by Potash is a rich source of potassium which helps improve the quality and increase the quantity of agricultural produce. Potash fertilizers enhance photosynthesis, increase resistance to drought and pests, and improve the shelf life and nutrient density of food. With growing concerns of food security across the globe, the demand for potash is increasing significantly. The global potash market is estimated to be valued at US$ 60.57 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased potash usage has largely been driven by rising population and decreasing farm land area which has boosted food production pressure globally. Potash helps farmers to produce higher yields while using lesser acreage of land, water and other inputs. It plays a vital role in adapting to climate change challenges as well. With shrinking arable land and increasing consumption, agricultural productivity needs to rise substantially to feed the growing population. This has increased potash fertilizer consumption across major crop producing regions and is expected to continue aiding the market growth over the forecast period.
Segment Analysis
The global potash market is segmented based on type into potash muriate, potash nitrate, potash chloride, and other types. Among these, the potash muriate segment dominates the market and accounts for around 60% share of the total market. This is because potash muriate, also known as potassium chloride, is extensively used as a fertilizer in agriculture to increase the yield of various crops. It provides potassium to plants which is an essential macro nutrient. Further, the potash muriate segment is expected to continue dominating during the forecast period as well due to rising demand for high-yielding and quality crops.
Key Takeaways
The Global Potash Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. Factors such as increasing population, rising food demand, and initiatives by governments worldwide to boost agricultural production will propel the demand for potash based fertilizers globally.
Regional analysis: North America dominates the global potash market with around 30% share of the total consumption. This is owing to the large scale agricultural activities in countries like the US and Canada. Further, North America is expected to continue dominating during the forecast period as well. Asia Pacific region is expected to witness the fastest growth in demand for potash during the coming years. This is due to rising population, increasing disposable incomes, and expansion of agricultural activities in countries like China and India.
Key players: Key players operating in the potash market are Ecrion Software, Striata, Xerox Corporation, Quadient, Liquid State, MailTeck, Conduent, Inc., Enghouse Interactive, Paragon Customer Communications, Infobip ltd, and Compart AG. These players are focusing on expansion in high growth regions anddevelopment of advanced potash products to cater to the diverse requirements of end users industries globally.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
