Seattle, WA -- (SBWIRE) -- 11/06/2019 -- Fertilizers help to retain the fertility of soil and to increase crop yield. Ingredients of fertilizers such as phosphorus, nitrogen, and potassium aid in plant growth. Low amount of potassium in the soil increases the risk of several diseases in the plant, which adversely impacts the quality of the crops. Such scenario increases demand for potash fertilizers that have three major grades: potassium chloride, potassium sulfate, and potassium nitrate.
Increasing demand for food that requires high crop yield in limited landscape is expected to boost growth of the potash fertilizers market. Moreover, high nutrient content of potash fertilizers aids in enhancing the flavor and color of fruits and increases their size. Such advantages of potash fertilizers have led to their high demand. Potassium chloride fertilizers contain low amount of chloride, which helps to enhance disease resistance of crops, thereby improving crop yield. Potassium sulfate fertilizer is the most preferred grade of potash fertilizers where the irrigation water has high chloride content. Potassium sulfate fertilizer offers sulfur and potassium in soluble form. There are a wide range of potash fertilizers in various grades, which aids in contributing to growth of the market.
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Potash Fertilizers Market Taxonomy
Based on product type, potash fertilizers market is segmented into:
- Potassium Nitrate
- Sulphate of Potash (SOP)
- Potassium Chloride
- Others
Based on the form, potash fertilizers market is segmented into:
- Liquid
- Solid
Based on the crop type, potash fertilizers market is segmented into:
- Pulses & Oil seeds
- Fruits & Vegetables
- Cereals & Grains
- Others
Among product types, the potassium chloride segment held dominant position in the market in 2017, and is expected to witness the fastest growth during the forecast period. The segment growth is driven by high nutrient content and wide application of potassium chloride in horticultural, plantation, and field crops. Moreover, potassium chloride fertilizer is cheaper compared to sulfate of potash, which further increases its demand.
Potash Fertilizers Market Outlook
1. The market in Asia Pacific is expected witness to the fastest growth, witnessing the highest CAGR during the forecast period. This is owing to increasing awareness of effective use of limited land for high crop yield by using fertilizers. Moreover, increasing population in the region has led to high demand for food, which creates a conducive environment for market growth in the region. For instance, according to the United Nations ESCAP (Economic and Social Commission for Asia and the Pacific), in 2014, the population of Asia Pacific was recorded as 4.3 billion, which accounted for more than 60% of the world's total population. Moreover, the growing demand for potash fertilizers in economies such as China, India, and Indonesia is also contributing to growth of the market in Asia Pacific.
2. In Latin America, economies such as Brazil, Mexico, Argentina, and Colombia are the largest consumers of fertilizers. According to the United Nations ESCAP, the annual growth for potash fertilizer in this region is expected to be around 3% during 2014-2018. Furthermore, Brazil is one of the growth engines, owing to the high imports of potash fertilizers, as soil in the country has low potassium content and requires added potash to enhance and maintain its productivity. According to the Brazilian National Fertilizer Association (ANDA), the potash imports in Brazil was recorded as 1.38 million tons in the first quarter of 2016, with an increase of 2.4% as compared to 2015.
Key players in the market are focused on business expansion to expand their product portfolio. For instance, in 2015, the Migao Corporation Chemicals launched a new compound fertilizer facility in Southern China. The compound fertilizer is a combination of potassium sulfate, potassium nitrate, and other crop nutrients. Major players operating in the potash fertilizers market include, Israel Chemicals Ltd., Agrium Inc., EuroChem Group A.G., Uralkali PJSC, The Mosaic Company, Yara International A.S.A., Migao Corporation Chemicals, SQM S.A., Sesoda Corporation, Brazil Potash Corporation, and K+S KALI GmbH.
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