Potash Fertilizers Market Size was valued at USD 20.5 billion in 2022. The Potash Fertilizers market industry is projected to grow from USD 21.43 Billion in 2023 to USD 28.00 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.56% during the forecast period (2023 - 2030). The increasing need to boost food production and to raise awareness of the advantages of using potash fertilizers are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The major factors driving the growth of the potash fertilizers market include factors like the rising demand for potash fertilizers to increase crop productivity with the constrained land area for crop cultivation and the rising need to provide strengthening nutrients to protect plants from harmful pathogens that are responsible for decreasing soil fertility and reducing crop yield. In addition, the growing demand for high-performance fertilizers combined with increasing potash fertilizer applicability and adding potash fertilizer increases plant quality overall. It lengthens shelf life, an additional significant factor driving the growth of the potash fertilizer market. Growing environmental consciousness will further promote market value expansion.
Increasing agricultural investments and the need to increase pasture productivity would provide several profitable market possibilities. On the other hand, the market's expansion will be significantly hampered by environmental concerns and strict government restrictions regarding the licensing of potash fertilizers. Thus, this factor is driving the market CAGR.
Also, the considerable population increase worldwide suggests a rise in food demand, which would fuel a need for potash for fertilizer production. Additionally, the rising consumption of cattle feed, growing health consciousness among consumers as a result of busy lifestyles, and the application of potash fertilizers to the soil to enhance the color, taste, and texture of food crops are all expected to positively contribute to the growth of the potash fertilizers market. There are several difficulties that will impede the expansion of the market as a whole. Nonetheless, it is projected that the expansion of the potash fertilizers market will be driven by the rise in chlorine-free fertilizers, such as sulfate of potash (SOP) in fertigation systems. Heavy metals, nitrogen, salt, chlorine, and potassium sulfate are all non-containers. Dribble water systems use potash fertilizers, which helps to increase plants' tolerance for cold climates.
Nevertheless, strict government regulations on the use of potash fertilizers are anticipated to impede industry expansion. Also, the growing popularity of organic farming is another factor that is predicted to restrict the use of potash fertilizers in agricultural operations, impeding the growth of the potash fertilizer market throughout the forecast period. Thus, this aspect is anticipated to accelerate the Potash Fertilizers market revenue globally.
Based on type, the Potash Fertilizers market segmentation includes Potassium Nitrates, Potassium Chlorides and Potassium Sulfates. The Potassium Chlorides Potash Fertilizers segment held the majority share in 2022, contributing around ~65-67% concerning the Potash Fertilizers market revenue. The potassium chloride sector will have the biggest market share throughout the anticipated period. The principal function of potassium chloride is as a source of potassium for plants. Potassium is essential for boosting protein, vitamin C, and solid soluble sugars in fruits and starch in grains and tubers. Also, it raises the size of fruits, lowers the prevalence of pests and illnesses, improves storage and transportation quality, and boosts the nutritional content of fruit color and flavor.
Based on Form, the Potash Fertilizers market segmentation includes Solid and Liquid. The Solid potash Fertilizers segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Throughout the projection period, the solid potash fertilizer segment is anticipated to see the greatest CAGR. The reasons why solid potash fertilizers are being applied to corn, cotton, soybean, and wheat crops more often boost demand for this product category.
Figure 1: Potash Fertilizers Market, by Form, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Mode of Application has bifurcated the Potash Fertilizers market data into Foliar, Fertigation and Broadcasting. The Broadcasting segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market share that belongs to broadcasting is the greatest. Broadcasting application is a cheap alternative for large-scale agricultural growers since it uses significantly less fertilizer. This is one of the primary factors promoting the broadcasting sector's development.
Based on Crop Type, the Potash Fertilizers industry has been segmented into Pulses & Oilseeds, Cereals & Grains, Fruits & Vegetables and others. Cereals & Grains held the largest segment share in 2022. The market category for cereals and grains is anticipated to see the greatest CAGR throughout the forecast period. The main users of potash fertilizers are the reasons that cause the increase in crop demand, particularly applications in cereals, rice, wheat, and maize.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Potash Fertilizers market accounted for USD 9.38 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Strong governmental initiatives, ongoing projects, and increased consumption of vegetable crops that need potash fertilizers to maintain their potassium content will boost the market in the APAC region. These factors, along with increased demand for food grains and growing awareness among farmers about the efficient use of land through fertilizers, will drive this Region's market. Moreover, the China Potash Fertilizers market held the largest market share, and the India Potash Fertilizers market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Potash Fertilizers Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
With a 23.0% market share in 2021, Europe will have the second-largest worldwide market share. Poland, Belgium, and South-Eastern European nations comprise the bulk of European fertilizer consumers. These nations account for 70.5% of the market's value and are projected to expand at a CAGR of 3.6% over the forecast period. Further, the Germany Potash Fertilizers market held the largest market share, and the UK Potash Fertilizers market was the fastest-growing market in the European Region.
