by Potassium sulphate is an essential fertilizer that is used to improve crop yield and quality. It offers key macro and micro nutrients like potassium and sulphur to plants and is widely used across various crops such as fruits & vegetables, cereals & grains, and oilseeds. The growing needs of our expanding global population have heightened the demand for high-quality agriculture produce. This has prompted farmers to utilize advanced fertilizers like potassium sulphate to boost agricultural productivity.
The global Potassium Sulphate Market is estimated to be valued at US$ 4456.59 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand from agricultural sector
The growing global population has increased the demand for food. This has boosted the use of fertilizers across farms to maximize crop yield per unit area. Potassium sulphate serves as a vital source of potassium and sulphur for crops and is widely used in the cultivation of various food grains and vegetables. It enhances nutrient intake, improves disease resistance, and boosts the overall quality of harvest. Supported by the rising food demand and focus on improving farm productivity, the global consumption of potassium sulphate as agricultural fertilizer is projected to increase steadily over the next decade.
SWOT Analysis
Strength: Potassium sulphate has wide applications in various industries like agriculture, pharmaceuticals, chemical processing which drives its demand. It is also considered an eco-friendly fertilizer compared to other alternatives.
Weakness: Fluctuating prices of raw materials like potash increases the production costs. Growing adoption of organic farming practices limits the use of potash-based fertilizers.
Opportunity: Increasing global population is raising the demand for food which will boost fertilizer use including potassium sulphate. Expanding agricultural sectors in emerging economies offer new growth avenues.
Threats: Stringent government regulations pertaining to mining and environmental safety pose challenges. Availability of substitute products can threaten market share of existing players.
Key Takeaways
Global Potassium Sulphate Market Size is expected to witness high growth. The global Potassium Sulphate Market is estimated to be valued at US$ 4456.59 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region currently dominates the global market and is expected to continue its dominance over the forecast period. Countries like China, India have large agricultural lands and growing population which drives fertilizer consumption in the region.
Key players related content comprises Key players operating in the potassium sulphate market are Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc. These major players are focusing on geographic and capacity expansions to better serve rising demand. Partnerships and mergers are other strategic moves adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
