According to the new market research report "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030", published by QYResearch, the global Potassium Fertilizer market size is projected to grow from USD 38.50 billion in 2024 to USD 38.78 billion by 2030, at a CAGR of 0.12% during the forecast period (2024-2030).
- Global Potassium Fertilizer Market Size (US$ Million), 2019-2030
Source: QYResearch, "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
- Global Potassium Fertilizer Top 19Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)
Source: QYResearch, "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
This report profiles key players of Potassium Fertilizer such as Nutrien Ltd., Uralkali, The Mosaic Company, Belaruskali, K+S Aktiengesellschaft, ICL Group Ltd., QingHai Salt Lake Industry Co., Ltd., Arab Potash Company, EuroChem Group AG, Sociedad Química y Minera de Chile S.A, SDIC Xinjiang Luobupo Potash Co., Ltd., Fully Hong Kong Limited, Haifa Group, Compass Minerals International, Inc., Wentong Potassium Salt Group Co., Ltd., Yara International ASA, Qinghai CITIC Guoan Technology Development Co., Ltd., Migao Group Holdings Limited, Intrepid Potash, Inc., etc.
In 2023, the global top five Potassium Fertilizer players account for 53.60% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Potassium Fertilizer.
- Potassium Fertilizer, Global Market Size, Split by Product Segment
Source: QYResearch, "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
In terms of product type, Potassium Chloride is the largest segment, hold a share of 84.86%.
- Potassium Fertilizer, Global Market Size, Split by Application Segment
Source: QYResearch, "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
In terms of product application, Grains is the largest application, hold a share of 52.31%.
- Potassium Fertilizer, Global Market Size, Split by Region
Source: QYResearch, "Potassium Fertilizer - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
Market Drivers:
D1: Advanced production technology. In order to improve market competitiveness, potash fertilizer manufacturers have been focusing on improving production processes and equipment. With the improvement and advancement of various related technologies, various potash fertilizer products will become more abundant and diverse. The concentration and physical properties of nutrients are also expected to gradually increase, and the production process will be more intelligent and environmentally friendly, thereby driving the upgrading and development of the industry.
D2: With the increase in food diversity and the promotion of healthy eating concepts, the diet structure has been improved. Fruits, vegetables and other commercial crops have higher demand for potassium fertilizer than other agricultural products, and the production and consumption growth of these products will continue to drive the demand for potassium fertilizer. The growing demand for meat products in emerging countries has greatly boosted the consumption of feed crops and fertilizers.
D3: The government has provided a number of strategic supports for the development of the potash fertilizer industry, and actively encouraged the construction of potash fertilizer production bases at home and abroad. In addition, the government has established a joint consultation mechanism on the import and export of potash fertilizers to control the import and export prices to promote the consumption of potash fertilizers. The government promotes fertilizer manufacturers to improve their technological innovation capabilities through various special funds.
D4: The per capita arable land area has decreased, and the demand for grain production per mu of arable land has increased, pushing up the demand for potash fertilizers. The United Nations announced that the world's population will reach 8 billion on November 15, 2022. At the same time, the growth of the total population will also bring about an increase in the total food consumption. However, the current global arable land area is relatively limited, corresponding to the continuous decline in the per capita arable land area, which also means that more food per unit area of arable land needs to be produced to meet the food needs of the large population. Therefore, better seeds and more efficient fertilizers need to be used in the planting process, which can increase the demand for potassium fertilizers to a certain extent.
Challenge:
C1: Due to Russia's invasion of Ukraine, which made it subject to sanctions by European and American countries, Russia has restricted the export of its fertilizer products. Prior to this, the EU had restricted imports of Belarusian potash products. The supply of potash fertilizer products in European and American countries is insufficient and the price rises. The supply gap cannot be replaced in the short term, resulting in a global shortage of potassium chloride supply. It will have a major impact on the global potash market, and there is a risk of cutting off the supply of raw materials for companies without self-supplied potash resources.
C2: Safety production risk. The main dangerous and harmful factors in the potash fertilizer production process are summarized as: electrical hazards, protection defects, noise hazards, electromagnetic radiation, and dust hazards. Although each company has formulated detailed production and operation manuals and work requirements, if management negligence, poor organization, and slackness of operators occur, it is easy to cause safety production accidents.
C3: Rising trend in the direction of organic farming is a factor restraining the growth of the potash market in the future. Excessive use of chemical fertilizers has led to the continuous reduction of soil microbial diversity, soil compaction, loss of soil organic matter, and weakening of soil fertility. Modern organic agriculture refers to the planting industry in which synthetic fertilizers, pesticides, growth regulators and feed additives for livestock and poultry are completely or basically not used in production, but organic fertilizers are used to meet the nutritional needs of crops, or organic feed is used to meet the nutritional needs of livestock and poultry.
C4: The application of potassium fertilizer is affected by factors such as agricultural production level and climate. Once natural disasters such as drought, snow disaster, freezing injury, and earthquake break out, agricultural production will inevitably suffer heavy losses, and the demand for agricultural materials such as chemical fertilizers will be reduced accordingly, which will have a certain impact on the normal production and operation of chemical fertilizer enterprises. Minor climate changes such as low temperature weather lasting too long, drought and less rain will also delay the fertilizer season for agricultural production accordingly, thereby affecting the production and sales of enterprises.
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