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(MoneyNewsWire.Net, June 06, 2018 ) The potash fertilizers market is projected to grow at a CAGR of 4.47% from USD 21.6 Billion in 2017, to USD 26.87 Billion by 2022. The growth of this market can be attributed to rise in need for higher productivity using limited land area and increase in applicability of potash fertilizers. The benefits of using these fertilizers are driving the market growth as an increasing number of agricultural producers are adopting these products.
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The potassium chloride segment, on the basis of type, accounted for the largest market share in 2016. Potassium chloride is mainly used as a source of potassium for agricultural crops. Potassium also plays an important role in increasing the protein, vitamin C, and solid soluble content in fruits, and starch content in grains & tubers. It also helps to improve fruit color & flavor, increases the size of fruits, reduces the incidences of pests & diseases, and enhances storage & shipping quality. The Sulfate of Potash segment, on the basis of type, accounted for the second-largest market share in 2016, owing to its increasing application to crops such as tobacco, pineapple, and avocado, or any crop suffering from sulfur deficiency.
Asia Pacific accounted for the largest market share in 2016; this can be attributed to the high population in the region leading to an increased demand for food grains and growth in awareness among farmers about the efficient use of land through fertilizers. Asia Pacific is projected to be the fastest-growing region from 2017 to 2022 due to increase in consumption of vegetable crops that require potash fertilizers for maintaining their potassium content, which also fuels the growth of the potassium fertilizers market in the region.
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Potash fertilizers are primarily consumed by cereals & grains and fruits & vegetables. Among the application in cereals, rice, wheat, and corn are the major consumers of potash fertilizers. Moreover, rise in population and growth in demand for improved diet have increased the need to increase yields that contain essential nutrients. Increase in the trend of organic food products that do not require chemical inputs is the major factor that is expected to hinder the potash fertilizers market globally.
The market is dominated by key players such as Yara International ASA (Norway), Agrium Inc. (Canada), Potashcorp Corporation Of Saskatchewan Inc. (Canada), EuroChem Group AG (Switzerland), The Mosaic Company (U.S.), JSC Belaruskali (Belarus), HELM AG (Germany), Israel Chemicals Ltd. (Israel), Sociedad Química y Minera de Chile (Chile) S.A, Borealis AG (Austria), Sinofert Holdings Limited (Hong Kong), and K+S AKTIENGESELLSCHAFT (Germany). The key players adopted strategic developments such as mergers & acquisitions, expansions, investments, collaborations and agreements in order to explore the market in new geographies.
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