Potassium Sulfate Fertilizer Market Size, Share, Growth

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Data Bridge Market Research analyses that the potassium sulfate fertilizer market will project a compound annual growth rate (CAGR) of 6.70% during the forecast period of 2022-2029.

Potassium sulfate, often known as sulphate of potash or SOP, is a common fertilizer used in agriculture around the world. SOP provides plants with both potassium and sulphur, which are essential for overall plant growth and productivity. It is chloride-free and has a substantially lower salt index than other potassium forms such as Muriate of Potash (MOP). Horticulture, tobacco, fruits, and vegetables are among the crops that employ SOP. Potassium sulfate is a non-flammable white crystalline salt that is very water soluble. Also, the potassium sulfate crude salt is utilized in the production of glass.

The rising use of fertilizers for improving the quality of agricultural product will influence the revenue growth of potassium sulfate fertilizer market. The upsurge in the demand of product with high potassium content involving coconut water, spinach, avocado and others will accelerate the market’s growth. Rapid urbanization and increasing level of disposable income of people are the significant market drivers that will further flourish the growth rate. Furthermore, increasing number of population across the globe will bolster the growth rate of potassium sulfate fertilizer market. Other factors such as changing eating habits and low salt index among other potash fertilizers will positively impact the growth rate of potassium sulfate fertilizer market.

Moreover, economies with saline water, arid climate and low agricultural output will further create lucrative and remunerative growth opportunities for the potassium sulfate fertilizer market during the forecast period 2022-2029. Additionally, increase in technological innovations and rising investment level by major market players will further propel the new growth opportunities in the future year.

However, fluctuating prices of fertilizers coupled with geographical concentration of minable potash reserves will derail the potassium sulfate fertilizer market’s growth rate. Also, competitive pricing strategies of local players will pose major challenges to the growth of the market. The negative impact of COVID-19 on supply chain, and improper value chain management will act as major market restrain and further hinder the growth rate of potassium sulfate fertilizer market.

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