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Potassium Fertilizers Market: Overview

  • Potassium fertilizers are usually mined from salt deposits. Canada and Russia are the largest producers of potassium fertilizers in the world owing to their surplus deposits.
  • Potassium chloride or Muriate of Potash (MOP) contains 60% of potash, measured in K2O. Brazil is one of the largest consumers of potash fertilizers, primarily due to its significant production of soybean.
  • Commonly available potassium fertilizer formulations in the market are Muriate of Potash (MOP) and Sulfate of Potash (SOP)

Rise in Demand for Potash in Cereals and Staple Crops

  • Cereals, rice, wheat, and maize are the major determinants of potash consumption in the global market, owing to their relatively higher value-to-cost ratio. Cereals rank the highest in the value-to-cost ratio, followed by wheat and rice.
  • Potassium helps plants survive stress, pests, and diseases. Furthermore, potassium improves metabolic process and help plants fight pests when supplied adequately.
  • Global potash reserves stood at 66.16 million metric tons in 2020; of this, Canada held 20.9 million metric tons. Russia and Belarus held 13 million metric tons and 12 million metric tons, respectively. These three countries dominate the global potash supply. Therefore, they control the global potash prices.
  • Despite many hardships on the fertilizer prices due to the COVID-19 pandemic, the potash fertilizers market has been recovering with the tightening of global potash supply-demand balance. However, supplies have struggled to keep pace with demand in many countries, including the U.S., during the pandemic. Major players such as Nutrien Ltd. and K+S AG are ramping up their production capacities to cater to the rising demand.
  • India, China, the U.S. Russia, and Brazil are the largest consumers of potash, owing to their growing share in the production of cereals and staples

Muriate of Potash Product Type Segment to Offer Lucrative Opportunities

  • Based on product type, global potassium fertilizers market can be segmented into Muriate of Potash (MOP), Sulfate of Potash (SOP), and others
  • Belarus is the largest producer of Muriate of Potash. It produced approximately 11.9 million metric tons of Muriate of Potash in 2019, accounting for 94.2% of the world’s potassium chloride production. It was followed by the U.S., Uzbekistan, Poland, and Portugal. White vegetables, especially potatoes, are the largest contributors to the demand for K-fertilizers.

Field Crops Segment to Hold Major Share of Market

  • Field crops generally absorb potassium at a much faster rate compared to N and P nutrients, owing to their improved grain characteristics. As a result, rice and wheat require large quantities of K, and a continuous supply of K is necessary to improve the quality and length of grain.
  • Therefore, field crops account for relatively higher share of the global potassium fertilizer sales. China, India, U.S., Russia, and Brazil have been the largest producers of cereals since the last few years. Thus, significant increase in field crop acreages in these countries is likely to boost the sale of potassium fertilizers in the near future.

Asia Pacific to Account for Prominent Share of Global Potassium Fertilizers Market

  • In terms of region, the global potassium fertilizers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific dominates the potassium fertilizer market, due to the presence of the largest agricultural area. Major crops produced in the region, which demand high potassium requirement, include rice, sugar beets, fruits and vegetables, cereals and grains. Thus, rise in production of field crops in the region is likely to positively impact the demand for potassium fertilizers in Asia Pacific in the near future.

Key Players in Global Potassium Fertilizers Market

The global potassium fertilizers market is consolidated, with the presence of a few regional and global manufacturers. Prominent players operating in the market are investing in mergers, acquisitions, expansion, and new product launches in order to maintain their leading position in the market. Potash fertilizers are supplied by a small number of large industrial players. Thus, the potassium fertilizers market is heavily consolidated, reflecting the concentrated availability of raw material deposits in certain regions of the world.

Key players operating in the global potassium fertilizers market include:

  • Nutrien Ltd. (Potash Corp)
  • Belaruskali Company
  • Uralkali Company
  • The Mosaic Company
  • K+S AG

Global Potassium Fertilizers Market: Research Scope

Global Potassium Fertilizers Market, by Product Type

  • Muriate of Potash (MOP)
  • Sulphate of Potash (SOP)
  • Others

Global Potassium Fertilizers Market, by Crop Type

  • Cereals & Grains
  • Pulses & Oil Seeds
  • Fruits & Vegetables
  • Turf & Ornamental
  • Others

Global Potassium Fertilizers Market, by Mode of Application

  • Soil
  • Foliar
  • Fertigation

Global Potassium Fertilizers Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Potassium Fertilizers Market

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