Potash Fertilizers Market Size, Share, and Analysis, By Type (Potassium chloride, Sulphate of Potash, Potassium nitrate, and Others), By Crop Type (Cereals & grains, Oilseed & Pulses, Fruit & Vegetables), By Application Method, (Foliar, Fertigation, and Broadcasting), By Form (Solid and Liquid), and Regional Forecast, 2024-2032

The global potash fertilizers market share is expected to expand at an appreciable pace over the forecast period. In food crop production, potassium is removed from the soil in harvested crops and must be replaced in order to maintain the growth of upcoming crops. Potash fertilizers help to increase the yield and quality of agricultural produce. Along with nitrogen and phosphorus, potassium is essential for plant health and its adequate supply is necessary to maintain good growth of the plant. Moreover, the deficiency or limited supply of potassium leads to reduced crop yields, poor fruit quality, and higher susceptibility to pest and disease damage.

Potassium in potash fertilizers is very important for the smooth effectiveness of plant physiological processes. It is associated with the movement of water, nutrients, and carbohydrates in plant tissues. It can affect the production of proteins, starch, and adenosine triphosphate (ATP) in plant; and regulate the rate of photosynthesis in crops. The main functions of potassium in plants are photosynthesis, nitrogen fixation, translocation of plant starch and sugar, increasing plant resistance to disease, maintaining the water balance of plant cells, and activating over 80 cellular enzymes.

Impact of COVID-19 on Potash Fertilizers Market

The COVID-19 pandemic severely impacted the lives of the people and various industries. With shutdown and lockdown all over the world, the production of fertilizers also stopped, resulting in decreased fertilizers sales. But the fertilizers market was not much affected in the long term compared to other segments because of increased demand for agricultural products and a shift in the focus on fertilizers. It also affected the producers and suppliers of raw materials. Additionally, the closure of national and international borders made it difficult for the suppliers to move their fertilizers from one location to another. Moreover, the wave of COVID-19 forced governments to take strict measures, disrupting production and supply chains.

Key Insights

The report will cover the following key insights:

• Market dynamics


• Product offerings and campaigns launched by key market players


• Impact of COVID-19 on potash fertilizers market


• Increase the quality of agricultural crop and plant

Analysis by Type

The potassium chloride segment is likely to exhibit appreciable growth as it is mainly used as a source of potassium in crops. It plays an important role in providing the proteins, vitamin C, and soluble solids in fruits and starch levels in grains. It further helps to improve the color and flavor of fruits, increase the size of fruits, reduce the outbreak of pests and diseases, and improve the quality of storage and transportation. The importance of chloride is often overlooked, but it is an essential nutrient for plant growth. Moreover, potassium chloride is usually the cheapest source of potash.

Analysis by Crop Type

The cereals segment is expected to witness significant growth throughout the forecast period. This is due to the wide production area of cereals and nutritional benefits of cereals. The cereal segment includes wheat, corn, rice, and others; and these contain protein and vitamins that provide high nutritional benefits.

Analysis by Application 

The foliar application segment is expected to hold the largest share in the potash fertilizers market due to its high efficacy and ease of application. Through foliar application, plants effectively absorb water and nutrients without leading to the wastage of fertilizers. Therefore, this increases the chances of good harvest and increases the demand for foliar application method.

Regional Analysis

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The Asia Pacific region is expected to witness lucrative growth in the global potash fertilizers market due to crop demand and increasing farmers' awareness regarding the efficient use of fertilizers. Countries such as China, Indonesia, Malaysia, and India are the largest exporters of potash in the international market. The increasing consumption of vegetable crops that require optimal amount of potassium fertilizers is expected to propel potash fertilizers market growth in the region.

Key Players Covered

The report will include the profiles of key players such as The Mosaic Company, Sociedad Química y Minera de Chile S.A, K+S Group, Yara International ASA, Agrium Inc., EuroChem Group AG, ICL Group, Nutrien Limited, and Others.

Segmentation

Key Industry Developments

• March 2021: ICL Fertilizer acquired Compass Minerals Américado Sul S.A., a Brazilian specialty plant nutrition company. The acquisition helped the company to strengthen its liquid potash fertilizer product portfolio, especially in South America.


• March 2021: Saskatchewan Mining and Minerals Inc. began expansion work for USD 220 million, which is expected to be completed in late 2023. The facility will allow sodium sulfate plants to produce 150,000 tonnes of potassium sulfate fertilizer or SOP yearly.