Technavio analysts forecast the global potash market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global potash market from 2019-2023. (Graphic: Business Wire)
The adoption of precision farming is one of the major trends being witnessed in the global potash market 2019-2023 Precision farming techniques have become fundamental for enhancing agricultural production. Precision technologies such as tractor guidance systems use soil and yield mapping, global positioning system (GPS), variable-rate input (VRT) applications that help farmers gather information on changing field conditions and adjust production practices. Precision farming techniques can improve the economic and environmental sustainability of crop production. Therefore, the growing adoption of precision farming will have a positive influence on the global agricultural industry market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global potash market is the increasing demand for potassium chloride:
Global potash market: Increasing demand for potassium chloride
The global potassium chloride market is growing at an unprecedented rate and is expected to reach 83.34 million tons by 2023. Potassium chloride provides crops with two nutrients, potassium and chlorine, essential for both plants and animals. It is the most concentrated form of granular potassium and the most economic potassium fertilizer. Potassium chloride, along with other nitrogen-based fertilizers, help improve plant yield and quality. As the demand for food is increasing rapidly and there is a high demand for high-yield and good quality crops, the adoption of potassium chloride will increase significantly during the forecast period.
According to a senior analyst at Technavio, "The growing population in APAC and increase in the per capita income are driving the demand for food and agricultural products. Several APAC governments are coming up with subsidies and incentive schemes to increase the production of food products. These initiatives will play a pivotal role in the growth of the global potash market during the forecast period."
Global potash market: Segmentation analysis
The global potash market research report provides market segmentation by end-user (fertilizers, and general industrial), by product (muriate of potash, sulfate of potash, and potassium nitrate, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, followed by the Americas and EMEA respectively. The APAC region will continue to dominate the market with the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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