Market Trends of potash fertilizer Industry
The rising pressure on the agriculture industry to meet the growing demand for food is expected to increase the area under field crop cultivation
- The global agricultural sector is currently facing many challenges. According to the UN, the world population will likely exceed nine billion by 2050. This population growth may overburden the agricultural industry, which is already experiencing an output loss due to a lack of laborers and the shrinkage of agricultural fields caused by rising urbanization. According to the Food and Agriculture Organization, 70% of the global population is expected to live in cities by 2050. Due to the global loss of arable land, farmers now need to utilize more fertilizers to increase crop yields.
- Asia-Pacific is the world's largest producer of agricultural products. Agriculture is critical to the region's economy, as it employs about 20% of the total available workforce. Field crop cultivation dominates the region, accounting for about more than 95% of the total crop area in the region. Rice, wheat, and corn are the major field crops produced in the region, together accounting for about 24.3% of the total crop area in 2022.
- North America ranks as the second-largest arable region globally. Its farms cultivate a diverse range of crops, with a focus on field crops. Notably, corn, cotton, rice, soybean, and wheat are the prominent field crops, as highlighted by the USDA. In 2022, the United States commanded 46.2% of North America's crop cultivation area. However, the country witnessed a significant drop in crop acreage between 2017 and 2019, primarily due to adverse environmental conditions, leading to severe flooding in regions like Texas and Houston.
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Potassium activates the enzymes needed for plant growth and development
- Corn, rapeseed, cotton, sorghum, rice, wheat, and soybean are prominent crops globally, known for their high nutrient requirements. The average potassium application rates for these crops in 2022 were as follows: corn (196.8 kg/ha), rapeseed (248.6 kg/ha), cotton (164.3 kg/ha), sorghum (185.3 kg/ha), rice (67.9 kg/ha), wheat (96.4 kg/ha), and soybean (181.7 kg/ha). Potassium plays a major role in achieving the maximum economic yield, as part of a balanced approach to crop nutrition, as well as influencing crop quality.
- The average application rate for potassium in field crops stood at 150.3 kg/ha in 2022. The rapeseed had the highest potassium application rate recorded at 248.6 kg/ha. In the case of acute potassium deficiency, the leaves of rapeseed show marginal or interveinal chlorosis followed by patches of necrosis. It will also lead to greater drought susceptibility, increased lodging, reduced photosynthesis, and restricted movement of water and nutrients around the plant.
- According to University College London, The researchers reported that globally, about 20% of agricultural soils face severe potassium deficiency, with particular regions likely to experience more critical shortages, including 44% of agricultural soils in Southeast Asia, 30% in Sub-Saharan Africa, and 20% in East Asia which will further drive the potash fertilizers usage.
- The cultivation area for field crops is expanding globally, with notable growth in South America and Asia-Pacific. These regions are emerging as key markets for fertilizers. Developed regions like Europe and North America and areas grappling with nutrient deficiencies are increasingly adopting specialty fertilizers for their efficacy. These trends are expected to fuel the potash fertilizers market during 2023-2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The expansion of horticulture crop cultivation is driven by higher economic returns and increasing demand for fruits and vegetables
- Tomatoes, cauliflower, garlic, and onions are the leading vegetable crops globally, with the highest consumption of potash fertilizers per hectare
- Potassium activates the enzymes needed for plant growth and development
- Asia-Pacific occupied the majority of the irrigation area globally, accounting for 66.8% in 2022
