Potash Fertilizer Market
Potash fertilizers are widely used for cultivation of various crops such as vegetables, cotton, sugar, rice, palm oil, soybean, and fruits. It is preferred by farmers because of its ability to enhance the crop yield, nutrient value, productivity of crops, water retention capacity, and resistant of crops towards harmful pathogens and diseases.
Moreover, application of potash fertilizer helps improve taste, colour, and texture of crops. This is one major factor contributing to the high demand for potash fertilizer in the agricultural sector.
Change in the pattern of food consumption, shift in demographical patterns, and rising disposal income across the globe is influencing potash fertilizer market positively. The changing patterns in emerging economies are also anticipated to shape the potash fertilizer market in the coming years.
Recently, the market witnessed a downward growth trajectory due to global economic crisis. This resulted in fluctuations of price of potash fertilizers. However, it did not affect global potash fertilizer market. On the flip side, expansion of potash fertilizer market contributed to the economy of various countries such as India, China, and Brazil.
Shift in farming practices and innovations in technology are resulting in acceptance of modern farming methods. Also, inclination of farmers toward safe agriculture methods has diversified growth opportunities in potash fertilizer market.
As a result of technological development in agricultural sector of Europe, the region is anticipated to be one of the leading contributors to potash fertilizer market in the coming years. As a result of growing population and rise in the demand for food, emerging economies such as China and India are expected to witness wide scale consumption of potash fertilizers. This will, further, pump potash fertilizer market. Besides, various government initiatives to increase agricultural productivity are influencing the demand for potash fertilizer in several regions. The trend is likely to continue in forecoming years, thus, augmenting growth opportunities for the target market.
Potash is considered one of the three key fertilizer macronutrients other than nitrogen and phosphrous. required to enhance plant health. It is a natural substance which is constantly recycled in the earth. Potash is derived from the name “pot ash” which means the plant ashes are soaked in water in a pot. Previously, potassium was leached from wood ashes and concentrated by evaporating the leachate in large iron-pots. However, this is no longer in practice due to environmental concerns. Potash is a commonly found element in nature and is available in abundance. It is stored in the soil and harvested as salt deposits. The primary difference between potash and potassium-based products is that, the former is often bonded with other chemicals whereas the latter is not. Potassium salts are available in the form of chlorides, sulfates, and nitrates and are used as potash fertilizers. They are absorbed by the plants and then released as potassium into the crops. Potash fertilizer is essential for plants for its water uptake and for synthesizing plant sugars to be used as food. It is highly useful in the enhancement of crop formulation and quality. Potash fertilizer is also beneficial in order to increase the pH scale in soil, improve the taste of crops and aid the plants to resist diseases. It is not feasible to use potash if the soil is acidic. It is recommended to test the soil before applying potash fertilizer to it. Excessive usage of potassium gets accumulated as salt and can damage the roots. Potash fertilizer is highly used for a variety of crops worldwide where pH scale of the soil is low. Rise in consumption of food due to the growth in population is anticipated to drive the market for potash fertilizer in the near future.
Based on type, potash fertilizers are classified into sulfate of potash (SOP), muriate of potash (MOP), and nitrate of potash. Potassium chloride, also called as muriate of potash, is widely used as potash fertilizer. It is a common source of potassium and is widely used in agriculture. Muriate of potash consists of approximately 50% of potassium.
Potash fertilizers are segmented based on the crops in which they are commonly used, such as cereals & grains, fruits & vegetables, oilseeds & pulses, and turf & ornamental. Usage of potash fertilizer was the highest in cereals & grains in 2016. It is anticipated to remain the dominant crop segment during the forecast period. Cereals & grains are the widely grown crops in most of the regions and are the staple food of majority of the world’s population. Potash fertilizer is used in cereals & grains in order to boost their production. Following cereals & grains, fruits & vegetables is anticipated to exhibit significant CAGR in the consumption of potash fertilizer.
Based on region, Asia Pacific dominated the potash fertilizer market in 2016 and is expected to retain its position between 2017 and 2025. Presence of the most populated countries such as India and China, followed by rise in consumption and demand for food are anticipated to drive the market for potash fertilizer in Asia Pacific. Following Asia Pacific, Latin America is projected to witness significant growth during the forecast period. Brazil, a key exporter of agricultural products, accounted for major consumption of potash fertilize in Latin America. Overall demand for potash fertilizer is expected to remain high during the forecast period.
The potash fertilizer market is highly competitive due to the presence of several global players in it. Some of the key potash fertilizers includes Potash corporation, Mosaic, ICL Ltd, Uralkali, and CF industries.
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