Global Potassium Sulfate Market to Reach a Valuation of USD 8.3 Billion by 2034, with a CAGR of 4.8% | Future Market Insights, Inc.
Changing preferences towards less toxic and chlorine-free fertilizers across booming agriculture industry and increasing need for improving crop yields are some of the key factors driving the U.S. and Canada Potassium Sulfate market.
/EIN News/ -- NEWARK, Del, July 12, 2024 (GLOBE NEWSWIRE) -- The global potassium sulfate market will reach a valuation of USD 5.2 billion in 2024, attributed to factors such as climate change adaptation. The trend is set to create new opportunities for the market, leading to a projected CAGR of 4.8% between 2024 and 2034, and reaching a total valuation of approximately USD 8.3 billion by 2034.
Maintaining soil health is essential for sustainable agriculture. Potassium sulfate, with its low salt index and ability to improve soil structure, can contribute to soil health management strategies.
The emphasis on soil health regeneration presents an opportunity for the increased adoption of potassium sulfate.
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There is growing interest in biofortification, which involves enhancing the nutritional content of crops to address micronutrient deficiencies in human diets.
Potassium sulfate can be used to fortify crops with potassium, improving their nutritional value and addressing dietary deficiencies.
The utilization of organic waste materials, such as compost and manure, in combination with potassium sulfate fertilizers, can create synergistic effects in soil fertility and crop productivity.
Recycling organic waste not only reduces environmental pollution but also provides a sustainable source of nutrients for crops.
Expanding market penetration into regions with underdeveloped agricultural sectors presents opportunities for growth in the potassium sulfate market.
Targeting emerging economies with rising agricultural investment and modernization initiatives can unlock new demand sources.
Precision agriculture technologies enable farmers to implement site specific nutrient management practices based on soil and crop requirements.
Key Takeaways from the Market Study
- Global potassium sulfate market was valued at USD 4.9 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 3.9%.
- The market in India to expand at a CAGR of 7.6% through 2034.
- By product form, the granular segment to account for a share of 72.4% in 2024.
- The market in China will expand at a CAGR of 5.7% through 2034.
- In terms of application, the fruit segment to account for a share of 26.5% in 2024.
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USA and Canada Potassium Sulfate Market is expected to reach US$ 564.4 million, growing at a CAGR of 2.8% during forecast period 2022 to 2032
“Potassium sulfate manufacturers can develop tailored products and recommendations to support precision nutrient application, optimizing fertilizer use efficiency” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
How Pricing of Potassium Sulphate impacting the Market Growth?
Potassium sulphate fertilizers are relatively higher priced as compared to other conventional product offerings.
Potassium sulphate is derived from potash mines or produced using potassium chloride or other salts of potassium. Almost 90% of potash mines contain potassium chloride, with only 6-8% potassium sulphate.
Manufacturing potassium sulphate from potassium chloride requires process inputs and other raw materials which further add to its pricing. Unique qualities and suitability for special crops also drive the price of potassium sulphate higher as compared to that of its close substitutes.
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Competitive Landscape
Prominent players in the potassium sulfate market are Compass Minerals International, Inc., Sesoda Corp., Tessenderlo Group, SDIC Xinjiang Luobupo Potash Company Limited, Yara International ASA, Migao Corporation, Kemira Kemi AB, The Mosaic Company, and China Ching Shiang Chemical Co. Ltd., among others.
Company Portfolio
- Tessenderlo Group offers a diverse range of potassium sulfate products tailored for agricultural and industrial applications.
Their portfolio includes potassium sulfate fertilizers formulated to provide essential nutrients for optimal plant growth and development.
The company also produces potassium sulfate based chemicals used in various industrial processes such as glass manufacturing, detergents, and pharmaceuticals.
- SDIC Xinjiang Luobupo Potash Company Limited is a major producer of potassium sulfate in China.
Their portfolio includes potassium sulfate fertilizers formulated to meet the specific nutrient requirements of different crops and soil types.
SDIC Xinjiang Luobupo Potash Company Limited also offers potassium sulfate products for industrial applications such as the production of potassium carbonate, potassium hydroxide, and potassium alum.
Scope of Report
| Attribute | Details |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2024 |
| Market Analysis | USD Million for Value and Kilo Tons for Volume |
| Key Regions Covered | North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, UK, France, Spain, BENELUX, Russia, Poland, South Korea, Japan, China, India, ASEAN, Oceania, Northern Africa, and South Africa |
| Key Segments Covered | Product Form, Application, and Region |
| Key Companies Profiled |
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| Report Coverage | Market Forecast, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global potassium sulfate market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the potassium sulfate market, the market is segmented on the basis of product form (granular, powder, liquid), and application (tree nuts, fruits, vegetables, tobacco, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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