Potassium Sulphate Fertilizers Market Growth Accelerated by Rise in Demand for Cereals and Fruits

 

Potassium sulphate is a vital fertilizer ingredient that increases crop yields by improving plant health and stress resistance. It plays a key role in plant growth by regulating water balance and transport of various nutrients within plants. The global potassium sulphate market demand has witnessed strong growth in the cereals and fruits industry. The global potassium sulphate Market is estimated to be valued at US$ 4456.59 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rise in demand for cereals and fruits across major economies has been a key factor supplementing the growth of potassium sulphate market over the forecast period. Potassium sulphate is extensively used as fertilizer for various cereals including wheat, rice, maize and other crops to maximize yields. It helps in enhancing crop quality, improving transportation of carbohydrates, and regulating plant metabolism. In addition, the increasing consumption of fruits in countries such as China, India due to rising health awareness has triggered significant potassium sulphate consumption for orchards and fruit crops. This trend is expected to continue and further propel the global potassium sulphate market growth during the forecast period.

Segment Analysis
The global potassium sulphate market is dominated by the agriculture segment. Potassium sulphate is widely used as a fertilizer for various crops like fruits, vegetables, tobacco etc. as it helps improve plant health, yield and quality. Within the agriculture segment, the tobacco sub-segment holds the largest share as potassium sulphate plays a critical role in increasing tobacco production. It helps regulate pH levels in the soil and facilitates nutrient absorption by tobacco plants.

Key Takeaways
The Global Potassium Sulphate Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America is currently the largest market for potassium sulphate, primarily driven by the large scale cultivation of tobacco in countries like USA. However, Asia Pacific is poised to be the fastest growing regional market. Robust growth of the agriculture sector in countries like India and China due to rising population is leading to higher demand for fertilizers like potassium sulphate in the region.

Key players operating in the potassium sulphate market are Compass Minerals, K+S Group, SESODA, Tessenderlo Group, SQM, YARA, Migao Group, SOP, and Ameropa Australia. Compass Minerals holds the leading market position owing to its large production capacities across North America and South America.

For More Insights, Read: https://www.newswirestats.com/potassium-sulphate-market-trends-growth-and-regional-outlook-2023-2030/