The United States dominates the market, accounting for 84.3% of the market's total value, which is estimated to be USD 2.70 billion in 2021. North America is the third-largest potash fertilizer market, accounting for 21.3% of sales. This is because it comprised around 69.0% of all North American agricultural land.
Leading market players are investing a lot of money in R&D to expand their product portfolios, which will spur further agricultural liquid fertilizers market growth for Potash Fertilizers. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming more and more competitive, Potash Fertilizers industry competitors must provide affordable products.
Manufacturing locally to cut operational costs is one of the main business tactics the Potash Fertilizers industry uses to serve customers and increase the market sector. The Potash Fertilizers industry has recently given medicine some of the most important advantages. The Potash Fertilizers markets major players such as Agrium Inc. (Canada), Yara International ASA (Norway), The Mosaic Company (U.S.), JSC Belaruskali (Republic of Belarus), Eurochem Group AG (Switzerland), Borealis AG (Austria), HELM AG (Germany), Sinofert Holdings Limited (China), Israel Chemicals Ltd. (Israel), Nutrien (Canada), K+S Aktiengesellschaft (Germany), SQM S.A. (Chile), and others are working on expanding the market demand by investing in research and development activities.
One of Belarus's major state-owned corporations is Belaruskali. As of 2019, 20% of the world's supply of potash fertilizers came from one of the world's top producers. A potash supply agreement between Belarus Potash Co. (BPC) and Indian Potash Ltd. (IPL) was renegotiated in April 2021, with the new contract price set at US$280/t on CFR conditions.
Producing fertilizer in Switzerland is EuroChem Group AG. It is a fertilizer producer with in-house capability for nitrogen, phosphates, and potash, the three main nutrients. Its main office is in Zug, Switzerland. The company produces and sells agricultural chemicals. • March 2022: EuroChem Group reported that it had finalized the acquisition of the 51.48% of Fertilizantes Heringer SA's shares, giving it control of the Brazilian distributor. This move furthered the company's capability for manufacturing and distribution in Brazil.
Key Companies in the Potash Fertilizers market include
Potash Fertilizers Industry Developments
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 20.5 billion |
| Market Size 2023 | USD 21.43 billion |
| Market Size 2030 | USD 28.00 billion |
| Compound Annual Growth Rate (CAGR) | 4.56% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Agrium Inc. (Canada), Yara International ASA (Norway), The Mosaic Company (U.S.), JSC Belaruskali (Republic of Belarus), Eurochem Group AG (Switzerland), Borealis AG (Austria), HELM AG (Germany), Sinofert Holdings Limited (China), Israel Chemicals Ltd. (Israel), Nutrien (Canada), K+S Aktiengesellschaft (Germany), SQM S.A. (Chile) |
| Key Market Opportunities | Increasing need to improve pasture production and quality |
| Key Market Dynamics | Rising need to increase food productivity Increasing awareness regarding the benefits of applying potash fertilizers |
Potash Fertilizers Market Highlights:
Frequently Asked Questions (FAQ) :
The Potash Fertilizers market size was valued at USD 20.5 Billion in 2022.
The market is projected to grow at a CAGR of 4.56% from 2022-2030.
Asia Pacific had the largest share of the market
The key players in the market are Agrium Inc. (Canada), Yara International ASA (Norway), The Mosaic Company (U.S.), JSC Belaruskali (Republic of Belarus), Eurochem Group AG (Switzerland), Borealis AG (Austria), HELM AG (Germany), Sinofert Holdings Limited (China), Israel Chemicals Ltd. (Israel), Nutrien (Canada), K+S Aktiengesellschaft (Germany), SQM S.A. (Chile).
The Potassium chlorides category dominated the market in 2022.
The solid Form had the largest share in the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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