holding capacity, enhances nutrient retention, and promotes the growth of beneficial microorganisms, which leads to improvements in soil conditions through better nutrient availability and uptake, resulting in improved crop yields. As a result, the demand for humic acid-based fertilizers, soil amendments, and biostimulants, among others, has been increasing. In addition, humic acid has been found to stimulate root and shoot growth, leading to increased biomass production. It promotes the development of lateral roots, improves nutrient uptake efficiency, and enhances plant metabolism, in turn, resulting in plant growth with the potential to produce high yields and better-quality food products. These stats have been alarming the agricultural sector about the subsequently increasing food demand. As a result, agriculturists across the world are focusing on modifying farming practices to obtain high yields from smaller cultivation areas. Thus, the need for fertilizers in farming, including humic acid-based ones, increases with a major focus on crop protection and yield enhancement in the agricultural sector.

On the contrary, lack of standardization hurdles the growth of Middle East & Africa humic acid market.

Based on form, the Middle East & Africa humic acid market is segmented into dry and liquid. The dry segment held 76.7% share of Middle East & Africa humic acid market in 2022, amassing US$ 35.26 million. It is projected to garner US$ 74.24 million by 2030 to expand at 9.8% CAGR during 2022–2030.

Based on application, the Middle East & Africa humic acid market is segmented into agriculture, horticulture, ecological bioremediation, dietary supplements, and others. The agriculture segment held 56.4% share of Middle East & Africa humic acid market in 2022, amassing US$ 25.95 million. It is projected to garner US$ 53.22 million by 2030 to expand at 9.4% CAGR during 2022–2030.  

Based on country, the Middle East & Africa humic acid market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa.  Our regional analysis states that South Africa captured 39.3% share of Middle East & Africa humic acid market in 2022. It was assessed at US$ 18.08 million in 2022 and is likely to hit US$ 39.32 million by 2030, exhibiting a CAGR of 10.2% during 2022–2030.      

Key players operating in the Middle East & Africa humic acid market are Agricultural and Mining Development SA, Grow More Inc, Humic Growth Solutions Inc, and Humintech GmbH, among others.   

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