The global potash fertilizers market is expected to reach USD 31.81 Billion by 2027, according to a new report by Reports and Data. Growing demand for potash fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
The growing global population trend indicates an increasing demand for food, which is likely to increase in the range of 59.0% to 98.0% by 2050, and in turn, would drive the demand for potash for the production of fertilizers. Potash comprises of soluble potassium, which is a vital constituent in agricultural fertilizer. Potash fertilizer is beneficial in providing proper plant maturation by promoting disease resistance, root strength, and yield rates, among others. Additionally, potash helps in the development of a better yield by enhancing the texture, color, and flavor.
COVID-19 Impact
The COVID-19 pandemic is having a significant impact on the potash fertilizer industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
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Further key findings from the report suggest
- By product type, potassium chloride contributed to the largest market size in 2019. Potassium chloride contains a high proportion of potassium, which is beneficial in promoting healthy plant growth and imparting disease resistance. Further, it helps in providing strength to stem and formation of fruits.
- By mode of application, foliar is likely to grow at a significant rate of 3.8% in the forecast period. Foliar potash spray is considered advantageous in the case of plants that are deficient of vital nutrients. Foliar plant spray comprises the application of fertilizer directly to the leaves of a plant rather than the soil.
- By crop type, cereals grains held the second-largest market size in 2019 and is likely to grow at a rate of 4.2% in the forecast period. An increase in population and the resulting rise in demand for food materials has resulted in an increase in the demand for potash to improve crop production, thus increasing the demand for fertilizers worldwide.
- Europe is likely to grow at a rate of 3.2% in the forecast period. The market dominance of Europe is owing to the presence of leading market players in the region. Also, there is an increased usage of potash fertilizers in Europe for better cereal crop yield.
- Key participants include The Mosaic Company, Helm AG, Agrium Inc., JSC Belaruskali, Israel Chemicals Ltd., Eurochem Group AG, Borealis AG, Potash Corporation of Saskatchewan Inc., Yara International ASA, and Sociedad Química Y Minera De Chile S.A. (SQM), among others.
- In February 2020, Gensource made an announcement about the inclusion of HELM AG and HELM Fertilizer Corp (North American subsidiary of HELM AG) as its Tugaske Project's offtake partner.
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For the purpose of this report, Reports and Data have segmented the global potash fertilizers market on the basis of product type, mode of application, crop type, and region:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Potassium Chloride
- Potassium Nitrate
- Sulfate of Potash
Mode of Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Foliar
- Broadcasting
- Fertigation
Crop Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Cereals Grains
- Fruits Vegetables
- Oilseeds Pulses
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
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