Global demand for potassium fertilizers is forecast to increase 2.2%/year to 40 million t (nutrient basis) in 2022.
Demand for potassium fertilizers will be supported by their inclusion in sophisticated proprietary fertilizer blends, improved global supply, and better farmer education on their benefits. In addition, favourable growth in the amount of land dedicated to corn cultivation will boost potassium demand, as corn has high potassium requirements. These and other trends are presented in Global Fertilizers, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Through 2022, the Africa and the Middle-East will feature one of the fastest growth rates for potassium fertilizer. Historically, the use of potassium fertilizers has been relatively low in Africa due to natural resource restrictions. However, improved distribution networks and the increasingly global nature of the fertilizer industry will offer new opportunities for farmers in rural, under-served areas to purchase potassium fertilizers.
Global demand for fertilizers is expected to rise 1.4%/year to 212.1 million t (nutrient basis) in 2022. Gains will result from efforts to increase crop yields as growth in the amount of cropland in use slows. The expanding use of specialised fertilizer blends that contain multiple nutrients and additives for specific crops in particular climates will also promote rising demand in otherwise mature markets.
For more detail on the report, click here