Potassium Fertilizer: Market Rises Steadily
According to Freedonia Group, an Industrial Research Institute in Cleveland, global demand for potassium fertilizer will grow to 40 million tons by 2022 at a rate of 2.2% per year. As potassium is widely added to compound fertilizers, global supply improvements and farmers'deeper understanding of potassium fertilizer benefits, the demand for potassium fertilizers worldwide will continue to increase. In addition, more land will be used to grow maize, because maize has more demand for potassium, which will significantly increase the demand for potassium fertilizer.
By 2022, Africa and the Middle East will have the fastest growing demand for potassium fertilizer. Historically, the use of potash fertilizer in Africa has been relatively low due to natural resource constraints. However, improved distribution networks and the increasingly globalized nature of the fertilizer industry will provide new opportunities for farmers in rural and underserved areas to buy potash fertilizer.
Global demand for fertilizers is expected to grow to 212.1 million tons by 2022 at an annual rate of 1.4%. Although the growth of farmland area has slowed down, the increase of fertilizer demand mainly comes from the increase of crop yield per unit. Because under specific climatic conditions, the expanded use of specialized fertilizer mixtures containing multiple nutrients and additives for specific crops will also promote demand growth in other mature markets.
Read the news All news