A recently published market study by Future Market Insights (FMI) on the potassium sulphate market integrates the global industry analysis for 2014-2018 and market opportunity assessment for the forecast period of 2019-2029. The market study divulges fundamental insights and provides an in-depth market analysis for the historical as well as forecast period. As per the market valuation in the report, the global potassium sulphate market is estimated to witness noteworthy growth due to growing demand from the agricultural sector.
The global potassium sulphate market was valued at ~US$ 4.0 Bn in 2018 and is anticipated to grow with ~5% CAGR throughout the forecast period of 2019-2029.
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Consumption of fertilizers is directly related to agricultural production and indirectly to increasing global population; higher the population more will be the requirement for food. On the other side, loss of crops due to unforeseen seasonal changes and calamities will further deepen the food supply at the global scale. Changing eating habits such as increasing meat consumption, have increased the requirement for feed grains leading to increased fertilizer usage. Vegetables and fruits constitute about 27% of the total production and require chloride-free fertilizers for healthy growth. Thus, growing cultivation of vegetables and fruits, especially citrus fruits and melons, is expected to be the prime factor driving the growth of the potassium sulphate market.
Over the last few years, the production of specialized crops has registered a significant growth, primarily driven by the population growth and changing consumer preference for healthier diets. Increase in production of such specialized crops is expected to drive the demand for potassium sulphate market over the forecast period.
Lucrative Growth Opportunities in Asia Pacific and Middle East & Africa
Developing regions, such as Asia Pacific, Middle East & Africa, and Latin America are slated to witness strong growth during the forecast period. Agriculture-based economies, focus on boosting agricultural output, and countries with low percent of arable land to total land make the regions of Asia Pacific and the Middle East & Africa prominent markets for potassium sulphate. Countries in North Africa & Central Africa present a wide opportunity for the usage of potassium sulphate as a fertilizer to boost agricultural production and reduce dependability on food imports in the region.
In developed regions such as North America and Europe, potassium sulphate is gaining traction for its exceptional performance and less toxic effects, especially in dry conditions. Owing to the growing preference for high value fertilizers, North America and Europe are expected to be potential markets for potassium sulphate.
Fruit and Vegetable Cultivation to Remain Prominent Application Area
The global potassium sulphate market has been classified on the basis of product form type and application, along with regions.
- Based on form, granular form of potassium sulphate remains a prominent choice, and is anticipated to hold a more than half of the global potassium sulphate market share throughout the forecast period. The demand for granular form is mainly driven by its cost-effective nature as well as various attributes such as optimum amount of potassium and sulphur content.
- Growing application of potassium sulphate in fruit crop is expected to contribute a major share to the manufacturers’ bottom lines. Collectively, fruits, vegetables, and tree nut segments are expected to hold ~70% of the total value share. In the recent years, people are becoming more and more health conscious and thus, consuming more fruits, tree nuts and, green vegetables, which in turn, is driving the demand for potassium sulphate.
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Potassium Sulphate Market: Manufacturer Insights
According to the FMI analysis, the global potassium sulphate market is moderately consolidated with some of the global players holding prominent share in the global potassium sulphate market. The global potassium sulphate market report sheds light on few of the prominent players in the global potassium sulphate market. Some key players operating in the market are SDIC Luobupo, K+S Kali GmbH, Tessenderlo Group, Ching Shiang Chemical Corporation, and Compass Minerals, among others.