Seoul, South Korea, July 13. 2022 (GLOBE NEWSWIRE) — According to a new report from Fact.MR, a market research and competitive intelligence provider, the global potash fertilizer market has reached a valuation of US$28.9 billion and is expected to grow at a CAGR of 6.1% during the forecast period (2022-2032). The strong growth of the market can be attributed to factors such as government initiatives for the improvement of the agricultural sector and the development of various techniques related to fertilizers.
Generally, plants and crops need three nutrients: potassium, nitrogen and phosphorus. Companies use a variety of techniques to ensure an adequate supply of potash fertilizers because potash contains soluble potassium which improves plant root strength, makes them resistant to disease and provides efficient yield rates. Consumers demand high quality potash fertilizers to maintain the quality of their agricultural products.
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Manufacturers have faced numerous supply chain issues during the COVID-19 pandemic, which has hampered the potash fertilizer market growth; however, companies have invested more in technology, particularly in enterprise resource management to maintain day-to-day raw material sourcing, risk management and compliance, and supply chain operations.
Why is the demand for potash fertilizer steadily increasing across the region?
“Growing population and demand for high nutrient content”
Considering the situation across the world, such as the increase in pollution and the population, which is expected to increase over the next few years, concerns about more mouths to feed will only grow stronger. Due to economic volatility, some countries are already facing a food crisis, affecting 9.9% of the population of different demographic groups, according to the UN.
Thus, to feed the existing population, repeated cultivation is practiced, which rapidly deteriorates the quality of the soil. Therefore, it becomes important to replenish the soil to produce nutrient rich grains, fruits and vegetables.
Improving the soil with fertilizers will help to combat food shortage problems and the quality of products will be improved. The use of fertilizers to fertilize vegetative and barren land should improve the quality and quantity of agriculture.
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Key Segments Covered in Potassium fertilizers Industry survey
- Potassium Fertilizer Market by Form:
- Solid potassium fertilizers
- Liquid potassium fertilizers
- Potassium Fertilizer Market by Product Type:
- Potassium chloride
- Potash Sulphate (SOP Fertilizer)
- potassium nitrate
- Potassium Fertilizer Market by Application Technique:
- Potassium Fertilizer Market by Crop/Application:
- Fruits and vegetables
- Oilseeds and pulses
- Others (Peas and Palm Oil)
- Cereals & Grains
Major potash fertilizer manufacturers include Yara International Asa, Agrium Inc., Potash Corporation of Saskatchewan Inc, Eurochem Group AG, The Mosaic Company, JSC Belaruskali, Helm AG, Israel Chemicals Ltd., Sociedad Química Y Minera De Chile SA (SQM ), Borealis AG, Sinofert Holdings Limited, K+S Aktiengesellschaft, PJSC Uralkali, Russia and Arab Potash Company.
- Phosphate and potash fertilizer brands should focus on expanding production in different countries to minimize export duties where potash fertilizers are in greater demand and partner with third-party distributors to cover untapped markets . Players should opt for sustainable methods to minimize the carbon footprint, which leads to an increase in potash fertilizer production efficiency.
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The key players in Potassium fertilizers Market
- Yara International Asa
- Agrium Inc.
- Potash Corporation of Saskatchewan Inc.
- Eurochem SA Group
- The Mosaic Company
- JSC Belarus
- Helm S.A.
- Israel Chemicals Ltd.
- Sociedad Química Y Minera De Chile SA (SQM)
- Borealis AG
Main takeaways from Potassium fertilizers Market research
- By form, liquid potash fertilizers are expected to provide an absolute dollar opportunity of US$12.1 billion over the forecast period (2022-2032).
- By crop/application, use in grains and cereals is projected to create an absolute dollar opportunity of US$9.2 billion by 2032.
- East Asia is expected to capture around 29.8% of the global potash fertilizer market share by 2032.
- South Asia and Oceania is expected to provide an absolute dollar opportunity of US$3.7 billion by the end of 2032.
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