Thanks to the development in the Distribution channel and Applications segment, the U.S. Humate Market is expected to reach by $283.41 Million by 2027. The report analyzes market dynamics by region and end-user industries.
U.S. Humate Market Overview:
The U.S. Humate market was valued at US $154.84 Mn. in 2019, and it is expected to reach US $283.41 Mn. by 2027 with a CAGR of 10.6% during the forecast period.
Humate is a salt of humic acid. Humic acid is a mixture of organic compounds formed by the decomposition of plant and animal tissues that have been crushed in the earth's soil for millions of years. These substances can be found in all soils, water, and sediments that accumulate on the earth's surface. Humates are black, coal-like powder extracted from the earth in its purest form. Humate formulations contain essential polyphenols, hormones, ketones, natural sterols, and fatty acids, making them highly effective.
COVID–19 Influence on U.S. Humate Market:
COVID-19 had a significant impact on the U.S. economy as well as public health. It caused chaos in the economy, and not a single country was protected. Businesses all over the U.S. have been driven to adjust their ways as a result of the virus. The report gives more details about the influence of each region, allowing users to plan their actions and take substantial steps toward recovery after an epidemic.
U.S. Humate Market Dynamics:
Organic farming's growing popularity in the country is expected to drive the growth of the humate market over the forecast period. Organic farming, which accounts for a small percentage of total agriculture in the United States, has seen a year-over-year increase of more than 50%. More than 5 million organic farmers live in the country.
Organic farming is widely practiced in California, Wisconsin, and New York, among other states. Organic farming has become more popular in the United States as a result of increased federal expenditure on agriculture and easier approval for organic products.
In the United States, potassium humate is the most widely used humate derivative, and it's often combined with urea, diammonium phosphate (DAP), monoammonium phosphate (MAP), and monopotassium phosphate (MKP). Thus, in the future, the availability of many humate-containing products in the plant, nutrition category is expected to drive market growth. The growing knowledge about the advantages of humate and disadvantages of synthetic chemicals in farming, as well as the development of an alternative to synthetic fertilizers are expected to boost humate use over the forecast period.
However, the organic products available in the United States and across the world lack consistency and quality control, which can lead to the use of inappropriate ingredients. As a result, the United States government must focus on improving the benchmarking of organic products. Some products have been introduced to the U.S. National Organic Program, which provides certifications and labeling for organic content. This program has yet to consider humate, which limits its growth in the country.
Market Segment Analysis:
On the basis of Distribution channel, the U.S. Humate market is segmented into four types as follows, Retail stores, online retail, Company owned dealership, and others.
From 2021 to 2027, the online retail sales channel is expected to grow at a CAGR of 12.5%. Manufacturers may develop products based on diverse soil types and nutrient requirements thanks to the introduction of internet retail. Online retail substitutes for the lack of flexibility in the physical distribution method. Humate manufacturer’s excellent implementation of marketing communication campaigns through online distribution channels are expected to grow humate product sales over the forecast period.
Manufacturers of humates tend to use the same distribution channels as fertilizers and agrochemical manufacturers. Because of the lower storage and transportation expenses, these products are mostly offered by local retailers. Central Farm Service, Home Oil Company, Pinnacle Farm Holdings, Reynolds United Co-Op., and Helena Chemical are just a few of the prominent agriculture retailers in the United States.
U.S. Humate Market
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2019 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players across the globe. The past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
On the basis of Application, the U.S. Humate market is segmented into five types as follows, Agriculture, Ecological Bioremediation, Horticulture, Dietary Supplements, and Others.
In 2019, agriculture was a significant application segment in the humate market in the United States, accounting for 78% of total sales. The demand for humate in the agriculture industry is increasing as the focus on organic agriculture and the usage of naturally cultivated products increases. Furthermore, an increase in hemp and cannabis cultivation across the country is expected to help the market to grow.
From 2021 to 2027, the use of humate in the production of hemp and cannabis is expected to grow at a CAGR of 13.9%. Hemp production by land area in the United States increased from 25,713 acres in 2017 to 78,176 acres in 2018, according to Meister Media Worldwide. In 2019, Montana and Colorado were the top hemp-growing states.
The medical market has a strong demand for hemp and cannabis, which demands a high nutritious value in these crops. The addition of humate to the soil assists in the transport of plant nutrients, resulting in good crop growth.
Increased competition in niche applications, ecological bioremediation is the fastest-growing segment. The United States Environmental Protection Agency (EPA) has established Preliminary Remediation Goals, which assist in the design of soil remediation guidelines. From 2021 to 2027, this segment is expected to grow at a CAGR of 3.8% in terms of volume.
U.S. Humate Market Regional Insights:
In 2019, California led humate demand in the United States, with a revenue share of xx%, based on widely practiced organic farming and it is expected to continue its dominance over the forecast period.
The objective of the report is to present a comprehensive analysis of the U.S. Humate market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the U.S. Humate market dynamics, structure by analyzing the market segments and project the U.S. Humate market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the U.S. Humate market make the report investor’s guide.
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U.S. Humate Market Scope:Inquire before buying
U.S. Humate Market 1
U.S. Humate Market Key Players
• Humic Growth Solutions
• Italpollina USA Inc.
• Actagro LLC
• Faust Bio-Agricultural Services
• Others
Frequently Asked Questions:
1. What is the forecast period considered for the U.S. Humate market report?
Ans. The forecast period for the U.S. Humate market is 2021-2027.
2. Which key factors are hindering the growth of the U.S. Humate market?
Ans. Awaiting consideration of humate in the U.S. National Organic Program is the key factor expected to hinder growth of the market.
3. What is the compound annual growth rate (CAGR) of the U.S. Humate market for the next 6 years?
Ans. The U.S. Humate market is expected to grow at a CAGR of 10.6% during the forecast period (2021-2027).
4. Which are the key factors driving the growth of the U.S. Humate market?
Ans. The growing organic farming and horticulture are the key factors driving the growth of the U.S. Humate market.
5. Which are the regional major key players covered for the U.S. Humate market report?
Ans. The regional players are as follows: Humic Growth Solutions, Actagro LLC, Italpollina USA Inc., Faust Bio-Agricultural Services, and Others.
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