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Potassium Sulphate Market Size, Analysis, Growth Opportunities By 2033
Potassium Sulphate Market Size
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According to The Business Research Company's, The potassium sulphate market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to agricultural demand, global population growth, shift in crop patterns, environmental regulations.
The potassium sulphate market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to continued agricultural expansion, increasing awareness of soil health, demand for high-quality crops, global economic development, water scarcity concerns. Major trends in the forecast period include focus on sustainable agriculture, technological advancements in production, challenges in raw material supply, regulatory landscape, market consolidation and strategic alliances.
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Market Drivers and Trends:
An increase in demand for food crops is boosting the demand for the potassium sulphate market. Potassium sulphates are used in various applications in the agricultural industry, including the application of potassium sulfate for optimal growth as the soil accumulates chloride from the irrigation water. Potassium sulphate is becoming more popular in the agricultural sector due to the low presence of chloride can be harmful to the crops. According to the Agriculture Ministry of India, the production of food grains in the country was estimated at a record 314.51 million tons, which was higher by 23.80 million tons than the average grain production during the preceding five years. Furthermore, according to the Food and Agriculture Organization (FAO), global crop production is expected to increase by almost 15% by 2029. Thus, increasing agricultural production will require more potassium sulphates, driving the market during the forecast period.
Major companies operating in the potassium sulphate market are focused on introducing advanced solutions, such as oral solutions, to provide a competitive edge in the market. Oral solutions are a type of medication that comes in liquid form for drinking and are used for various purposes, such as cleansing the colon as a preparation for colonoscopy. For instance, in September 2023, Lupin Limited, an India-based pharmaceutical company, launched the Suprep Bowel Prep Kit, approved by the Food and Drug Administration, a US-based federal agency. Suprep Bowel Prep Kit is an oral solution that contains sodium sulfate, potassium sulfate, and magnesium sulfate. It is used for cleansing the colon as a preparation for colonoscopy. It provides a more affordable option for patients.
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Major Key Players of the Market:
BASF SE, Yara International ASA, Evonik Industries AG, Sociedad Química y Minera SA, EuroChem Group AG, K+S KALI GmbH, Sinofert Holdings Limited, Chambal Fertilizers & Chemicals Ltd., Tessenderlo Group NV, JSC Belaruskali, GS Fertlisers & Chemicals Ltd., Migao Corporation, Arab Potash Company, Compass Minerals International Inc., Achema Group, Mangalore Chemicals & Fertilizers Ltd., EID Parry (India) Ltd., AVIC International Holding Ltd., Archean Group, Jaypee Agri Ltd., Zhejiang Jiali Renewable Resources Co Ltd., Shandong Lianmeng Chemical Group Ltd., Zuari Agro Chemicals Ltd., Polyformes Limited, General Plastics Manufacturing Company Ltd., Gansu Xinchuan Fertilizer Co Ltd., Shijiazhuang Hehe Chemical Fertilizer Ltd., Oswal Agrochem Ltd., Deepak Nitrite Ltd.
Potassium Sulphate Market 2024 Key Insights:
• The potassium sulphate market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Rising Agricultural Demands Propel Growth In The Potassium Sulphate Market
• Potassium Sulphate Market Evolution With Cutting-Edge Oral Solutions
• Asia-Pacific was the largest region in the potassium sulphate market in 2023
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