Potash Fertilizer Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Sulfate Of Potash, Potassium Nitrate, Potash Chloride, Others), By Form (Liquid, Solid), By Crop Type (Cereals & Grains, Fruits & Vegetables, Seeds & Pulses, Others), And By Geography - Forecasts From 2023 To 2028

The use of potash fertilizers improves the overall quality of the plant and extends its shelf life. The potash fertilizer industry strongly relies on farmer understanding of the product, technical advances in the farming industry, and even financial availability. Because a growing variety of crops, such as agricultural products and horticulture crops, are fertilized with potash fertilizers, this factor acts as a market driver. Furthermore, increased soil deficiency, ease of use, and consistent application, together with an increasing need for higher food crop output, are expected to boost the expansion of the potassium fertilizers market. Additionally, because precision horticulture is known to reduce supplement disasters by permitting variable-rate fertilizer administration, the market for this liquid potassium, fertilizer is likely to expand soon. The development of chlorine-free potash fertilizers such as sulfate of potash (SOP) in fertigation systems, on the other hand, is expected to boost the expansion of the potash fertilizers market. Moreover, the worldwide potash fertilizers market demand is expected to rise due to increased food consumption, population growth, and the desire to live a nutritious and clean lifestyle. Potash fertilizers are used to boost crop development by delivering critical nutrients.

The rise in the need for fertilizers due to the increased demand for crop yield will boost the market

The growing interest in high-performance fertilizers increased the application of potash fertilizers, and the inclusion of potash fertilizers aids in the overall enhancement of plant quality and shelf life, which are all essential aspects influencing the potash fertilizers market growth. The increasing need for strengthening nutrients to protect plants from harmful pathogens responsible for decreasing soil fertility and crop yield, as well as the growing demand for potash fertilizers to improve crop productivity with limited crop cultivation land area, are the major factors fostering the growth of the potash fertilizers market.

The growing number of initiatives taken by companies is anticipated to surge the market

Due to the rise of initiatives taken by the companies, the market has expanded and gained momentum for the upcoming years. For instance, in March 2021, Compass Minerals América do Sul SA, a renowned specialty plant nutrition company in Brazil, was bought by ICL Fertilizers. This acquisition benefitted the company's liquid potash fertilizer product line, particularly in South America. Furthermore, during the same time, Saskatchewan Mining and Minerals Inc. began working on a USD 220 million expansion scheduled to be finished in late 2023. Each year, the plant enables the sodium sulfate plant to generate 150,000 tonnes of sulfate potash fertilizer or SOP. This is a novel product for the corporation, combining sodium sulfate with potash from Saskatchewan. Moreover, in August 2019, Migao Corporation, a Chinese potash fertilizer manufacturer, and Belaruskali JSC opened a new production plant in Soligorsk to produce chlorine-free potash fertilizers. The facility is intended to produce both potassium chloride and ammonium nitrate.

Asia Pacific and North America hold a significant amount of share during the forecasted period

Asia Pacific is anticipated to hold a large amount of share the market. This is due to the region's expanding population and increased need for food grains, which is fuelling the expansion of the potash fertilizers market. For example, according to the Asian Development Bank (ADB), Asia Pacific is expected to account for one-third of the estimated 2,600 million increase in global population between 2010 and 2050, necessitating additional efforts to increase crop yield to cater to the region's rising population.

As per the Canadian government, worldwide potash output in 2020 is expected to be around 69.2 million tonnes. Canada is the world's largest producer of potash, accounting for 32% of global output in 2020. Additionally, companies in this region have launched various products and have expanded their operations which has contributed to the market positively.  For instance, in March 2021, Mosaic announced a collaboration with Sound Agriculture to produce and market a nutrient-efficiency solution. Mosaic supervised field development, regulatory, sales, and marketing initiatives, while Sound Agriculture focused on active ingredient production and product formulation. The product uses Sound Agriculture Bio-inspired technology to activate the soil microbiome, allowing plants to receive essential nutrients and producers to optimize fertilizer inputs. It is scheduled to be released in the United States in 2023. Furthermore, in February 2019, to expand their Retail business, Nutrien Ltd. bought Van Horn, Inc. (Van Horn), a renowned US retailer and agricultural services supplier that serves over 5,000 clients in 18 counties.

Market Key Developments

• In March 2022, EuroChem Group stated that it finalized the purchase of 51.48% of the shares in Brazilian supplier Fertilizantes Heringer SA, significantly boosting its manufacturing and distribution capability in Brazil.
• In November 2022, India is set to reach a long-term supply agreement with Uralkali, a Russian potash fertilizer manufacturer and exporter. The nation hopes to reach an agreement for the supply of one million tonnes of potash fertilizer. The imports would be negotiated between Uralkali and 4-5 Indian firms.

Potash Fertilizer Market Scope:

The potash fertilizer market has been analyzed through the following segments:

• By Type
  • Sulfate of Potash
  • Potassium Nitrate
  • Potash Chloride
  • Others
• By Form
  • Liquid
  • Solid
• By Crop Type
  • Cereals & Grains
  • Fruits & Vegetables
  • Seeds & Pulses
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Indonesia
    • Thailand
    • Vietnam
    • Philippines
    • Others