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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