Market Overview:
Potash is a term used for various potassium-containing minerals which are
mainly used as fertilizers for agriculture. It helps in the overall growth of
plants and makes them more resistant to diseases and drought. With growing
demand for food due to increasing population, there is a rising need for potash
to maximize crop yields.
Market key trends:
One of the major trends driving the growth of the potash market is the rising
adoption of fertigation techniques. Fertigation is a method of applying soluble
fertilizers to soil or the root zone of plants through an irrigation system. It
ensures controlled and efficient application of fertilizers like potash. This
technique is gaining popularity among farmers as it improves crop quality and
yield while minimising costs and preventing wastage of fertilizers. The
controlled release of nutrients through fertigation also protects the
environment.
The global
Potash Market is estimated to be valued at US$
60.57 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Segment Analysis
The global Potash
Market Growth is segmented by type into potash, monopotassium
phosphate, potassium nitrate, and others. Among these, the potash segment held
the largest market share in 2022 and is expected to remain dominant over the
forecast period. Potash is used as a fertilizer and plays a vital role in
enhancing crop growth and yield. It is widely used in soda ash production,
pharmaceuticals, animal feed, water conditioners, and other applications. Its
high potash content makes it suitable for various agricultural and industrial
applications.
Key Takeaways
The global potash market is expected to witness high growth, exhibiting a CAGR
of 4.9% over the forecast period, due to increasing demand for potash-based
fertilizers from the agricultural industry.
North America dominated the global market in 2022 and is expected to grow at a
strong pace during the forecast period. The largest share is attributed to high
potash consumption for crop production and a well-established agricultural
industry in the region.
Key players operating in the potash market are JSC Belaruskali, Compass
Minerals Intl Ltd., Mosaic Company, Uralkali, and Rio Tinto Ltd. These
companies are investing in R&D activities to develop innovative crop
nutrition products and expanding their global presence through partnerships and
acquisitions. Compass Minerals, a leading producer of salt, plant nutrition,
and magnesium chloride, acquired the sodium business of K+S in 2021 to expand
its mineral products portfolio.
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