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:
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.
U.S. Humate Market Scope:Inquire before buying
U.S. Humate Market Key Players
Frequently Asked Questions:
1. What is the forecast period considered for the U.S. Humate market report?2. Which key factors are hindering the growth of the U.S. Humate market?3. What is the compound annual growth rate (CAGR) of the U.S. Humate market for the next 6 years?4. Which 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?