Potassium Sulphate Market - Key Research Insights
- The potassium sulphate market is projected to register a CAGR of ~5% over the forecast period.
- The global potassium sulphate market was valued at ~US$ 4.1 Bn in 2019.
- Granular form of potassium sulphate is widely consumed as a key fertilizer for fruits, vegetables, treenuts, tobacco, and others.
- By the end of 2029, the Asia Pacific region is estimated to capture nearly half of the revenue share of the potassium sulphate market.
- Growing use of potassium sulphate for vegetables is estimated to create noteworthy opportunities for manufacturers.
- Over the last few years, the production of specialized crops has registered a significant growth, primarily driven by the population growth and changing consumer preference for healthier diets. This factor is estimated to drive the demand for potassium sulphate over the forecast period.
Key Factors Shaping the Potassium Sulphate Market
Increasing Inclination of Farmers towards Better Crop Production
Incessant promotional activities by governments have raised significant awareness among farmers regarding the use of novel value-added fertilizers. These newly formulated fertilizers offer high efficiency. Farmers are now adopting potassium sulphate or sulphate of potash (SOP)-based fertilizers in order to increase their crop yields in their limited lands.
Superior Quality Makes Potassium Sulphate a Preferred Choice
Sulphate of potash is being preferred as a fertilizer because of its exceptional performance and properties. SOP offers many advantages, such as, increased crop yield, ease of usage in plants, as well as adequate sulphur and potassium content, among others. That apart, SOP usage reduces the toxic effects of chloride build up in soil, especially in dry conditions.
Due to its soluble nature, SOP finds applications in fertigation and drip irrigation, which help in conserving fresh water resources. As a consequence, SOP fertilizers are rapidly replacing conventional fertilizers and expected to witness increasing adoption across the globe in the years ahead.
High Cash Crops Sales with Rising Awareness among Customers
In recent years, there has been growth in awareness pertaining to health and environmental issues. The demand for almonds, cashews, fruits, and other nutrient crops has grown robustly, especially in the U.S. and EU, in the last decade. Consumers are becoming aware about the quality, safety and nutrient value of the food they eat. This sudden consumer focus on high nutrient crops increases the sales of these crops in the region, which in turn, increases the sales of SOP.
Government Subsidies for Sustainable Agriculture Spurring the Demand
Governments are increasingly recognizing the potential of SOP as a fertilizer in sustainable agricultural development. They are supporting its growth through targeted subsidies and by increasing investments in research and development programs. Moreover, governments are providing capital investment to manufacturers for setting up technologically-advanced production plants.
Potassium Sulphate Market Structure Analysis
- The global potassium sulphate market is moderately consolidated, with top 5 companies holding prominent share in terms of production. Potassium sulphate is exported in regions such as the Middle East and Africa, Latin America, etc., in bulk quantities.
- Companies are making considerable investments to develop innovative and robust products to exploit the potassium sulphate market growth over the forecast period.
- Some of key participants such as Tessenderlo Group, Ching Shiang Chemical Corporation, Compass Minerals, United Co. RUSAL Plc, YARA International SA, Rusal, Sesoda Corp., and K+S Kali GmbH are focusing on acquisitions and joint ventures with local players to increase their distribution network across the globe.
- China-based players like Migao Corporation, Sesoda Chemicals, and many others have sizeable share in the global production capacity.
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- Tree Nuts
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- South Asia & Pacific
- East Asia
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