New York, United States , Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Potassium Humate Market Size is To Grow from USD 685 Million in 2022 to USD 1,046 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 7.04% during the projected period.
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Potassium humate is the potassium salt of humic acid that is extracted alkaline from natural sources such as brown coal, leonardite, peat, and others. It is a dark-colored, water-soluble substance known for its organic content and a variety of agricultural benefits. Potassium humate improves soil structure by encouraging fungal growth, increasing water retention, and enhancing the soil's cation exchange capacity. This increases root system growth by boosting soil aeration. Furthermore, there is a lot of curiosity about the possible benefits of incorporating potassium humate in animal feed to improve digestion and possibly even overall health. Organic compounds such as potassium humate are being used to reduce the usage of synthetic fertilizers in response to growing concerns about the detrimental effects of chemical fertilizers on both human health and the environment. The need for environmentally friendly soil enhancers such as potassium humate is increasing as the global emphasis shifts toward organic and sustainable farming methods.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Potassium Humate Market Size, Share, and COVID-19 Impact Analysis, By Product Form (Liquid, Granular, Powder, Flakes, Water-Soluble), By Application (Agriculture (Fertilizer, Soil Conditioners), Horticulture, Livestock Feed Additive, Medical & Dietary Supplements), By Sales Channel (Direct Sales, Retailers, Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The powder segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product form, the global potassium humate market is segmented into the liquid, granular, powder, flakes, and water-soluble. Among these, the powder segment is dominating the market with the largest revenue share of 56.2% over the forecast period. This dominance can be attributed to the powdered form's versatility, ease of transport and storage, and widespread use in a range of agricultural contexts. It also costs less to transport and store than liquid equivalents.
The direct sales segment is expected to hold the largest share of the Global Potassium Humate Market during the forecast period.
Based on the sales channel, the global potassium humate market is classified into direct sales, retailers, and online. Among these, the direct sales segment is expected to hold the largest share of the potassium humate market during the forecast period. The advantages of bulk purchasing, price negotiations, and direct interactions between manufacturers and large-scale purchasers are attributed to this. It's a common method for big-scale consumers or businesses who need potassium humate in significant quantities, such as commercial farms or agricultural groups.
The agriculture segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of application, the global potassium humate market is segmented into agriculture, horticulture, livestock feed additives, and medical & dietary supplements. Among these, the agriculture segment is dominating the market with the largest revenue share of 57.2% over the forecast period. This is due to the fact that potassium humate is widely utilized in agriculture due to its capacity to improve soil quality, stimulate crop growth, and maximize agricultural output. In agriculture, potassium humate is commonly used as a soil conditioner. It is crucial for increasing fertilizer efficiency by encouraging increased nitrogen uptake by plants.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 43.7% market share over the forecast period. This is due mostly to its well-known agriculture sector, extensive use of soil conditioners like potassium humate, and a significant emphasis on environmentally responsible farming practices. Concerns about soil health and the negative environmental effects of agricultural operations are driving rising demand for potassium humate. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific area has seen rapid growth in the potassium humate market due to reasons such as a large agricultural sector, a growing population, and rising awareness of environmentally friendly farming methods. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Potassium Humate Market include BASF AG, Syngenta, Solvay SA, UPL India, Clariant AG, Bayer Crop Science, Evonik Industries AG, Eastman Chemical Company, Croda International PLC, Rallis India Limited, JINGFENG HUMIC ACID, and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Potassium Humate Market based on the below-mentioned segments:
Potassium Humate Market, Product Form Analysis
- Liquid
- Granular
- Powder
- Flakes
- Water-Soluble
Potassium Humate Market, Application Analysis
- Agriculture
- Fertilizer
- Soil Conditioners
- Horticulture
- Livestock Feed Additive
- Medical & Dietary Supplements
Potassium Humate Market, Sales Channel Analysis
- Direct Sales
- Retailers
- Online
Potassium Humate Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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