Potassium Sulphate Market is likely to register double digit CAGR during 2027

 


Potassium sulphate (SOP) is one of the essential fertilisers used in the agriculture sector as it provides one of the essential nutrients for plants such as Potassium. For example, according to the Fertilizers Institute in Washington, potassium plays an important role in the process of plant nutrition and is referred to as the "Big 3" primary nutrient. The growing demand for potash fertilisers in the agriculture sector is anticipated to fuel the growth of the global market for potassium sulphate over the forecast years. In addition, potassium sulphate provides benefits such as the prevention of insect and other microbial infections of plants. Potassium sulphate also allows the plant to adapt to adverse weather conditions and helps the plant to extract more minerals from the soil and also strengthens tree stalks. In addition, other end-uses of the potassium sulphate industries include automotive, medicinal, cosmetic, food & beverage, and other industries.


The global demand for potassium sulphate market was estimated at US$4,043.7 million in 2019 and is projected to hit US$5,656.0 million by 2027, with a CAGR of 4.3 per cent over the forecast period (2020-2027). 


Moreover, Asia Pacific is projected to be the major growing region in the forecast years due to increasing demand for food grain from emerging economies such as China and India. For example, according to the India Brand Equity Foundation (IBEF), food grain production in India amounted to 283 million tonnes in 2018 and the government expects production to reach 291 million tonnes in 2019. 

Among the forms, the solid segment accounted for a substantial market share of 89.6 per cent in 2019. SOP supplies the plant with vital nutrients and helps increase the yield of food grains and vegetables. For example, according to the research article published by the International Journal of Agronomy and Agricultural Research (IJAAR), in 2015, SOP increased sugar cane, wheat, cotton and rice yields by 13.55%, 4.8 percent, 27.5 percent and 2.9 percent respectively.

To know the latest trends and insights prevalent in the global Potassium Sulphate Market, click here: https://www.globenewswire.com/news-release/2020/04/28/2023483/0/en/Potassium-Sulphate-Market-to-reach-US-5-656-0-Mn-globally-by-end-of-2027-Coherent-Market-Insights.html

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