Potassic Fertilizers Market Report 2024

This Potassic Fertilizers market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The potassic fertilizer market size has grown strongly in recent years. It will grow from $23.94 billion in 2023 to $25.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth during the historic period is linked to several factors, including an increase in agricultural activities, a rising population, higher food demand, government subsidies and support for agriculture, greater awareness of soil fertility and crop yields, and enhancements in distribution channels.

The potassic fertilizer market size is expected to see strong growth in the next few years. It will grow to $31.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period is driven by a rising interest in organic farming, greater awareness of sustainable agriculture, climate changes impacting agriculture, improved fertilizer application efficiency, expansion of arable land, development of bio-based potassic fertilizers, and more international trade agreements and policies. Key trends expected during this period include technological improvements in fertilizer application methods, advancements in controlled-release fertilizer technology, wider adoption of drip irrigation systems, expansion of global trade in potassic fertilizers, creation of customized fertilizer blends, and innovations in potassic fertilizer formulations.

The increasing demand for high-quality crops is expected to drive the growth of the potassic fertilizer market. High-quality crops are defined by their superior attributes, including higher yields, better nutritional content, greater resistance to pests and diseases, and enhanced market appeal. This rising demand is fueled by growing consumer awareness and preference for healthier, safer, and more nutritious food options. Potassic fertilizers play a crucial role in producing high-quality crops by optimizing potassium nutrition, which improves growth, yield, disease resistance, and overall crop quality. For example, the Food and Agriculture Organization reported that global production of primary crop commodities reached 9.5 billion metric tons in 2021, a 2 percent increase from 2020. This rising demand for high-quality crops is driving the expansion of the potassic fertilizer market.

Key players in the potassic fertilizers market are concentrating on creating innovative products, such as organic fertilizers, to address potassium (K) deficiency. Organic fertilizers are natural soil amendments made from plant, animal, or mineral sources, aimed at enriching soil nutrients and fostering sustainable plant growth. For instance, in December 2022, Green Planet Bio Products, an organic fertilizer manufacturer based in India, introduced Power Plant POTASH (organic fertilizer). This organic fertilizer is formulated with a high potassium content to encourage robust root development and enhance plants' resilience to stress. It is tailored for environmentally friendly agriculture, improving nutrient absorption and supporting healthy crop growth without the use of harmful chemicals.

In July 2024, Mangalore Chemicals & Fertilizers Limited, an India-based company that manufactures chemical fertilizers, merged with Paradeep Phosphates Limited for an undisclosed amount The merger of Mangalore Chemicals & Fertilizers Limited with Paradeep Phosphates Limited is expected to create synergies that enhance operational efficiency and broaden the combined product portfolio. Paradeep Phosphates Limited. is an India-based fertilizer manufacturing company that manufactures and distributes phosphatic fertilizers and urea.

Major companies operating in the potassic fertilizers market are BHP Group Limited, Nutrien Ag Solutions Inc., Yara International ASA, The Mosaic Company, Israel Chemicals Ltd, Sinochem Group Co Ltd, OCP Group, EuroChem Group AG, K+S AG, Tessenderlo Group NV, Borealis AG, Gujarat State Fertilizers & Chemicals Ltd, Arab Potash Company, American Vanguard Corporation, Zuari Agro Chemicals Ltd, Helm AG, Kazphosphate LLC, Intrepid Potash Inc, Migao Corporation, JSC Belaruskali.

North America was the largest region in the potassic fertilizers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the potassic fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the potassic fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Potassic fertilizers provide potassium, a vital nutrient for plant growth and development. They boost plant disease resistance, improve water absorption, and enhance crop yields. These fertilizers are commonly used to promote overall plant health and maximize agricultural efficiency.

Key types of potassic fertilizers include potassium chloride, sulfate of potash (SOP), and potassium nitrate, among others. Potassium chloride (KCl), a compound of potassium and chlorine, comes in solid and liquid forms. It is applied to various crops, including cereals, grains, oilseeds, pulses, fruits, and vegetables.

The potassic fertilizers market research report is one of a series of new reports that provides potassic fertilizers market statistics, including potassic fertilizers industry global market size, regional shares, competitors with a potassic fertilizers market share, detailed potassic fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the potassic fertilizers industry. This potassic fertilizer market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The potassic fertilizers market consists of sales of potassium chloride, potassium sulfate, potassium nitrate, and specialty potassium-based fertilizers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.