The global potash fertilizers market demand is anticipated to increase on account of rising food consumption, rising population, and the need to maintain a clean and healthy lifestyle. Potash fertilizers are used for enhancing crop growth by providing essential nutrition content. The addition of potash fertilizers helps in the overall improvement of plant quality and also increases its shelf life. The potash fertilizer industry is heavily dependent on the awareness of farmers regarding the product, technological developments in the farming sector, and even credit availability. Global demand for potash fertilizers is expected to witness a significant growth owing to the increasing need of providing strengthening nutrients to protect plants from harmful pathogens which are responsible for decreasing soil fertility and reduction of crop yield.
The global potash fertilizer industry is dominated by Europe owing to technological developments in the farming sector. Emerging economies including India, China, and Latin American countries are expected to witness a rise in consumption of potash fertilizers owing to the growing population and increasing demand for food. Rising urban population, improvement in the standard of living, and initiative undertaken by numerous governments to modernize farming and increase agricultural productivity has led to a rise in demand for potash fertilizers over the past few years. This trend is anticipated to continue over the forecast period, resulting in new opportunities for market growth. Crop variance and climatic conditions of different regions play a very important role in stimulating potash fertilizer market growth. Rising demand for crops in other applications including production of biofuels is likely to add pressure to existing tight supply of grains for food consumption. This factor is expected to play an important role in augmenting potash fertilizers market growth to increase crop yield.
The Chinese government has been pursuing efforts to increase potash fertilizer production owing to large population which has led to rising domestic food consumption over the past several years and is anticipated to grow over the forecast period. The global potash fertilizer production is dominated by the more advanced markets including North America and Europe however the Asia pacific market and the developing markets of China and India are expected to witness a significant increase in production. Latin American market continues to be dominated by Brazil. Brazil is expected to be the biggest consumer and producer of potash fertilizer owing to increasing need for providing better crop yield and productivity. Rising demand for food owing to rapid increase in population is another key factor likely to affected potash fertilizers market growth in the country over the forecast period. Growing demand for animal feed and food for human consumption across the globe has been one of the primary factors responsible for rise in demand for potash fertilizers.
Potash fertilizers can be used for a wide range of applications including rice, vegetables, fruits, sugar, palm oil, soybean and cotton on account of its ability to increase crop yield, crop productivity, improve nutrient value, increase the level of water retention and make the crop resistant to diseases and harmful pathogens. In addition, application of potash fertilizers to the soil helps in improving color, taste, and texture of food crops which is the primary functioning of potash fertilizer. This factor has contributed to a large extent for the growth of potash fertilizers, particularly in agriculture driven markets including India. Change in food eating patterns, rising disposable income, and changing demography patterns in developing countries including India, China, and Brazil over the last few years has also contributed to the rise in demand for potash fertilizers, and this is expected to continue over the next seven years. The potash fertilizers market experienced a slight slowdown in demand during the global economic crisis owing to the price fluctuations. However, this did not have a long-lasting effect on the overall growth of the potash fertilizer market. Growth in the potash fertilizer market also contributed to the growth of numerous economies including Brazil, China, and India to a large extent.
Some of the key market participants within the potash fertilizers market include Potash Corporation, Mosaic, Yara, Urakali, CF industries, OCP, Agrium, and Israel Chemicals. Potash Corporation is the world’s largest fertilizer manufacturer and is a leading producer of potash fertilizer.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.