|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The potash fertilizer market is projected to register a CAGR of 4.1% during the forecast period (2022-2027).
The impact of the COVID-19 pandemic on the potash fertilizer market has been minimal, mainly due to transportation barriers. The lockdown restrictions have been exempted by the government for all types of agricultural activities. Hence, there has been no such effect of the coronavirus outbreak. Indeed, the agrochemical companies have made double-digit profits as compared to last year due to the panic buying behavior of farmers.
Increasing soil deficiency, ease of use, and providing uniform application, coupled with growing demand for more production of food crops, are expected to drive the growth of the potassium fertilizers market. The potash fertilizer required depends on the type of crops grown because potassium uptake varies between crops and different soils. As precision agriculture is known to minimize nutrient losses by enabling the variable-rate fertilizer application, the demand for these liquid potassium fertilizers is anticipated to rise in the forthcoming years.
According to the government of Canada, global potash production was estimated at almost 69.2 million ton in 2020. Canada is the world’s largest potash producer, accounting for 32% of the world’s total in 2020. Four countries (Canada, Russia, Belarus, and China) accounted for approximately 80% of the world’s potash production in 2020. Potassium is a major nutrient required in high doses by plants. With the increasing demand for food and increased production due to the increasing population, the potassium liquid fertilizer market is anticipated to grow significantly during the coming years.
Scope of the Report
Potash quantity in the soil is quantified in terms of potassium dioxide (K2O). The current report estimates the size of the potash fertilizer market at the farmer's level. The most common form of potash fertilizers used by farmers across the world is muriate of potash (potassium chloride). Another form of potash fertilizer available in markets is a sulfate of potash (potassium sulfate), which is used to a lesser extent. The potash fertilizer market is segmented by type (muriate of potash, sulfate of potash, and other types), application (grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and other applications), and geography (North America, Europe, Asia-Pacific, South America, and Africa). Market estimation and forecasts would be provided in terms of value (USD million).
|Muriate of Potash|
|Sulfate of Potash|
|Grains and Cereals|
|Pulses and Oilseeds|
|Fruits and Vegetables|
Key Market Trends
Demand for Food Crops and the Need for Higher Crop Yield
Potassium deficiency is difficult to notice, as various plants/crops display this deficiency differently. In the case of maize and other cereals such as sorghum, firing or scorching appears on the outer edge of older leaves. Potassium deficiency is commonly noticed in most soils across developing markets, which grow large acreages of rice, maize, and wheat. Therefore, farmers are using potash fertilizers to minimize potassium deficiencies and increase their productivity, which is further driving the growth of the market studied.
Corn is a major crop grown commercially in the United States. Applications of liquid potassium fertilizer work better than broadcast applied potash for cereals and grains, like corn. Liquid potassium fertilizer can be blended with other liquid nutrition and can be subjected to the irrigation set-up to make up a complete planter-time nutrition application that can help in avoiding extra trips over the field to spread the dried fertilizer, which takes manpower and causes planting delays.
Further, starter fertilization is a common practice in corn cultivation to boost growth. According to an article released by the FAO, the foliar application of potassium nitrate solution at a concentration of 2.5% and the application to all the aerial parts of corn were determined to be the most effective. With the rising usage of fertilizers in the production of various cereals to satisfy the growing food demand, the market is anticipated to experience growth during the forecast period.
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Asia-Pacific Leads the Potash Fertilizer Market
Potassium is mined from salt deposits. Asia-Pacific accounts for a prominent share of the potash fertilizer segment. China, Indonesia, Malaysia, and India are the largest potash exporters in the international market. The countries in Asia are recoding growth in the potash fertilizer segment, as they are witnessing increasing requirements for crops. In addition, these countries have historically been under-applied potash fertilizers compared to scientifically recommended levels of potash fertilizer application. Furthermore, in recent years, potassium deficiency has been observed in eastern Australia in crops grown on heavier soil types considered to contain a moderate amount of potassium in the soil.
In China, K deficiency in the soil is recognized as one of the limiting factors for agricultural production, and most of the potassium fertilizer applied is imported. Therefore, enhancing agricultural production while improving K deficiency would necessitate the application of potassium fertilizer, thus creating higher demand and propelling the market growth.
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The potash fertilizer industry is highly consolidated, with the top players occupying the majority of the market. In 2021, the top companies involved in the potash fertilizers market at the global level were Nutrien Limited, The Mosaic Company, JSC Belaruskali, Uralkali PJSC, and Intrepid Potash Inc.
The Mosaic Company
In March 2021, ICL Fertilizers acquired Compass Minerals América do Sul SA, a leading specialty plant nutrition business in Brazil. This acquisition will help the company strengthen its liquid potash fertilizer product portfolio, especially in South America.
In 2021, Saskatchewan Mining and Minerals Inc. started the construction of a USD 220 million expansion, which is expected to be completed in late 2023. The plant will allow the sodium sulfate plant to produce 150,000 ton of sulfate potash fertilizer, or SOP, each year. This is a new product for the company and will combine sodium sulfate with Saskatchewan-produced potash.
In November 2019, Nutrien expanded its annual production capacity by 5 million ton after 2023 since the global demand for potash, as a key nutrient for corn and sugarcane crops, has risen gradually.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Muriate of Potash
5.1.2 Sulfate of Potash
5.1.3 Other Types
5.2.1 Grains and Cereals
5.2.2 Pulses and Oilseeds
5.2.3 Commercial Crops
5.2.4 Fruits and Vegetables
5.2.5 Other Applications
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.3.4 South America
18.104.22.168 Rest of South America
22.214.171.124 South Africa
126.96.36.199 Rest of Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Nutrien Limited
6.3.2 The Mosaic Company
6.3.3 JSC Belaruskali
6.3.4 ICL Group
6.3.5 K+S Group
6.3.6 Uralkali PJSC
6.3.7 Intrepid Potash Inc.
6.3.8 Sinofert Holding Limited
6.3.9 EuroChem Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF THE COVID-19 IMPACT ON THE MARKET
Frequently Asked Questions
What is the study period of this market?
The Potash Fertilizer Market market is studied from 2017 - 2027.
What is the growth rate of Potash Fertilizer Market?
The Potash Fertilizer Market is growing at a CAGR of 4.8% over the next 5 years.
Which region has highest growth rate in Potash Fertilizer Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Potash Fertilizer Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Potash Fertilizer Market?
Uralkali PJSC, Nutrien Limited, The Mosaic Company, K+S Group, ICL Group are the major companies operating in Potash Fertilizer Market.