Potash Fertilizer Market Size, Share, Growth, and Industry Growth by Type (Liquid and Solid) By Application (Broadcasting, Foliar, and Fertigation), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Potash Fertilizer Market REPORT OVERVIEW

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The global potash fertilizer market size was USD 26050 million in 2022 and market is projected to touch USD 36654.62 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.9% during the forecast period.

Cereals and grains, fruits and vegetables, cereals, rice, wheat, and corn are among the principal consumers of potash fertilizers. The mineral potassium, which is used in agriculture to enhance plant development, is a member of a group of minerals that includes potash. The health of humans depends on potassium, a crucial element. Usually used as a fertilizer to improve plant water retention, potash is an inorganic substance. while potash fertilizers also serve to increase crop output, enhance flavor, and further aid plants in fighting off disease. Nature contains large amounts of the natural element potash. In the form of salt deposits, it is extracted from the soil. Potash fertilizers offer a number of advantages, including the ability to enhance plant adaptation to changing environmental conditions and the avoidance of plant infection by pests and other bacteria, which helps the plant absorb more minerals from the soil.

COVID-19 Impact: Disrupted Supply Chains and Halt in Operations Led to Market’s Decline.

Numerous industrial agricultural operations and the supply chain have been impacted by the COVID-19 pandemic. Harvesting has been halted, especially in northwest India where wheat and pulses are being harvested since there is a labor shortage. Wheat, vegetables, and other crops are now less expensive, but consumers are still frequently paying more. The COVID-19 outbreak has a significant impact on the Indian pesticide sector, which is largely dependent on Chinese businesses for raw ingredients. The worldwide market for pesticides was impacted by the rise in the price of raw materials and the significant supply deficit from China.

LATEST TRENDS

"Increase in Demand for Healthy Food To Drive the Market."

The increase in investments in agricultural activities, the requirement to increase pasture production, and the unrealized potential of new markets present good development prospects. As a result of the considerable trend in population expansion, there will likely be a rise in the demand for food, which will increase the need for potash for fertilizer production. Additionally, increasing demand for healthy food due to consumers' hectic lifestyles, an increase in the consumption of cattle feed, and the application of potash fertilizers to the soil to enhance the color, taste, and texture of food crops are all expected to positively contribute to the growth of the global potash fertilizers market.

In order to increase the variety of their present product offerings, the corporations are implementing techniques like new releases. For instance, a new production facility for making potash fertilizers without chlorine was jointly opened in August 2019 by Belaruskali JSC and China-based Migao Corporation, both producers of potash fertilizers. In addition to ammonium nitrate, the facility is built to produce potassium chloride.

Potash Fertilizer Market Segmentation

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• By Type Analysis

By type, market is segmented into liquid and solid. The liquid segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into broadcasting, foliar, and fertigation. The broadcasting segment will lead the global share through 2031.

DRIVING FACTORS

"Extending Shelf Life of Plants Using Potash Fertilizer to Help Boost the Market"

The market for potash fertilizers is expanding at a healthy rate as a result of farmers' increasing need for potash fertilizers to use in their production of fruits and vegetables, as well as consumer desire for high fertilizer efficacy and potash fertilizers' expanding range of applications. Fertilizers with a high potash concentration are primarily used to boost plant development by supplying vital nourishment. Fertilizers with potash also extend the shelf life of plants and contribute to their general development.

"More Use in Drip Irrigation to Help the Market Grow"

The market for potash fertilizers is anticipated to expand as a result of the rising usage of chlorine-free potash fertilizers like sulfate of potash (SOP) in fertigation systems. Nitrogen, heavy metals, chlorine, or sodium cannot be found in potassium sulfate. Potash fertilizers are thus utilized in drip irrigation, which helps to increase plants' tolerance to cold weather.

RESTRAINING FACTORS

"Lack of Standards and Procedures to Hamper the Market Demand"

Potential barriers to the overall expansion of the worldwide potash fertilizers market include an increase in the trend of organic food consumption, unfavorable regulatory requirements, and a lack of standards and procedures. Government regulations that are too strict will likely prevent the market from expanding when potash fertilizers are used. Another factor that is anticipated to restrict the use of potash fertilizers in agriculture sectors is the growing interest in organic farming, which would restrain demand for these products and restrain the expansion of the global potash fertilizer market.

Potash Fertilizer Market REGIONAL INSIGHTS

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"Asia Pacific to Grow Rapidly within the Forecast Period"

Within the market for potash fertilizers worldwide, Asia Pacific held the greatest revenue share of almost 45%. The region's market for potash fertilizers is expanding, which is due to the region's growing population and rising demand for food grains. For instance, Asia Pacific is anticipated to account for one-third of the estimated 2,600 Mn increase in global population between 2010 and 2050, according to a study by the Asian Development Bank (ADB). As a result, the region will need additional efforts to increase crop yield to meet the region's growing population.

Due to the rising demand for food grains from nations like China and India, the Asia Pacific region is anticipated to have the highest growth in the worldwide market for potash fertilizers. For instance, the India Brand Equity Foundation (IBEF) reports that the government assessed India's output of food grains to be 291,100 kilo tons, whereas the actual production was 283,370 kilo tons.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Nutrien (Canada)
• Yara (Norway)
• Agrium (Canada)
• Mosaic (U.S.)
• JSC Belaruskali (Belarus)
• Helm (U.S.)
• CF Industries (U.S.)
• ICL (Israel)
• Borealis (Austria)
• K+S Group (Germany)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.