Global Liquid Potassium Fertilizers Market Analysis 2024 – Estimated Market Size And Key Drivers

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The Liquid Potassium Fertilizers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Liquid Potassium Fertilizers Global Market Report 2024, The liquid potassium fertilizers market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased global population, intensive farming practices, shift in dietary patterns, water-soluble fertilizers adoption, focus on crop yield and quality.

The liquid potassium fertilizers market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global expansion of agriculture, demand for high-value crops, environmental sustainability concerns, precision agriculture adoption, government initiatives in agriculture. Major trends in the forecast period include market expansion in developing agricultural regions, adoption of drip irrigation systems, government initiatives supporting sustainable agriculture, investments in research and development, enhanced nutrient uptake efficiency.

Rising demand for agrochemicals is expected to propel the growth of the liquid potassium fertilizers market going forward. Agrochemicals refer to chemical substances used in agricultural practices to improve crop production, protect crops from pests, diseases, and weeds, and preserve harvested crops. It includes fertilizers, pesticides, herbicides, insecticides, fungicides, and other chemicals used in agriculture. Liquid potassium fertilizers are commonly used agrochemicals to provide crops with potassium, which is an essential nutrient for plant growth and development. Potassium is required for many plant processes, including photosynthesis, the regulation of water balance, and the activation of enzymes. Deficiencies in potassium can lead to stunted growth, reduced yields, and lower-quality crops. So, these factors boost the liquid potassium fertilizers market. For instance, in October 2023, according to Agronews, a China-based agrochemical news provider, the aggregate sales of pesticides among the major 20 reached US$85.762 billion in the fiscal year 2022, up 18.18% from US$72.569 billion in the previous year. Therefore, the rising demand for agrochemicals is driving the liquid potassium fertilizers market.

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The liquid potassium fertilizers market covered in this report is segmented –

1) By Nutrient Type: Sulfate Of Potash, Potassium Acetate, Potassium Chloride, Potassium Nitrate, Potassium Carbonate, Potassium Citrate, Potassium Format

2) By Type: Organic, Synthetic

3) By Crop Type: Cereals And Grains, Fruits And Vegetables, Oilseeds And Pulses, Other Crop Types

4) By Mode Of Application: Soil, Foliar, Fertigation, Other Mode Of Applications

Major companies operating in the liquid potassium fertilizer market are focused on strategic investments, such as facility expansion projects, to increase their profitability in the market. Facility expansion projects involve the strategic enlargement or enhancement of physical structures and capacities within an existing facility to accommodate increased demand, operational needs, or improved capabilities. For instance, in September 2023, Van Iperen International B.V., a Netherlands-based specialty fertilizer and biostimulant manufacturer, unveiled its plans to enhance the GreenSwitch Nitrate factory in the Netherlands, situated at the Agro Energie Hardenberg biogas facility. This facility is currently the producer of the first liquid potassium nitrate fertilizer with an almost zero carbon footprint, utilizing an organic nitrogen source. The expansion project, slated for completion in 2024, aims to not only boost efficiency but also increase capacity through the installation of a second bioreactor from Pure Green Agriculture. With this strategic move, Van Iperen International seeks to diversify its sustainable nitrate fertilizer offerings and commence the production of nitric acid alongside liquid potassium nitrate. The expansion initiative is backed by a DEI+ subsidy, part of the Dutch Ministry of Economic Affairs and Climate Policy’s program supporting innovative Dutch projects in sustainable energy and energy conservation.

The liquid potassium fertilizers market report table of contents includes: