Potash Market Size, Share, Outlook, and Opportunity Analysis, 2022–2028
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| Potash Market |
Overview:
Potash is a potent and inexpensive fertilizer that is
essential for healthy and productive plant growth. It's also used as a
general-purpose additive to food. It is a source of potassium, potash is vital
for replenishing potassium in soils. Scientists estimate that around 33 percent
of the world's population would experience severe food shortages without
fertilizers. Potash is one of the most important industrial chemicals. While it
is now manufactured in a variety of compounds, it remains a highly versatile
material that can be applied to plants. Agricultural uses of potash range from
improving water usage and disease resistance to increasing milk production.
Potash also enhances the strength of root systems. Potassium is an essential
element for all life. Keeping crops well-nourished is a crucial part of
producing high yields and ensuring the sustainability in the farm.
The Global
Potash Market Size Is Expected To Be Valued At US$ 19 Million, Exhibiting A
CAGR Of Over 4.5% Over The Forecast Period (2019-2027).
Market Dynamics:
Rising technological advancements is
estimated to augment growth of the global
Potash
Market during the forecast period. For
instance, Underground Potash Solutions was developed by RPM Global in October
2020. This package addresses the challenges of underground potash operations
and it can be used for reserving, scheduling, and designing from strategic to
short term. Moreover, increasing strict government regulations for the approval and
price fluctuations are anticipated to restrain growth of the global potash market during the forecast
period.
Impact of COVID-19:
The first case of
COVID-19 was reported in China. It led into an outbreak and the country had to
impose strict lockdowns. This affected the Potash
Market in a significant manner. As China, is the largest producer of
fertilizer as well as the largest consumer. The pandemic affected the
micronutrients sector in the country and globally. The pandemic resulted in
huge challenges being raised in distribution and production of fertilizers. As
there was a shortage of raw materials, owing to lockdowns in many parts of the
world. The supply chains were also distributed during the pandemic. This had a
negative impact on the growth of the global potash
market.
Key Takeaways:
The global Potash Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to growing partnerships among major players. For instance, Mosaic and Sound Agriculture announced their partnership in March 2021, for developing and distributing a nutrient efficiency product. This product will activate soil microbiomes providing the plant with access to important nutrients that will help in optimizing fertilizer inputs.
Asia Pacific is anticipated to witness significant growth in
the global potash market over the forecast period, owing to increasing population and
growing demand for food grains.
Major players operating in the
global potash market are Israel Chemicals, Potash Corporation, Agrium, Mosaic, OCP,
Yara, and Urakali.
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