According to the research report titled ‘North America Humic Acid Market Forecast 2027 By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America humic acid market is anticipated to record a strong CAGR throughout of forecast period.
 

Growing demand for ecologically friendly agricultural practices due to increasing emphasis on health and wellbeing, especially amid the Covid-19 pandemic, is a major factor driving the North America humic acid market growth.
 

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Increasing adoption of humic acid across modern farms as farmers transition from traditional fertilizers toward innovative alternatives is positively swaying the market dynamics. Moreover, extensive use of the acid as a biostimulant in pomology, floriculture, and olericulture is augmenting product penetration in the region.
 

Citing an instance, the Agriculture Improvement Act was enacted in 2018 by the U.S. government for expansion of agriculture industry in the region. The government increased agriculture spending by USD 1.8 billion under this act for FY2019 to FY2023 to provide farmers with crop insurance benefits as well as increased security. Such government initiatives will continue to augment the market remuneration potential.
 

For the uninitiated, humic acid is a compound used in organic fertilizers and is extremely beneficial for the overall growth and development of plants. When humic acid is added to fertilizer, it significantly changes the health and quality of crops. It increases the metabolism of plants and also improves root growth. It also improves crop tolerance from intense environmental conditions.
 

Considering application range, North America humic acid industry is segmented into agriculture, ecological bioremediation, horticulture, dietary supplements, and others. Among these, horticulture segment accounted for 20% share in 2020 and is poised to showcase lucrative growth trends over the estimated timeline, owing to expanding organic food industry supported by government intervention and positive outlook of the farming sector.
 

Speaking of the regional scope, Canada held over 10% market share in 2020 and is likely to emerge as a lucrative growth avenue over the forecast duration owing to supportive government measures that will enhance agricultural productivity in the country. In fact, in 2019, the Canadian government invested over USD 50 million in the agriculture industry and is likely to invest around USD 250 million more to help farmers and food enterprises.
 

Prominent players defining the competitive landscape of humic acid market in North America are Wilbur-Ellis Company LLC, Winfield Solutions LLC, Grow More Inc., Humic Growth Solutions Inc., Andersons Inc., Black Earth Humic LP, Faust Bio-Agricultural Services Inc., Agriculture Solutions Inc., Everwood Farm, Nature's Lawn & Garden Inc., and Organic Approach LLC.