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Potash Fertilizers Market size is forecast to reach $30.5 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. 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, owing to this, the Potash fertilizers market will grow. Increasing demand for food grains as well as fruits & vegetables are expected to drive the potash fertilizers market over the forecast period.
Potash Fertilizers Market Segment Analysis – Type
Potassium Chloride segment holds the largest share in the Potash Fertilizers market. The importance of chloride is frequently overlooked, but it is an essential nutrient for plant growth. Recent research has demonstrated that many crops respond favorably to chloride applications with greater yield and quality. Like any soluble fertilizer, salt-induced damage can result if large amounts are placed in close proximity to seeds or seedlings. Potassium chloride is usually the least expensive source of potash. Potassium Chloride is a metal halide composed of potassium and chloride. Potassium maintains intracellular tonicity, is required for nerve conduction, cardiac, skeletal and smooth muscle contraction, production of energy, the synthesis of nucleic acids, maintenance of blood pressure and normal renal function.
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Potash Fertilizers Market Segment Analysis – Crop Type
Cereals and Grains holds the largest market share in the Potash Fertilizers market. There is always pressure on cereal farmers to reduce costs. Typical expenditure on fertilizers for cereals is usually around a half of total cereal variable costs making this a common target for cost cutting. Basal phosphate and potash are particular targets because reductions in use that damage yield may have little or no visible effect in the short term. This leaflet provides a comprehensive review of phosphate and potash nutrition for cereals and gives detailed recommendations for optimum economic fertilizer usage. Cereal crops need at least as much, if not more, potash than any other nutrient including nitrogen. Potash is needed in such large amounts because it is the major regulator of solution concentrations throughout the plant.
Potash Fertilizers Market Segment Analysis – Application
Fertigation has been the primary market for Potash Fertilizers. Fertigation is the injection of fertilizers, used for soil amendments, water amendments and other water-soluble products into an irrigation system. Fertigation is related to chemigation, the injection of chemicals into an irrigation system. Fertigation is a method of fertilizer application in which fertilizer is incorporated within the irrigation water by the drip system. In this system fertilizer solution is distributed evenly in irrigation. The availability of nutrients is very high therefore the efficiency is more. In this method liquid fertilizer as well as water soluble fertilizers are used. By this method, fertilizer use efficiency is increased from 80 to 90 per cent.
Potash Fertilizers Market Segment Analysis – Geography
APAC dominated the Potash Fertilizers market as APAC holds the largest area for agriculture. Countries such as India and China are major players in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. There is a huge demand for Potash Fertilizers market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives. Micronutrients are essential elements that are used by plants in small quantities. For most micronutrients, crop uptake is less than one pound per acre. In spite of this low requirement, critical plant functions are limited if micronutrients are unavailable, resulting in plant abnormalities, reduced growth and lower yield.
Potash Fertilizers Market Drivers
Increasing usage for fertilizers
Various nutrients boost plant production and keep people all over the world fed and healthy, and enhanced efficiency fertilizers. Micronutrients play a supporting role in overall plant health and development and for that fertilizers plays a very important role. Micronutrients promote essential plant processes and growth, which translates into nutrient-rich food for animals and humans. Potassium is an important mineral required for human health. Since potassium is not stored in the body, it is necessary to continually replace this nutrient on a regular basis with potassium-rich foods. Diets high in potassium and low in sodium have been shown to be beneficial for avoiding high blood pressure.
Implementation of Governments Regulations
Governments globally are focusing on boosting their agriculture sector. Whereas Governments regulations such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) by Indian Government will help to grow the agriculture sector. Under the Scheme an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- each every four months, which will financially help the farmers let them focus more towards farming. And with the growth of agricultural sector the Potash Fertilizers market will aslo grow.
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Potash Fertilizers Market Challenges
Impact of COVID 19
The global Potash Fertilizers Market continues to be challenged by the lockdowns, logistical disturbances, reduced productions, and associated economic impacts of COVID-19. The global fertilizer sector has been affected since the outset, primarily in China, the world’s largest producer as well as consumer of agriculture micronutrients. The outbreak of a novel coronavirus in China has to date had the most critical impact across the Chinese agriculture micronutrients sector, affecting the movement of both micronutrients products and raw materials in and out of the country. Moreover, this pandemic also expected to hit the agriculture micronutrients industry in the U.S., Brazil, India, and EU-5 countries.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Potash Fertilizers market. In 2019, the market of Potash Fertilizers has been consolidated by the top five players accounting for xx% of the share. Major players in the Potash Fertilizers Market are Agrium Inc., Borealis AG, Eurochem Group AG, Helm AG, Potash Corporation of Saskatchewan Inc, among others.
In January 2018, Agrium and PotashCorp Merger Completed Forming Nutrien, a Leader in Global Agriculture.
Asia-Pacific dominates the Potash Fertilizers market owing to increasing demand from applications such as Foliar, Fertigation with Others.
Potassium (K), which is often referred to as Potash, which is one of the essential nutrients used in the fertilizer industry, is likely to aid in the market growth of Potash Fertilizers.
Increasing ecofriendly products will increase the market demand for Potash Fertilizers in the near future.
COVID 19 pandemic will create hurdles for the Potash Fertilizers market.
Related Reports :
A. Fertilizers Market
B. Phosphate Fertilizers Market
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