The North America Potash Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 20,367.6 kilo tonnes, showcasing a growth of 4.3% (2019-2022).
The growing population directly impacts the demand for food & agricultural products, which affects the market. To accommodate this demand, farmers boost crop yields and agricultural productivity. Potash is crucial for crops to have the nutrients they require to thrive. It improves plant growth in general, nitrogen uptake, and root development.
For the best crop development and productivity, potash is a crucial nutrient. The U.S. is in constant demand to boost the agricultural sector's output and satisfy the rising demand for food and farming products. The market has a robust and steady demand fuelled by the agricultural sector's requirements, the cultivation of important crops, the preservation of soil fertility, the adoption of precision agriculture, the cultivation of specialty crops, technical improvements, and government support. Together, these elements support the continued product demand, resulting in a stable and healthy market.
The continuous growth of technological innovation in the construction, manufacturing, and agricultural sectors is the primary driver of the market's expansion. Fertilizers, the production of animal feed products, soap, detergents, water softeners, deicers (for melting snow and ice), and the glass sector are the main potash markets.
Agriculture in North America has generally been automated with the most recent technology, especially in the United States and Canada. These technological advances necessitate using more effective and environmentally friendly fertilizers in the area. The two countries with the largest and most developed economies in North America are the United States and Canada. Potash production in Canada was anticipated at 22.5 million tonnes in 2021, up only 129,000 tonnes from the previous year. Due to these factors, the regional market is expected to experience considerable expansion during the forecast period.
The US market dominated the North America Potash Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.0 billion by 2030. The Mexico market is anticipated to grow at a CAGR of 6.2% during (2023 - 2030). Additionally, The Canada market would exhibit a CAGR of 6% 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 US, Mexico, Canada, and Rest of North America.
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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