The Asia Pacific Potash Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030).In the year 2021, the Asia Pacific market's volume surged to 42,105.5 kilo tonnes, showcasing a growth of 4.8% (2019-2022).
The broadcasting method is used to apply solid potash fertilizers, while the foliar and fertigation methods are used to provide liquid potash. Because potash fertilizers can boost crop output and productivity and enhance nutrient value and water retention, they are widely used in palm oil, rice, fruits, vegetables, sugar, soybeans, and cotton. As one of their primary functions, potash fertilizers are also frequently used to aid the soil to enhance food crops' flavour, colour, and texture.
In addition, the considerable tendency in population increase predicts a rise in food demand, which would, in turn, fuel demand for potash for the manufacture of fertilizers. Additionally, the rising consumption of cattle feed, increasing awareness of health among consumers driven by busy lifestyles that demand healthy food consumption, and the usage of potash fertilizers in the soil to enhance the colour, texture, and flavour of food crops are all predicted to contribute to the growth of the market positively.
Because potash contains soluble potassium, it is a great addition to fertilizer for farming. It enhances plant health, disease resistance, root strength, and yield rates to guarantee appropriate maturation. Additionally, potash improves food's colour, texture, and flavour to produce a superior end product. Animal feed is yet another application for potash (potassium carbonate) in agriculture. Supplemental potash is added to the feed to increase the amount of nutrients, encouraging healthy animal growth.
There is an increasing need for advanced agricultural technologies to maintain the best crop production and quality to meet the nation's expanding food demand. Greater demand for modern farm technologies is being driven by the Indian government's rising investment in research & development programs to support agricultural scientific advancements. Since potash contains soluble potassium, it is an excellent addition to fertilizer used in agriculture. This expanding agricultural sector, especially precision farming, is projected to promote the regional expansion of the market. It enhances plant health, disease resistance, root strength, and yield rates to guarantee appropriate maturation.
The China market dominated the Asia Pacific Potash Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.7 billion by 2030. The India market is poised to grow at a CAGR of 5.5% during (2023 - 2030). Additionally, The Thailand market would witness a CAGR of 6.3% during (2023 - 2030).
Based on Product, the market is segmented into Potassium Chloride, Potassium Nitrate, Potassium Sulphate, and Others. Based on End-use, the market is segmented into Agriculture and Non-Agriculture. Based on countries, the market is segmented into China, India, Thailand, Japan, South Korea, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Potash Market is Projected to reach USD 82.6 Billion by 2030, at a CAGR of 5.4%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include The Mosaic Company, Rio Tinto PLC, Compass Minerals International, Inc., Nutrien Limited, western nutrients corporation, Yara International ASA, BHP Group Limited, Encanto Potash Corp., Red Metal Ltd., and Intrepid Potash Inc.
By Product (Volume, Kilo Tonnes, USD Million, 2019-2030)
By End User (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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