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Liquid Potassium Fertilizers Market Size, Report, Share, Overview And Future Forecast To 2033
Liquid Potassium Fertilizers Market Size
According to The Business Research Company's, The liquid potassium fertilizers market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased global population, intensive farming practices, shift in dietary patterns, water-soluble fertilizers adoption, focus on crop yield and quality.
The liquid potassium fertilizers market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global expansion of agriculture, demand for high-value crops, environmental sustainability concerns, precision agriculture adoption, government initiatives in agriculture. Major trends in the forecast period include market expansion in developing agricultural regions, adoption of drip irrigation systems, government initiatives supporting sustainable agriculture, investments in research and development, enhanced nutrient uptake efficiency.
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Market Drivers and Trends:
Rising demand for agrochemicals is expected to propel the growth of the liquid potassium fertilizers market going forward. Agrochemicals refer to chemical substances used in agricultural practices to improve crop production, protect crops from pests, diseases, and weeds, and preserve harvested crops. It includes fertilizers, pesticides, herbicides, insecticides, fungicides, and other chemicals used in agriculture. Liquid potassium fertilizers are commonly used agrochemicals to provide crops with potassium, which is an essential nutrient for plant growth and development. Potassium is required for many plant processes, including photosynthesis, the regulation of water balance, and the activation of enzymes. Deficiencies in potassium can lead to stunted growth, reduced yields, and lower-quality crops. So, these factors boost the liquid potassium fertilizers market. For instance, in October 2023, according to Agronews, a China-based agrochemical news provider, the aggregate sales of pesticides among the major 20 reached US$85.762 billion in the fiscal year 2022, up 18.18% from US$72.569 billion in the previous year. Therefore, the rising demand for agrochemicals is driving the liquid potassium fertilizers market.
Major companies operating in the liquid potassium fertilizer market are focused on strategic investments, such as facility expansion projects, to increase their profitability in the market. Facility expansion projects involve the strategic enlargement or enhancement of physical structures and capacities within an existing facility to accommodate increased demand, operational needs, or improved capabilities. For instance, in September 2023, Van Iperen International B.V., a Netherlands-based specialty fertilizer and biostimulant manufacturer, unveiled its plans to enhance the GreenSwitch Nitrate factory in the Netherlands, situated at the Agro Energie Hardenberg biogas facility. This facility is currently the producer of the first liquid potassium nitrate fertilizer with an almost zero carbon footprint, utilizing an organic nitrogen source. The expansion project, slated for completion in 2024, aims to not only boost efficiency but also increase capacity through the installation of a second bioreactor from Pure Green Agriculture. With this strategic move, Van Iperen International seeks to diversify its sustainable nitrate fertilizer offerings and commence the production of nitric acid alongside liquid potassium nitrate. The expansion initiative is backed by a DEI+ subsidy, part of the Dutch Ministry of Economic Affairs and Climate Policy's program supporting innovative Dutch projects in sustainable energy and energy conservation.
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Major Key Players of the Market:
Yara International Asa; Agro Liquid; Nufarm Ltd.; Nutrien Ltd.; EuroChem Group AG; Sociedad Química y Minera de Chile; The Mosaic Company; Israel Chemical Ltd.; Foxfarm Soil And Fertilizer Co.; Kugler Company; K+S Aktiengesellschaft; Valagro S.p.A; Compo Expert GmbH; Adama Agricultural Solutions; BASF SE; CF Industries Holdings Inc.; Agrium Inc.; Haifa Group; Helm AG; Sinofert Holdings Limited; Van Iperen International; Plant Food Company Inc.; Miller Chemical & Fertilizer LLC; Nachurs Alpine Solutions; Agro Bio Chemicals; Agzon Agro; Plant Fuel Nutrients LLC; Nutri-Tech Solutions; Valagro SPA; Uralchem Holding PLC
Liquid Potassium Fertilizers Market 2024 Key Insights:
• The liquid potassium fertilizers market will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Agrochemical Demand Boosts Liquid Potassium Fertilizers Market
• Elevating Capacities For Sustainable Liquid Potassium Fertilizer Production
• Asia-Pacific was the largest region in the liquid potassium fertilizers market in 2023
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