Humic acid is one of two types of naturally occurring acidic organic polymers that can be recovered from humus in soil, sediment, or water. Although the exact mechanism by which humic acid develops in humus is unknown, the general consensus is that it accumulates over time as a byproduct of microbial metabolism. Humic acid is made up of a loose assemblage of aromatic polymers of varied acidity and reactivity, unlike proteins or carbohydrates, which are the two most common organic polymers found in biological material.
In terms of revenue, North America was the largest geographical market in the worldwide Humic Acid Market in 2020. Rising need for bio-stimulants and bio-catalysts in agriculture for enhanced crop production, expanding consumption of organic foods, rising consumer awareness of health and fitness, and rising demand for nutritional supplements are among the key factors driving market expansion in North America. Other factors supporting the region's market growth include increased horticultural operations and the growing use of organic components in animal feed.
The ongoing COVID-19 epidemic has had an influence on the global humic acid market. Several governments around the world have implemented nationwide lockdowns to prevent the virus from spreading, resulting in the closure of enterprises and the cessation of a variety of economic activity.
According to the International Monetary Fund's 2020 forecast, the global economy shrunk by 3.0 percent in 2020, worse than during the financial crisis of 2008-09. Furthermore, lower demand for fertilisers and pesticides has resulted in lower need for humic substances in the agricultural sector. However, rising demand for medications and a variety of acids and chemicals to perform vaccine trials is likely to boost humic acid demand across the pharmaceutical market.
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