by Potassium sulphate is an important fertilizer compound that is highly soluble in water and readily absorbed by plants. It is commonly used in fertilizer mixes to provide potassium as well as sulphur nutrition to a variety of agricultural crops. Potassium is an essential macronutrient required by plants for photosynthesis, enzyme activation, protein synthesis, and osmotic regulation. On the other hand, sulphur acts as a constituent of essential amino acids and promotes nutrient uptake. The global potassium sulphate market is primarily driven by the rising demand for high-yielding and quality agricultural produces to meet the food requirements of growing population. Potassium sulphate fertilizers help boost crop productivity and quality by promoting strong roots, disease resistance, and higher sugar content in fruits and vegetables.
The global potassium sulphate Market is estimated to be valued at US$ 4456.59 in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for potassium fertilizers: The increasing demand for potassium fertilizers from major agriculture crops such as rice, wheat, fruits & vegetables is expected to be a major driver for growth of global potassium sulphate market over the forecast period. Potassium sulphate is an vital component of NPK fertilizers that supply both potassium and sulphur for balanced plant nutrition.
Growing focus on high-yielding crops: To meet the rising global food demand, focus is increasing on cultivating high-yielding crop varieties through optimized fertilization. Potassium sulphate helps boost crop yields by increasing resistance to drought, cold, and other stresses. This is expected to further propel the demand for potassium sulphate fertilizers in coming years.
Segment Analysis
The global potassium sulphate market is dominated by the fertilizer segment which holds around 60% share of the total market. Potassium sulphate is a rich source of potassium and sulphur, both of which are essential macronutrients required by plants. Within the fertilizer segment, the cereals sub-segment accounts for the major share due to high demand for potassium sulphate from crops like wheat, rice and corn grown globally on a large scale. Other prominent segments include industrial, pharmaceutical and food applications.
PEST Analysis
Political: Governments across major markets are supporting sustainable agricultural practices through subsidies and initiatives. This is propelling the demand for potassium sulphate as a fertilizer.
Economic: Growth in global population and increasing demand for food is raising agricultural production worldwide. This is driving the need for fertilizers like potassium sulphate to maximize crop yields.
Social: Rising health awareness is augmenting the sales in pharmaceutical and food segments. Also, changing dietary patterns are positively impacting the industrial usage.
Technological: Advancements in fertilizer production technology have resulted in affordable and efficient potassium sulphate variants better suited to different soil and crop needs.
Key Takeaways
Global Potassium Sulphate Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by macroeconomic factors. The market size for 2023 is estimated to be US$ 4456.59 Mn.
Asia Pacific region currently accounts for around 35% share of the global market led by countries like China and India. The region is expected to remain the fastest growing market due to huge population, rapid economic development and expansion of cultivable land for agriculture.
Key players operating in the potassium sulphate market are Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc. K+S KALI GmbH and Tessenderlo Group are the largest producers globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
