Asia Pacific Region Contributes Significantly to the Global Potash Fertilizers Market Share

 
Potash Fertilizers Market

The global Potash Fertilizers Market is estimated to be valued at US$ 21.64 Bn in 2022 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Potash fertilizers are fertilizers that contain potassium in water-soluble form. They are essential for plant growth as potassium helps in strengthening stalks and stems and enhances crop quality. Potassium also helps crops develop resistance to drought and diseases.

Market key trends:
One of the major trends driving the growth of the potash fertilizers market is rising food demand worldwide. According to the United Nations, the global population is expected to reach 9.8 billion by 2050 putting strain on global food supply. Thus, countries are promoting use of fertilizers to boost agricultural productivity and meet the rising food demand. Asia Pacific region dominates the global potash fertilizers market. China, India, Indonesia, Thailand, Malaysia are among the leading consumers of potash fertilizers in the region owing to large agriculture sector.

Segment Analysis
The global potash fertilizers market is segmented by type into muriate of potash (MOP), sulfate of potash (SOP) and potassium nitrate. The muriate of potash (MOP) segment accounted for the largest market share in 2018 due owing to its widespread use in agricultural crops. MOP is the most commonly used potash fertilizer due to its lower costs and higher potassium content compared to other potash fertilizers. The demand for MOP is expected to remain high during the forecast period.

Key Takeaways
The Global Potash Fertilizers Market Demand size was valued at US$ 21.64 Bn in 2018 and is expected to witness high growth, exhibiting a CAGR of 4.4% over the forecast period due to increasing demand for food crops production to meet the rising global population.
Regionally, Asia Pacific dominated the global potash fertilizers market in 2018 accounting for around 35% of the total share. This is primarily due to the rising consumption of potash fertilizers in India and China which are the leading producers and consumers of agricultural products. Europe and North America are also significant markets for potash fertilizers.


Key players operating in the potash fertilizers market are Israel Chemicals Ltd., EuroChem Group A.G., Agrium Inc., Uralkali PJSC, Yara International A.S.A., Migao Corporation, Sesoda Corporation, SQM S.A., Brazil Potash Corporation, and K+S KALI GmbH. Israel Chemicals Ltd. and EuroChem Group A.G. have captured significant market share owing to their large-scale production and global presence. Product expansion through mergers and acquisitions are the key strategies adopted by major players to expand their market share.

Read More:

https://www.marketwebjournal.com/potash-fertilizers-market-growth-trends-and-analysis/

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