Potash Fertilizers Market to Surpass US$ 32.08 Bn by 2027 - Coherent Market Insights

The global potash fertilizers market was pegged at 36.70 million tons in 2018, according to Potash Fertilizers Market Report, 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), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.

The global potash fertilizers market is estimated to reach US$ 32.08 Bn by 2027, exhibiting a CAGR of 4.4% during the forecast period (2019-2027). The major nutrient 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.

The increasing usage of fertilizers to boost the productivity of crops is expected to be a major driver for the global potash fertilizers market growth. For instance, according to the World Bank data, the total consumption of fertilizer globally increased from 138,958 kilograms per hectare of arable land in 2014 to 140,553 kilograms per hectare of arable land in 2016. The consumption of fertilizers increased by 1.85% in 2016, as compared to 2015.

Asia pacific accounted for a largest market share in terms of volume as well as value in 2018. The growth is majorly attributed to rising adoption of fertilizers by farmers in major countries such as China, India, and Indonesia to suffice the food demand from its ever-growing population. The increasing population in these countries is resulting in high demand for agricultural products, thereby expected to propel growth of the Asia Pacific potassium fertilizers market. For instance, according to the article published by ADB - Asian Development Bank, Asia Pacific is expected to account for over 33% of the estimated 2.6 Billion increase in global population during the period of 2010 and 2050, thus requiring additional efforts to increase the productivity of crops to serve rising population.

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Browse 144 market data tables* and 46 figures* on "Potash Fertilizers Market” - Global forecast to 2027.

Key Trends and Analysis of the Potash Fertilizers Market:

• Manufacturers operating in the global potash fertilizers market are focusing on adopting various strategies such as mergers and acquisitions, new product launches, and partnerships to retain their market position. For instance, in January 2018, Mosaic Company acquired Vale Fertilizantes (a Brazil-based fertilizer company). The acquisition helped Mosaic Company to expand its phosphate and potash production capacity.
• Furthermore, in October 2016, Compass Minerals acquired Produquimica, a nutrition company based in Brazil, in order to expand its manufacturing capacity. The acquisition added Produquimica’s quality products to the existing plant nutrition portfolio of Compass Minerals such as Protassium+ and Wolf Trax DDP Nutrients.

Key Takeaways of the Market:

• Increasing usage of chemical fertilizers to boost the global food grain production is expected to be a major driver for the growth of global potash fertilizers market. For instance, according to the World Bank data, the total consumption of fertilizer globally increased from 138,958 kilograms per hectare of arable land in 2014 to 140,553 kilograms per hectare of arable land in 2016. The consumption of fertilizers increased by 1.85% in 2016 as compared to 2015.
• Major companies operating in potash fertilizers market are focusing on various strategies such as product launches to expand their product portfolio and to maintain their position in the competitive business environment. For instance, in August 2019, Major potash fertilizer manufacturer from China - Migao Corporation and Belaruskali JSC combinedly launched a new production facility near Soligorsk, Belarus for manufacturing potash fertilizers.
• 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.