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The global Potash market was valued at USD 44.65 Billion in 2022 and growing at a CAGR of 5.11% from 2023 to 2032. The market is expected to reach USD 73.02 Billion by 2032. This market growth is attributed to potash use in agriculture as fertilizer. Potash is considered one of the nutrients in 3 important plant nutrients: Nitrogen, phosphorus and Potassium. Potash is broadly used as a fertilizer for crop production. Based on many studies, around 90% to 95% of the potash is used as fertilizer for agriculture. Also, it has been observed that the Muriate of Potash (MoP) is the most common type of potash, broadly used for improving plant health and maintaining soil fertility. It helps strengthen the ability of the plant to resist disease and improve crop yields and quality. Potassium helps in protecting the plant in cold and dry weather. It also strengthens the root system and prevents it from wilt. These factors are eventually driving the growth of the Potash market.
Potash is a mineral salt that has water-soluble potassium. It is mined for naturally occurring sources or manufactured. Potash is potassium chloride, muriate of potash or potassium carbonate. These are broadly used for fertilizer, which can be used in several potash products. Covid-19 has severely impacted the market as it impacted the main consumers of potash, which are China, Europe and the US. It also impacted producers of potash worldwide. Moreover, the potash market was also impacted by the Russia and Ukraine war. For instance, the majority of the potash in Brazil is sourced from the mines of Canada, which is the largest producer and Russia. Based on one of the articles, in 2023, Russia and Belarus accounted for around 41% of the global potash market. Hence, the disruptions have led the importer countries to look for other suppliers. It has significantly increased the price of potash in the global market. Based on the world’s leading miner, the potash demand will increase to more than 100 million tons by 2040. It is attributed to the surge in the global population and, hence, the pressure to improve farming yields as there is limited land supply. The largest potash producers are Canada, Russia and Belarus. It is also mined in the US, Brazil and Chile. Also, it has been observed that the potash market is very much concentrated, with the top four producers accounting for more than 60% of the global production. Potash produced by the leading organizations is generally used by farmers worldwide for growing crops like corn, wheat, soybeans, and canola. Potash is a crucial mineral resource; hence, it is broadly used in the agricultural sector as fertilizer, and there is no better alternative to potassium for better soil and crop yields. Hence, its supply is very important for the global food security. Another study suggests that Russia, Belarus and China accounted for a significant share of global muriate of potash (MOP) production. Still, disruption is observed for several reasons, such as economic sanctions on Russia and Belarus and the suspension of exports by China to ensure domestic availability. Some of the factors which will influence the potash supply and its demand in the future are the demand for crop growth problem due to climate changes, restriction of exports from Russia, Belarus and China, increase in the price of natural gas and coal and limited production capacity for the potash organizations.
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Growing demand for fertilizer – The total fertilizer consumption was estimated to grow from around 177 million metric tons in 2011-2012 to around 191.8 million tons in 2022-2023. The recent surge in fertilizer use was led by India, where rainfall was abundant due to monsoon, and there is an improvement in consumption in the US. In South and North America, consumption increased by 6%. In Central Asia and Eastern Europe, there was more than 10% growth in 2019-20, generally driven by higher consumption in Russia. Also, Latin America and the Middle East have observed an increase of around 2% and 10%, respectively. At the same time, fertilizer consumption was almost stable in West and Central Europe. All these factors are driving the Potash market.
Potash Minning is bad for the environment – The extraction of potash leads to unavoidable environmental impact, specifically in the case of solution mining. The process leads to hydrogen sulphide (H2S) formation as a by-product. It is an extremely hazardous gas from animals, humans and plants. It also oxidizes in the air and produces sulphuric acid, a highly destructive chemical. All the price rises due to the Russia and Ukraine war also hinder the market. All these factors eventually act as restraints for the Potash market.
Surge in the population– The surge in the population is creating the demand for an increase in food production, and it seems that the production must increase by 68% by 2050 to meet the demand. Also, it has been observed that previously, the population was largely rural all across the globe, with more than 60% of the population living in rural areas around 35 years ago, based on UN sources from 2015. This balance has changed, and more than half of the global population is urban, and by 2050, it is estimated that more than two-thirds of the people will be living in urban areas. It would affect agriculture, food and nutrition due to growing urbanization, and hence, there will be a growing demand for fertilizer to increase vegetation production. All these factors will eventually drive the potash market in the forecasting market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global Potash market, with a 32.13% share of the market revenue in 2022. Canada is the world's largest potash producer, holding more than 30% of the world's production. The country has several large potash mines. In Canada, the potash market is highly concentrated, with the four leading producers accounting for more than 90% of the production. Canada is also the main exporter of potash, with around 21.6 million tonnes of potash exported in 2021. The leading export destinations for Canada are China, India and Brazil. All these factors are driving the Potash market in the region.
North America Region Potash Market Share in 2022 - 32.13%
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The product segment is divided into Pottasium Chloride, Pottasium Sulphate, Pottasium Nitrate and others. The Pottasium Chloride segment dominated the market, with a market share of around 90.11% in 2022. This high market share is attributed to the high selling of potash in the form of Muriate of Potash (MoP). It is a potassium chloride with around 52% potassium and 48% chlorine by weight. It is broadly used for large amounts of commercial crops like maize, cereals, rice and soybean.
The application segment is divided into agriculture and non-agriculture. The agriculture segment dominated the market, with a market share of around 92.50% in 2022. This market share is attributed to the growing demand for agricultural nutrients and the surge in the global population. The potash industry is the cornerstone of modern agriculture. Farmers use potash fertilizer globally to produce crops like soybeans, corn, wheat and cotton.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 44.65 Billion |
| Market size value in 2032 | USD 73.02 Billion |
| CAGR (2023 to 2032) | 5.11% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product and Application |
North America region emerged as the largest market for the Potash.
The market's growth will be influenced by Growing demand for fertilizer.
Potash Minning is bad for the environment and hence hamper the market growth.
Surge in the population will provide huge opportunities to the market.
Key players are Rio Tinto Ltd., Nutrien, Mosaic Company, Uralkali, Eurochem, JSC Belaruskali, BHP Billiton Ltd., K+S Aktiengesellschaft, Encanto Potash Corp. (EPC), Intrepid Potash Inc, Compass Minerals Intl. Ltd. and Red Metal Ltd. among others.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Potash market based on below mentioned segments:
Global Potash Market by Product:
Global Potash Market by Application:
Global Potash by Region:
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