According to Future Market Insights, the potassium humate market is projected to increase at a CAGR of 3% in the forecast period from 2023 to 2033 where the market size in 2023 is likely to reach US$ 705.23 million, and in 2033 to US$ 947.77 million.
Due to the increase in the usage of chemicals and fertilizers, the fertility of soil levels is said to be decreasing thus improving the quality of the soil where various soil conditioners are used thus improving the sales during the forecast period.
Expected Market Value in 2023
US$ 705.23 million
Expected Market Value in 2033
US$ 947.77 million
2023 to 2033
The potassium humate is commercially amalgamated by extraction of brown coal (ignite) through the solution after dying and further converting into granular form, where it helps in the harmful reduction of fertilizer on the soil. Because of the increase in the usage of fertilizers across the globe where the expectation is of an important demand to form the fertilizer industry during the assessment period. This potassium humate fertilizer offers a most productive solution in sustainable agriculture where it is made of humic, fulvic acid, and raw humates (plant matter). The presence of humic acid in humate fertilizer helps boost the growth of fungi in soil. This humic acid stabilizes the nitrogen content of the soil. Moreover, it aids in improving nitrogen efficiency, thereby making it a potential additive for urea. The presence of these raw materials in humate fertilizer thus increases the ability of soil to hold nutrients, which in turn strengthens nutrient absorption.
According to the reports of the World Bank, the population captured several 7,753 million in 2020, growing at a CAGR of around 1% globally where the remarkable rise is assumed to boost the demand for food products at an incredible rate. This has eventually elevated the demand for food products that have coupled with the shrinking of agricultural land area across the globe thus creating the need for increasing the per hectare production capacity of the land.
A rise in awareness about the negative impact of chemical fertilizers is a vital factor escalating the market growth, also a rise in the development in the organic food industry, an increase in the concerns regarding environmental hazards and soil contamination, and an increase in the application as a chelation and pollution detoxifying agent are the major factors among others driving the humate market. Moreover, a rise in the technological advancements in bio-stimulant production and a strong innovative product portfolio for broad-acre crops extend profitability, and will further create new opportunities for the humate market.
However, the low market penetration in these emerging economies and inconsistent quality of end-products are the major factors among others that are thus acting as a restraint and will further challenge the growth of the humate market in the forecast period mentioned above.
Therefore, according to FMI, India is said to be one of the fastest-growing economies across the globe, even though its major part is agriculture based, where the country not only caters to the global demand for agricultural products and is therefore counted as one of the leading countries in producing the agriculturally based products owing to growth at a rapid rate in the forecast period. China is followed by India as is considered to have a lucrative market for potassium humate where a vast population of the country creates a huge demand for the food products by the country.
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Some of the key players in the potassium humate market are-
Potassium Humate is widely used as soil conditioner. Due to increased use of fertilizers and chemicals, soil fertility levels are decreasing, and thus to improve the soil quality various soil conditioners are used which is the key factor improving the sales during the forecast period.
Potassium Humate is type of potassium salt derived from humic acid. It is commercially synthesized by extraction of brown coal (lignite). The extraction is carried out in alkaline medium created by adding Potassium hydroxide (KOH) to water.
Then potassium humate is extracted through the solution and after drying and converting it into granular form. In granular form it can added to fertilizers to reduce the harmful effects of fertilizer on soil. Due to increase in use of fertilizers across the globe expectations is of remarkable demand form fertilizer industry during the assessment period.
Moreover, the product can also find its applications in manufacturing of bio stimulants. Bio stimulants demand has been increased at rapid pace as awareness towards use of sustainable products and various advantages of organic products. This growth in demand of bio stimulants is expected to boost the sales during the forecast period.
To cater the increasing demand for food, products that are helpful in increasing per hectare production capacity of soil are expected to be in great demand through the forecast period, thus benefiting the market.
According to data from the World Bank, the Global population has attained a number of 7,753 Million in 2020, and growing at a CAGR of around 1%. This remarkable rise in population is expected to boost the demand for food products at an incredible rate.
This elevated demand for food products coupled with shrinkage of agricultural land area across the globe is creating the need for increasing per hectare production capacity of land. Hence the land under cultivation is treated with fertilizers and chemicals and to condition soil regenerate the fertility lost due to use of chemicals Soil Conditioner are used. Which is expected to fuel the sales of soil conditioner including potassium humate during the forecast period.
India is one of the fastest growing economy across the globe, however a large part of the Indian economy is still agriculture based. The country caters global demand for agricultural products and is counted as one of the leading countries in producing many agricultural products like cotton, jute, pulses, spices, wheat, sugarcane and various other agricultural based products. Owing to this factors India is expected to grow at rapid rate during the forecast period.
China is also a lucrative market for Potassium Humate. Such a vast population of the country creates huge demand for the food products in the country. Many manufacturers prioritize china for expansion owing to leniency in governmental regulations towards production and shifting consumer base towards eco-friendly and organic products.
Owing to such a strong presence of manufacturers in the country, the country is expected to be one of largest producer for potassium humate during the forecast period.
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Latin America is one of largest consumer of soil conditioners. Countries like Brazil, Argentina, Chile and others are considered as agricultural hub in the world. Brazil is largest producer of soyabean and one of leader in terms of producing various agricultural products like sugarcane, coffee beans and various others. Awareness about the use soil conditioners among the population of the region makes region a lucrative market.
Some of leading manufacturers and suppliers include
The market is highly fragmented numerous presence of regional as well as global players. Manufacturer are engaged in research and development activities in order to overcome various longstanding challenges in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.