Increasing use of potassium sulphate fertilisers in fruits and vegetables expected to drive the growth of the global market in the coming future
Potassium sulphate is also referred to as sulphate of potash or SOP. Being a 100%natural nutrient, sulphate of potash provides high nutrition to crops. It has significant potassium content, low slat index and low chloride content as compared to other potash fertilizers. SOP is usually produced from Manheim, MOP and Kiersite, Orcha, and lake brines processes of which Manheim process is widely used across the globe for commercial production.
As per Future Market Insights, the global market for potassium sulphate is anticipated to display moderate growth during the period of assessment. The global potassium sulphate market has been witnessing steady growth since 2012. According to the research study conducted on potassium sulphate market on a global level, it is projected to grow at a value CAGR of 4.9% throughout the period of forecast (2017-2027). The global market in 2017 was estimated at about US$ 3.7 Bn and is anticipated to reach a valuation of more than US$ 6 Bn by the end of the assessment period (2027).
Growing agricultural production to augment the use of potassium sulphate
The use of fertilizers is directly related to the agricultural production, which in turn is associated with the growth in population. The more the population more would be the requirement of food crops, thus pushing the use of fertilizers. Growing production of fruits and vegetables coupled with other crops such as tobacco is expected to fuel the adoption of fertilizers, which consequently is poise to largely contribute to the growth of the global market for potassium sulphate in the coming years.
Consumption of potassium sulphate in fruits to grow at a high rate during the forecast period
Potassium sulphate fertilizer is largely used in fruits and vegetables. The fruit segment in the application category is estimated to be the largest in terms of market value and is also expected to grow at a faster pace in the coming years. The high value CAGR of fruit segment reflects that the use of potassium sulphate in fruits is increasing at a large scale. The fruits application segment is estimated to reach a valuation of around US$ 1600 Mn by the end of the year of assessment (2027) from a value of over US$ 950 Mn in 2017, growing at a value CAGR of 5.4% throughout the period of assessment. The fruit segment, in 2017 accounted for a market share of about 25% and is expected to witness a growth in its share by the end of the forecast period. This segment is anticipated to showcase a gain in the BPS by the end of the year of forecast and is the most lucrative application segment.
Vegetables to largely contribute to the growth of the parent market
The growth of potassium sulphate market is directly related to its consumption or use of sulphate of potash fertilizers across various applications. The use of potassium sulphate fertilizer, after fruits, is high in vegetables. The vegetable segment in the application category is anticipated to thebe the second largest from a market share perspective. In 2017, it was valued a little over US$ 890 Mn and is expected to grow at a significant rate to reach a valuation of more than US$ 1400 Mn by the end of the year of assessment. This segment also is expected to witness an increase in its BPS during the forecast period.
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