Humate Fertilizer Market is Projected to Garner Significant Revenues by 2030

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Humate Fertilizer: Introduction

• Humate or humic acid fertilizer is an excellent soil conditioner used primarily to enhance the nutrient absorbing ability of roots and cells. Furthermore, humate fertilizer helps speed cellular metabolism of the soil. Humate is a black solid matter that consists of humic acid. Additionally, it is a salt of humic acid, which is completely soluble in water.
• Based on type, the global humate fertilizer market can be segmented into iron, potassium, calcium, magnesium, and others. The iron segment is projected to hold a major share of the global humate fertilizer market. Iron humate fertilizer provides increased iron content in the root and soil interface, thereby enhancing uptake ability of iron in plants. The potassium humate segment is estimated to expand at a notable CAGR between 2020 and 2030. Potassium humate offers very high chemical and biological activity; hence, the potassium humate segment is expected to increase its share by the end of the forecast period.

Attributes of Humate Fertilizer to Drive its Demand in the Near Future

• Humate fertilizer is an excellent source of nutrients to plant and soil. It stimulates plant enzymes and increases the microorganism content of soil. Humate fertilizer also acts as an organic catalyst, thereby increasing respiration and formation of roots. It also possesses excellent pH buffering capacity, thereby helping neutralize the problems associated with pH variations in soil.
• Humate fertilizer offers most productive solution in sustainable agriculture. It is made of humic, fulvic acid and raw humates (plant matter). Presence of humic acid in humate fertilizer helps boost the growth of fungi in soil. Humic acid stabilizes nitrogen content of the soil. Moreover, it aids in improving nitrogen efficiency, thereby makes it a potential additive for urea. The presence of these raw material in humate fertilizer increases the ability of soil to hold nutrients, which in turn strengthens nutrient absorption. All these characteristics of humate fertilizer are expected to drive its demand in the near future.

Impact of COVID-19 on Global Humate Fertilizer Market

• The humate fertilizer industry, globally, has been severely affected by the onset of pandemic. Production of humate fertilizer declined in China and India in the second quarter of 2020. Factors responsible for the decline include closure of production sites, decreased demand from the agriculture sector, and a lack of availability of raw material. All these factors led to supply-chain disruption in the humate fertilizer market, which in turn is likely to hamper the market temporarily.

Asia Pacific to Hold Major Share of Global Humate Fertilizer Market

• In terms of region, the global humate fertilizer market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is anticipated to hold a major share of the global humate fertilizer market. Asia Pacific is home to several farming-based products manufacturing countries including India, China, Indonesia, the Philippines, Vietnam, and Thailand. These countries have a rich portfolio of various agriculture crops, fruits, and vegetables. Additionally, growing population coupled with rising demand for healthy food products is likely to boost consumption and production of fruits and vegetables in the near future. Humate fertilizer is primarily utilized to enhance the nutrient uptake ability of the soil and plant, which in turn is likely to drive the demand for humate fertilizer in the near future. Availability of low cost labor is a prominent factor that is likely to drive the production of humate fertilizer across the region.
• Europe and North America are major producers of humate fertilizer, globally. While countries in Middle East & Africa rely on import from Asia Pacific and Europe to cater to the demand for humate fertilizer in the region.