Potash fertilizers are potassic fertilizers that are enriched with potassium. They help increase crop yields, improve quality, and provide resistance against diseases and drought. Potassium is an essential nutrient for plant growth and is required by plants in large quantities. Potash fertilizers provide potassium which improves the metabolism of plants, nutrients absorption, and drought tolerance.
Market key trends:
One of the major trends driving the growth of the potash fertilizers market is the increasing global population, especially the aging population. As per the United Nations, it is estimated that the population aged 60 years and above will reach 1.4 billion by 2030. This aging population has increased the demand for food products globally which is fueling the demand for high crop yields. Since potash fertilizers help improve soil health and increase crop productivity, their consumption has increased significantly. The growing population has led to greater requirements for food which is expected to boost the growth of the potash fertilizers market over the forecast period.
Global Potash Fertilizers Market Is Estimated To Witness High Growth Owing To Increasing Demand For Food Production And Concern For Soil Fertility
The Global Potash Fertilizers Market Demand 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.
Potash fertilizers refer to fertilizers that contain potassium in water-soluble form. They are mainly used to increase crop yield, improve quality, and increase resistance to diseases and weather stresses. Potassium is an essential nutrient for plant growth and is required by plants in relatively large amounts. The primary crops where potash fertilizers see widespread applications include wheat, rice, maize, fruits & vegetables, sugar crops, fodder crops, and others. They help improve water uptake, nutrient uptake, enzyme activation, protein synthesis, and respiration in plants.
Growing demand for food: With the growing global population, the demand for food is set to increase substantially over the coming years. This is anticipated to propel the demand for high-yielding and nutrient-dense crops, thereby augmenting the consumption of potash fertilizers across major agricultural economies. According to data from the United Nations, the world population is projected to reach nearly 10 billion by 2050.
Concern for soil fertility: Continuous cropping and imbalanced fertilization have led to depletion of soil nutrients like potassium over time. This has heightened awareness among farmers about maintaining soil health and fertility. Application of potash-rich fertilizers helps restore potassium levels in the soil and boosts its productivity. Various agricultural extension programs by government bodies are also promoting judicious usage of potash fertilizers.
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 are some of the leading players operating in the global potash fertilizers market. The market is concentrated and witnessed rising preference for complex fertilizers containing multiple nutrients like NPK.