SEATTLE, April 28, 2020 (GLOBE NEWSWIRE) -- The global potassium sulphate market was valued at US$ 4,043.7 Mn in 2019 and is estimated to exhibit a CAGR of 4.3% over the forecast period (2020-2027).
Sulphate of potash (SOP) is one of the most popular fertilizers and offers high amount of nutrients, which are readily available to plants. Moreover, SOP have low salinity index, making it a preferred potash fertilizer in the areas with high risk of soil salinity. SOP also improves crop quality and yield, making the plants more resistant to insects, and drought conditions.
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The rapid growth of the cosmetics industry in emerging economies of Latin America and Asia Pacific has increased demand for potassium sulphate. For instance, according to the India Brand Equity Foundation (IBEF), the cosmetics industry in India is expected to reach US$ 20 Bn by 2025.
Moreover, in the food and beverages industry, potassium sulphate is used in preparation of bakery products, sodas, and beverages. The increasing usage of potassium sulphate as an additive in carbonated drinks is expected to boost the market growth. Furthermore, potassium sulphate is classified as generally recognized as safe (GRAS) by the U.S. FDA, which has encouraged its use in the food industry.
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Key Trends and Analysis:
- Feeding the growing population globally is one of the major challenges faced by the world. Increasing utilization of fertilizer in plants is associated with increased yield of crops. For instance, according to the United Nations, the world population is expected to increase from 7.6 Bn in 2017 to 9.8 Bn in 2050. Food security and food sufficiency is a major concern for numerous countries, across the globe. Therefore, in order to increase the productivity of farmers, several countries provide subsidies on fertilizers. For instance, in 2018, Government of India provided a total subsidy of around US$ 10,221.2 Mn on fertilizers to Indian farmers, a 6.1% increase in the subsidy provided as compared to 2017.
- The increase in cultivation of a wide range of chlorine free crops such as potatoes, tobacco, strawberry, blackberry, mango, citrus, pepper, chili, avocado, cashew, almond, peach, cocoa, hops, pomes and stone fruits (especially cherries), cucumber, melon, onion, lettuce, and other plants have led to increased use of potassium sulphate fertilizer. For instance, according to USDA Foreign Agricultural Service, in 2016, China’s potato production was around 550,000 MT, which was forecast to increase to 600,000 MT by 2017.
Key Market Takeaways:
- The global potassium sulphate market is expected to exhibit a CAGR of 4.3% during the forecast period (2019-2027). Factors such as rising usage of potassium sulphate in different end-use industries such as agriculture, industrial, food & beverage, pharmaceutical, and others is expected to drive the potassium sulphate market globally. According to Coherent Market Insights, Agriculture end-use in the global potassium sulphate market was pegged at 5,976.0 Kilo Tons in 2019 and is projected to increase to 7,756.4 Kilo Tons by 2027, witnessing a CAGR of 3.3% during the forecast period.
- Asia Pacific accounted for the largest market share in the global potassium sulphate market in 2019. China market is the dominant market in the potassium sulphate market accounting for the largest market share in the Asia Pacific region as of 2019.
- Major players in this region are adopting strategies such as capacity expansion to enhance their market presence, which is expected to drive the overall growth of potassium sulphate market in the region over the forecast period. For instance, in 2016, SDIC Luobupo Potash Co. Ltd. aimed to extract the brine of Lop Nur Lake to manufacture potassium sulphate fertilizer through Brine Processing technology.
Major players operating in the global potassium sulphate market include--
K+S KALI GmbH, Compass Minerals International Inc., Tessenderlo Group, SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc.
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Market Segmentation:
- Global Potassium Sulphate Market, By Form:
- Solid (Standard & Granular)
- Liquid (Soluble SOP)
- Global Potassium Sulphate Market, By Process:
- Mannheim Process
- Sulphate Salts Reaction
- Brine Processing
- Others
- Global Potassium Sulphate Market, By End-use Industry:
- Agriculture
- Industrial
- Pharmaceuticals
- Cosmetics
- Food & Beverages
- Others
- Global Potassium Sulphate Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- North Africa
- Central Africa
- South Africa
- North America