The new report by Expert Market Research titled, ‘Global Potash Fertilisers Market Analysis, Size, Share, Scope, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the potash fertilisers market, assessing the market based on its segments like types, crop types, forms, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 24.8 Billion
- Forecast CAGR (2023-2028): 4.48%
Due to the rapidly growing population, there is an increasing demand for food and for potash for fertilizer manufacture, which is driving the market growth. The rising consumer health consciousness as a result of their hectic lifestyles necessitates healthy food consumption is thereby augmenting the market growth.
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An increase in cattle feed consumption and the use of potash fertilisers in the soil to improve the colour, taste, and texture of food crops are also expected to have a positive impact on the global potash fertilisers market.
The rising demand for food grains and improved awareness among farmers about the efficient use of land through fertilisers is further driving the market growth.
Potash Fertilisers Industry Definition and Major Segments
Potassium is a critical soil element and one of the most important NPK fertiliser components. Because potassium reacts aggressively to water, it does not exist naturally in the environment.
Potassium fertiliser is sometimes referred to as ‘potash,’ a phrase that comes from an early manufacturing process in which potassium was purified from wood ashes and concentrated by dissipating the leachate in massive iron pots.
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The major types of potash fertilisers are:
- Potassium Chloride
- Sulphate of Potash (SOP)
- Potassium Nitrate
The market can be broadly categorised on the basis of its applications into:
The major forms of potash fertilisers are:
The segmentation based on crop type are:
- Pulses and Oilseeds
- Cereals and Grains
- Fruits and Vegetables
The major regions include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Potash Fertilisers Market Trends
Due to a growth in the consumption of vegetable crops that require potash fertilisers to maintain their potassium content, the market is predicted to grow. Brazil is expected to be the largest consumer and producer of potash fertiliser over the projection period, owing to rising demand for greater agricultural yields and productivity.
Potash fertiliser demand has risen in recent years due to the rising urban population, changing standards of living, and several initiatives by governments to modernise farms and raise agricultural production. This development is expected to continue during the forecast period, resulting in new market growth potential.
Key Market Players
The major players in the market are Nutrien Ltd, The Mosaic Company, Sinofert Holdings Limited, K+S Aktiengesellschaft, and EuroChem Group AG, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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