Potassium Sulfate inorganic salt is a vital fertilizer used in agriculture to provide potassium and sulfur nutrients to plants. Potassium sulfate promotes healthy plant growth, improves yield, and enhances crop quality. It is favored for its chloride-free composition, making it suitable for sensitive crops.
Overall demand for Potassium Sulfate across the USA and Canada is projected to surge at 2.8% between 2022 and 2032. The USA and Canada Potassium Sulfate market is currently valued at around US$ 426.2 million and it is anticipated to reach a valuation of US$ 564.4 million by 2032.
Changing preferences towards less toxic and chlorine-free fertilizers across booming agriculture industry and increasing need for improving crop yields are some of the key factors driving the US and Canada Potassium Sulfate market.
Significant production volume of crops across the North America is consuming enormous volumes of fertilizers like potassium chloride and Potassium Sulfate. However, FMI predicts the consumption of Potassium Sulfate to increase at a significant pace as it does not contain chloride, which can be harmful to some crops. This will accelerate growth in the US and Canada Potassium Sulfate industry.
Similarly, the need for potassium and sulfur nutrients for healthy growth of crops is prompting farmers across North American countries to use Potassium Sulfate. Fertilizers such as sulphate of potassium (SOP fertilizer) support plant growth and increases crop yield. Hence, growing focus on increasing crop yield will elevate Potassium Sulfate demand across the US and Canada.
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Key Potassium Sulfate companies are focusing on increasing their market presence by enhancing their production capacities and by acquisition of small and medium-sized market participants. Several end users and distributors import Potassium Sulfate from other countries to meet the growing demand in the country and also due to low prices. Increasing presence in the untapped market is also a key growth strategy of the players.
Subsequently, the Potassium Sulfate market is significantly influenced by research and development in environment-friendly fertilizers, multi-nutrient fertilizers. Based on these factors significant investment has been made in developing Potassium Sulfate from eco-friendly materials and processes, which is expected to fuel the demand for Potassium Sulfate in the forecast period.
“Farming process in the North America is growing in terms of technology as well as sustainability, where environment-friendly crop nutrients like Potassium Sulfate are being preferred as compared to their counterpart fertilizers from the end users,”says an FMI analyst.
Key Takeaways:
- The global market of Potassium Sulfate is projected to witness a CAGR of magnitude 2.8% during the forecast period of 2022 and 2032.
- By product form, granular Potassium Sulfate is estimated to account for about 65% of the overall market size.
- Based on application, tree nuts segment is expected to capture a significant portion of the US and Canada Potassium Sulfate market during the forecast period.
- The US remains the leading consumer of Potassium Sulfate across the North America and the trend is expected to continue during the forecast period.
- Canada’s Potassium Sulfate market is likely to grow at a moderate CAGR during the forecast period.
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Who is Winning?
The market of Potassium Sulfate is estimated to be a consolidated market, where key players are expected to account for more than 50% share of the market. Compass Minerals International, Inc., The Mosaic Company, SOPerior Fertilizer Corp., Tessenderlo Kerley, Inc., Interpid Potash, Inc., K+S North America Corporation, and many others are some of the manufacturers of Potassium Sulfate profiled in the full version of the report.
Key players are focusing on expanding their production capacity to meet the growing market demand and strengthening their distribution network to increase their market presence all over the region and to gain maximum traction in the market. Further top players are also investing significantly in innovation in the product series.
Potassium Sulfate Industry Segmentation
By Product Form:
- Granular
- Powder
- Liquid
By Application:
- Tree nuts
- Fruits
- Vegetables
- Tobacco
- Others
By Country:
- USA
- Canada
More Insights into the US and Canada Potassium Sulfate Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the US and Canada Potassium Sulfate market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product form, application, and country.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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