Increasing Agricultural GVA to Supplement Demand Growth for Potash Fertilizers, Reveals Fact.MR

Seoul, South Korea, July 13, 2022 (GLOBE NEWSWIRE) -- As per a new report by Fact.MR, a market research and competitive intelligence provider, the global potash fertilizers market has reached a valuation of US$ 28.9 billion and is expected to expand at a CAGR of 6.1% over the forecast period (2022-2032). High market growth can be attributed to factors such as government initiatives for agriculture sector enhancement and the development of various techniques related to fertilizers.

Generally, plants and crops require three nutrients - potassium, nitrogen, and phosphorus. Companies are using various techniques to ensure the proper supply of potash fertilizers as potash contains soluble potassium that enhances the strength of plant roots, makes them disease-resistant, and provides effective yield rates. Consumers are demanding high-quality potash fertilizers to maintain the quality of their agricultural products.

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Manufacturers faced a lot of supply chain issues during the COVID-19 pandemic which dented the growth of the potash fertilizers market; however, companies have invested more in technologies, especially in enterprise resource management to maintain the day-to-day procurement of raw materials, risk management & compliances, and supply chain operations.

Why is Demand for Potash Fertilizers Increasing Steadily across Region?

“Rising Population and Requirement of Extensive Nutrient Content”

Considering the situation across the world, such as increasing pollution and population, which is forecasted to increase over the coming years, concerns regarding more mouths to feed will only become stronger. Due to economic volatility, some countries are already facing a food crisis, affecting 9.9% of people across different demographics, according to the UN.

Thus, to feed the existing population, repeated cultivation is done, which is rapidly deteriorating the quality of the soil. Therefore, it becomes important to replenish the soil to produce grains, fruits, and vegetables that are rich in extensive nutrient content.

Enhancing soil with fertilizers will help combat the issues of food shortage and the quality of produce will be enhanced. Use of fertilizers to fertigate vegetative and barren lands is expected to improve agricultural quality and quantity.

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Key Segments Covered in Potash Fertilizers Industry Survey

• Potash Fertilizers Market by Form :
  
  
  • Solid Potash Fertilizers
    
  • Liquid Potash Fertilizers

• Potash Fertilizers Market by Product Type :
  
  
  • Potassium Chloride
    
  • Sulfate of Potash (SOP Fertilizers)
  • Potassium Nitrate
  • Others

• Potash Fertilizers Market by Application Technique :
  
  
  • Broadcast
    
  • Fertigation
  • Foliar
  • Others

• Potash Fertilizers Market by Crop/Application :
  
  
  • Fruits & Vegetables
    
  • Oilseeds & pulses
    • Soybean
    • Canola
    • Sunflower
    • Others (Peas and Palm Oil)
  • Cereals & Grains
    • Rice
    • Corn
    • Wheat
    • Barley
    • Others

Competitive Landscape

Prominent potash fertilizers manufacturers are Yara International Asa, Agrium Inc., Potash Corporation of Saskatchewan Inc, Eurochem Group AG, The Mosaic Company, JSC Belaruskali, Helm AG, Israel Chemicals Ltd., Sociedad Química Y Minera De Chile S.A. (SQM), Borealis AG, Sinofert Holdings Limited, K+S Aktiengesellschaft, PJSC Uralkali, Russia, and Arab Potash Company.

• Phosphate and potash fertilizers brands should focus on production expansion in different countries to minimize export duties where potash fertilizers have more demand and tie up with third-party distributors to cover untapped markets. Players should opt for sustainable methods to minimize carbon footprint, which leads to an increase in the efficiency of potash fertilizer production.
  

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Key players in Potash Fertilizers Market

• Yara International Asa
• Agrium Inc.
• Potash Corporation of Saskatchewan Inc
• Eurochem Group AG
• The Mosaic Company
• JSC Belaruskali
• Helm AG
• Israel Chemicals Ltd.
• Sociedad Química Y Minera De Chile S.A. (SQM)
• Borealis AG

Key Takeaways from Potash Fertilizers Market Study

• By form, liquid potash fertilizers are projected to provide an absolute $ opportunity of US$ 12.1 billion over the forecast period (2022-2032).
• By crop/application, utilization in cereals & grains is anticipated to create an absolute $ opportunity of US$ 9.2 billion by 2032.
• East Asia is projected to capture around 29.8% of the global potash fertilizers market share by 2032.
• South Asia & Oceania is expected to provide an absolute dollar opportunity of US$ 3.7 billion by 2032-end.

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