Potassium Fertilizers Market Showcases up-and-coming Growth till 2031

Potassium Fertilizers Market: Introduction

• Potassium fertilizers are natural substances that occur when wood is burned. They can also be found in mines and the ocean.
• Potassium fertilizers help strengthen plants’ abilities to resist disease. They play an important role in increasing crop yield and overall quality. Potassium also protects the plant when the weather is cold or dry, strengthening its root system and preventing wilt.
• Potassium chloride or Muriate of Potash (MOP) contains 60% of potash, measured in K2O. Brazil is one of the largest consumers of potash fertilizers, primarily due to its significant production of soybean.
• Commonly available potassium fertilizer formulations in the market are Muriate of Potash (MOP) and Sulfate of Potash (SOP).

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Key Drivers and Restraints of Potassium Fertilizers Market

Increase in demand for fertilizers is boosting the potassium fertilizers market. The potassium fertilizers market is also expected to expand, due to the rise in demand for food, growth in population, and rise in government funding for the usage of advanced techniques and fertilizers for high productivity. However, high concentrations of potassium can suppress plant growth and cause kidney malfunction in humans. High exposure can lead to a buildup of fluid in the lungs. Contact with the eyes can lead to permanent eye damage. This is negatively affecting the potassium fertilizers market.

Potassium Fertilizers Market: Product Type Segment

• Based on product type, the global potassium fertilizers market can be segmented into Muriate of Potash (MOP), Sulfate of Potash (SOP), and others
• Belarus is the largest producer of Muriate of Potash. It produced approximately 11.9 million metric tons of Muriate of Potash in 2019, accounting for 94.2% of the world’s potassium chloride production. It was followed by the U.S., Uzbekistan, Poland, and Portugal. White vegetables, especially potatoes, are the largest contributors to the demand for K-fertilizers.

Potassium Fertilizers Market: Crop Type Segment

• Based on crop type, the potassium fertilizers market can be divided into pulses & oilseeds, cereals & grains, fruits & vegetables, turf & ornamentals, and others
• Cereals, rice, wheat, and maize are the major determinants of potassium consumption in the global market, owing to their relatively higher value-to-cost ratio. Cereals rank the highest in the value-to-cost ratio, followed by wheat and rice.
• Potassium helps plants survive stress, pests, and diseases. Furthermore, potassium improves metabolic process and help plants fight pests when supplied adequately.
• According to the Food and Agriculture Organization (FAO), global demand for potassium stood at 38,711 thousand tons in 2020

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COVID-19 Impact on Global Potassium Fertilizers Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• The potassium fertilizers market has been recovering with the tightening of global potash supply-demand balance
• Supplies have struggled to keep pace with demand in many countries, including the U.S., during the COVID-19 pandemic. Major players such as Nutrien Ltd. and K+S AG are ramping up their production capacities to cater to the rising demand.

Asia Pacific to Hold Leading Share of Global Potassium Fertilizers Market

• In terms of region, the potassium fertilizers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• Asia Pacific is expected to hold major share of the global potassium fertilizers market, followed by North America and Europe, during the forecast period
• Asia Pacific dominates the potassium fertilizer market, due to the presence of the largest agricultural area. Major crops produced in the region, which demand high potassium requirement include rice, sugar beets, fruits and vegetables, cereals, and grains. Thus, rise in production of field crops in the region is likely to positively impact the demand for potassium fertilizers in Asia Pacific in the near future.
• The market in Europe and North America are likely to witness steady growth over the forecast period due to market saturation, while South America and Africa are predicted to exhibit high growth in the next few years, owing to the vast cultivation of rice, corn, and sugarcane in these regions
• Canada and Russia are the largest producers of potassium fertilizers in the world owing to their surplus deposits

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