Latin America potash fertilizer market share accounted for more than 21% total demand in 2015, with Brazil leading the consumer base. Improvement in technology & government initiatives to modernize farming as well as improve crops development should drive growth. Middle East & Africa is likely to grow at significant rate over the forecast period.
Asia Pacific, dominated by China and India potash fertilizer market size was dominant and accounted for more than 45% total demand in 2015. Regional growth is estimated at more than 3% from 2016 to 2023. China was major consumer, followed by India and Indonesia. Increase in food consumption owing to population growth and rise in per-capita disposable income is likely to favor regional demand.
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Global potash fertilizer market size was estimated at over 32 million tons in 2015 and is likely to exceed 38 million tons by 2023, growing at a CAGR of more than 2.6%.
Potash fertilizer market price trend is expected to remain under pressure due to low price of major crops, which shrinks farmer margin and reduces fertilizer demand. The trade is affected by currency fluctuations in different regions. In North America, demand fell approximately by 25% in 2015. Weaker currency denominations in countries such as china, India and Brazil are expected reduce import demand.
North America and Europe were major regions for potash fertilizer industry production over the past few years. Canada was the largest producer with a total installed capacity of approximately 9.8 million tons in 2015. Russia was the second largest producer with manufacturing capacity of nearly 6.2 million tons in 2015. These two countries were also the major exporter in 2015. Countries such as China and India are anticipated to witness a notable increase in production owing to government support for technology improvement in farming sector.
Growing health consciousness among consumers owing to hectic lifestyle demands healthy food consumption. This factor is likely to drive potash fertilizer demand market size. It is used for the crop development and facilitating vital nutrients to plants. It also helps plants maturity and enhances its mean life. It is an essential ingredient in most commercial fertilizers as it improves water retention and ensures water efficiency in crops to keep them fresh.
This product relies on awareness among farmers; technology advancement and credit availability to farming sector. The demand is expected to increase owing to need of supplying nutrients to plants, increasing per hectare crop yield as well as protecting plants from harmful pathogens. It helps plants to grow strong and prevents from insects, weeds, bacteria and changes in temperature.
Increasing crops demand in other application such as biofuels is expected to impact supply of grains for human consumption. This factor is likely to drive fertilizers market growth to improve crop yield.
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Potash fertilizer applications consists vegetables, rice, sugar, fruits, soybean, palm oil, and cotton owing to its capability to enhance crop productivity, crop yield, increase nutrient value, and prevents from diseases and harmful parasite. Other applications include to the soil, which helps in consistency of taste and color of food crops.
Rise in cattle feed consumption and increasing purchasing power in countries such as China, India and Brazil are expected to contribute towards potash fertilizer market growth. Variations in crop soil and climate condition in different regions are not much affective on some crops or soils, which might result in less demand. China’s VAT rate and other regulations on import were re-introduced in September 2015 which is likely to hinder the market. Absence of substitute and decreasing arable land is likely to drive potash fertilizer demand.
The global potash fertilizer market share is consolidated with Potash Corporation dominating the global volume. Major participants consists Yara, CF industries, OCP, Urakali, Mosaic and Israel chemicals. Recently, Urakali engaged in a loan deal with Bank of China and China construction bank. This strategic initiative is anticipated to give China an edge on global potash control as Urakali holds around 20% of the world output.
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