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Potassium Sulphate Market to Record 10.3% CAGR Growth Through 2029 | Global Analysis Report
Potassium Sulphate
Potassium Sulphate Market Outlook: How is the Market Expected to Grow by 2025?
The size of the potassium sulphate market has seen robust growth in the past few years. The market, which was worth $5.47 billion in 2024, is projected to rise to a value of $5.88 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.5%. Factors contributing to the growth during the historical period include increased agricultural needs, global population expansion, changes in crop patterns, and environmental regulations.
Potassium Sulphate Market Forecast: What Size Will It Reach By 2029?
The market size for potassium sulphate is predicted to undergo swift expansion in the coming years, reaching a value of $8.69 billion by 2029, with a compound annual growth rate (CAGR) of 10.3%. The predicted growth during this period is a result of ongoing agricultural growth, an increased understanding of the importance of soil health, the call for superior quality crops, worldwide economic progression and worry over water shortages. Significant trends impacting this period of forecast include an emphasis on eco-friendly farming, technological progress in production, supply difficulties with raw materials, regulatory changes, market amalgamation, and strategic partnerships.
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Which Key Market Drivers Will Shape Potassium Sulphate Industry Trends in 2025-2029?
The upswing in food crop demand is propelling the potassium sulphate market. These sulphates, abundant in various agricultural uses, have an especially necessary role for encouraging optimum growth as the soil collects chloride from irrigation water. Their growing popularity in the farming world is due to the harm the high amounts of chloride can cause to crops. Evidence of this can be seen in data from the Indian Agriculture Ministry, which reported the country's food grain production peaked at a staggering 314.51 million tons. This figure surpasses the average crop production over the last five years by 23.80 million tons. In addition, the Food and Agriculture Organization (FAO) predicts a nearly 15% rise in global crop yield by 2029. Therefore, this surge in agricultural production will necessitate a higher quantity of potassium sulphates, a factor that will drive market growth in the forecasted period.
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What Are the High-Growth Segments in the Potassium Sulphate Market?
The potassium sulphate market covered in this report is segmented -
1) By Form: Solid, Liquid
2) By Grade: Food, Agricultural, Technical, Pharmaceutical
3) By Process: Mannheim Process, Sulphate Salts Reaction, Brine Processing, Other Processes
4) By End-Use Industry: Agriculture, Industrial, Pharmaceuticals, Cosmetics, Food and Beverages
Subsegments:
1) By Solid: Granular Potassium Sulfate, Powdered Potassium Sulfate
2) By Liquid: Liquid Potassium Sulfate Solutions, Concentrated Liquid Potassium Sulfate
Which Global Trends Are Driving Potassium Sulphate Market Expansion?
Leading enterprises involved in the potassium sulphate market are strategically implementing the introduction of high-tech approaches like oral solutions to remain competitive. These oral solutions, which are drinkable liquid medications, serve various functions, including colon cleansing in preparation for a colonoscopy. A case in point is Lupin Limited, a pharmaceutical firm from India, who in September 2023, launched the Suprep Bowel Prep Kit, greenlit by the US-based federal agency, the Food and Drug Administration. The kit, an oral solution with sodium sulfate, potassium sulfate, and magnesium sulfate, is used to clean the colon before a colonoscopy. It offers a cost-effective alternative for patients.
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Who Are the Fastest-Growing Companies in the Potassium Sulphate Industry?
Major companies operating in the potassium sulphate market include BASF SE, Yara International ASA, Sociedad Química y Minera SA, EuroChem Group AG, K+S KALI GmbH, Sinofert Holdings Limited, Chambal Fertilizers & Chemicals Ltd., JSC Belaruskali, GS Fertilisers & Chemicals Ltd., Migao Corporation, Arab Potash Company, Compass Minerals International Inc., Mangalore Chemicals & Fertilizers Ltd., EID Parry (India) Ltd., Archean Group, Jaypee Agri Ltd., Shandong Lianmeng Chemical Group Ltd., Zuari Agro Chemicals Ltd., Gansu Xinchuan Fertilizer Co Ltd., Shijiazhuang Hehe Chemical Fertilizer Ltd., Oswal Agrochem Ltd.
What Is the Regional Outlook for the Potassium Sulphate Market by 2029?
Asia-Pacific was the largest region in the potassium sulphate market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the potassium sulphate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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