The U.S. and Canada potassium sulphate 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. Overall demand for potassium sulphate across the U.S. and Canada is projected to surge at 2.8% between 2022 and 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 U.S. and Canada potassium sulphate market.
Significant production volume of crops across the North America is consuming enormous volumes of fertilizers like potassium chloride and potassium sulphate. However, FMI predicts the consumption of potassium sulphate 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 U.S. and Canada potassium sulphate industry.
Similarly, the need for potassium and sulfur nutrients for healthy growth of crops is prompting farmers across North American countries to use potassium sulphate. 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 sulphate demand across the U.S. and Canada.
Key potassium sulphate 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 sulphate 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.
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Subsequently, the potassium sulphate 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 sulphate from eco-friendly materials and processes, which is expected to fuel the demand for potassium sulphate 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 sulphate are being preferred as compared to their counterpart fertilizers from the end users,” says an FMI analyst.
Key Takeaways:
- The global market of potassium sulphate is projected to witness a CAGR of magnitude 2.8% during the forecast period of 2022 and 2032.
- By product form, granular potassium sulphate 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 U.S. and Canada potassium sulphate market during the forecast period.
- The U.S. remains the leading consumer of potassium sulphate across the North America and the trend is expected to continue during the forecast period.
- Canada’s potassium sulphate market is likely to grow at a moderate CAGR during the forecast period.
Who is Winning?
The market of potassium sulphate 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 sulphate profiled in the full version of the report.
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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.
More Insights into the U.S. and Canada Potassium Sulphate Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the U.S. and Canada potassium sulphate 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.
Potassium Sulfate Industry Segmentation
By Product Form:
- Granular
- Powder
- Liquid
By Application:
- Tree nuts
- Fruits
- Vegetables
- Tobacco
- Others
By Country:
- USA
- Canada
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of 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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