Potash Market Size to surpass USD 90 Billion by 2032, Says Global Market Insights inc.
Potash Industry size is expected to register 4.6% CAGR between 2024 and 2032 propelled by growing population.
Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) — Potash Market size is poised to be worth more than USD 90 billion by the end of 2032, as per a
Asia Pacific to emerge as a lucrative market destination
Asia Pacific potash market size is set to record 5.4% CAGR from 2023-2032 driven by the booming agricultural sector and the increasing demand for high-quality crops. With the presence of vast population and the greater need to ensure food security, the adoption of potash-based fertilizers is surging in the region. For instance, in March 2023, due to the disruptions in the global fertilizer supply chain resulting from the Ukraine war, Thailand, a significant food and agricultural goods producer announced plans to restart a potash mining project to reduce fertilizer costs. Moreover, the presence of emerging economies and continuous investments in agricultural infrastructure will accelerate the regional industry growth.
Potash Market participants
Some major companies engaged in the potash industry include Compass Minerals Intl. Ltd., JSC Belaruskali, Rio Tinto Ltd., Uralkali, Mosaic Company, and BHP. The expanding world population and the higher availability of arable land declines is driving the need for potash to produce fertilizers, further offering with new development prospects to these industry participants. For instance, in October 2023, BHP Group Ltd., an Australian mining conglomerate, announced plans to invest $6.4 billion in the second phase of its Jansen potash project east of Saskatoon.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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