Global Potash Fertilizers Market Report carrying details of the potash fertilizers declared that the market has a possibility of scaling up to USD 28 billion valuation with a moderate 4% CAGR during the forecast period of 2020 to 2024. Market Research Future (MRFR) attempts to read all the factors that can improve the chance of market growth in the coming years.
Factors like the booming population and its ever-growing demand for food are expected to boost market growth. The shortage of land is impacting the global market substantially. With better fertilizer, a hike in crop yield can be ensured, which is boosting the market demands.
The Mosaic Company (US), Agrium Inc. (Canada), Yara International ASA (Norway), Eurochem Group AG (Switzerland), JSC Belaruskali (Republic of Belarus), Sinofert Holdings Limited (China), Borealis AG (Austria), HELM AG (Germany), K+S Aktiengesellschaft (Germany), Israel Chemicals Ltd. (Israel), Nutrien (Canada), and SQM S.A. (Chile) are some of the major companies influencing the growth of the global market.
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These companies are launching various strategic moves that are based on merger, acquisition, tie-ups, investment in research field, innovation, branding, to make sure they get substantial recognition. MRFR included their latest moves in the report to focus on trends that can support the market growth in the future.
In July 2020, Otkritie Bank announced that it acquired some stakes of VPC’s Talitsky potash project in Russia. Acron Group announced that they are reducing their stakes in the VPC to 50%+1 share and to ensure that they have sold around 10.1% shares to Otkritie Bank. Acron Group’s decision to bring in a change in the company’s status quo is driven by the intent of strengthening long-term cooperation with financial partners. The process would also help the project in getting better alignment with the macroeconomic environment.
The recent market is witnessing a drastic fall in the price of potash fertilizers. One major reason for that is the COVID-19 outbreak, which caused a substantial disruption in the supply chain and production process due to lockdowns across several countries. Such a widespread impact has paralyzed associated industries, which forced producers to launch a curb in the pricing of the product.
The global study of the Potash Fertilizers Market includes several segments to ensure an in-depth study of the market. These segments are the mode of application, type, form, and crop type. Data from these segments have been backed by scientific details like charts, graphs, and other methods to make the insights more reliable.
By type, the report on the global potash fertilizers market includes potassium chlorides, potassium nitrats, and potassium sulfates.
By form, the global market report on the potash fertilizers market includes segments like solid and liquid. The solid segment might find better growth due to ease of application.
By application, the discussion on the potash fertilizers market has been segmented into fertigation, foliar, and broadcasting.
By crop type, the study of the global potash fertilizers market includes segments like cereals & grains, fruits & vegetables, pulses & oilseeds, and others. The fruits & vegetable segment is providing the maximum traction to the market.
Asia Pacific has the opportunity to continue its dominance during the forecast period as several countries from the region influence the market with their intake schedule and investment. Agrarian economies are backing such decisions. This region will also register the highest growth rate.
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