Potash Fertilizers Market, by Product Type (Potassium Nitrate, Sulphate of Potash, and Potassium Chloride), by Composition (Organic and Inorganic), by Form (Solid and Liquid Soluble Powder), by Crop Type (Oil seeds & Pulses (Soybean, Canola, Sunflower, and Others (Peas and Palm Oil)), Fruits & Vegetables (Apples, Tomatoes, Citrus, and Others (Brassica and Berry)), Cereals & Grains (Rice, Corn, Wheat, and Barley), and Others (Sugarcane, Sugar beet, and Others), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 32.23 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
The major nutrients provided by potash fertilizers include potassium, chlorine, nitrogen, and sulphate. Potassium is essential for carbohydrate and starch synthesis, and it helps plants to resist wilting. Potassium is mined from mineral deposits and the potassium fertilizers are highly beneficial for plants in producing protein as they grow. Potash fertilizers also aids in eradicating pests and microbial infections from food grains and vegetable crops.
Global Potash Fertilizers Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The global potash fertilizers market encountered difficulties during the early stages of the pandemic. Mined production faced challenges during the pandemic, with temporary halts and slowdowns in operations affecting output. Nevertheless, as the economy slowly returned to a resemblance of normalcy, the global potash fertilizers market witnessed a resurgence, resulting in a positive overall outlook for the year 2020.
The post-COVID-19 period has seen a resurgence in production activities as mining operations adapted to new safety protocols. The post-COVID-19 era has prompted global potash fertilizers market to evolve, with a focus on resilience, technological advancements, and sustained demand driven by agriculture.
Global Potash Fertilizers Market: Recent Developments
- In March 2021, ICL Fertilizers, a leading global specialty minerals and specialty chemicals company, acquired Compass Minerals America do Sul SA., a leading specialty plant nutrition business in Brazil. This acquisition will help the company strengthen its liquid potash fertilizer product portfolio, especially in Latin America.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Potash Fertilizers Market”- Forecast to 2031, Global Potash Fertilizers Market, by Product Type (Potassium Nitrate, Sulphate of Potash, and Potassium Chloride), by Composition (Organic and Inorganic), by Form (Solid and Liquid Soluble Powder), by Crop Type (Oil seeds & Pulses (Soybean, Canola, Sunflower, and Others (Peas and Palm Oil)), Fruits & Vegetables (Apples, Tomatoes, Citrus, and Others (Brassica and Berry)), Cereals & Grains (Rice, Corn, Wheat, and Barley), and Others (Sugarcane, Sugar beet, and Others), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/potash-fertilizers-market-1398
Key Takeaways of the Global Potash Fertilizers Market
- The global potash fertilizers market is estimated to be valued at US$ 32.23 Bn in 2024 and is forecast to reach a value of US$ 47.19 Bn by 2031, growing at a CAGR of 5.6% between 2024 and 2031
- Major players operating in the global potash fertilizers market include Israel Chemicals Ltd., EuroChem Group A.G., Agrium Inc., Uralkali PJSC, Yara International A.S.A., Migao Corporation, Sesoda Corporation, SQM S.A., Brazil Potash Corporation, and K+S KALI GmbH
- Key players operating in the global potash fertilizers market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio
