Latin America potash fertilizer market share accounted for more than 21% total demand in 2015, with Brazil leading the consumer base. Improvement in technology & government initiatives to modernize farming as well as improve crops development should drive growth. Middle East & Africa is likely to grow at significant rate over the forecast period.
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Asia Pacific, dominated by China and India potash fertilizer market size was dominant and accounted for more than 45% total demand in 2015. Regional growth is estimated at more than 3% from 2016 to 2023. China was major consumer, followed by India and Indonesia. Increase in food consumption owing to population growth and rise in per-capita disposable income is likely to favor regional demand.
Potash fertilizer market price trend is expected to remain under pressure due to low price of major crops, which shrinks farmer margin and reduces fertilizer demand. The trade is affected by currency fluctuations in different regions. In North America, demand fell approximately by 25% in 2015. Weaker currency denominations in countries such as china, India and Brazil are expected reduce import demand.
North America and Europe were major regions for potash fertilizer market production over the past few years. Canada was the largest producer with a total installed capacity of approximately 9.8 million tons in 2015. Russia was the second largest producer with manufacturing capacity of nearly 6.2 million tons in 2015. These two countries were also the major exporter in 2015. Countries such as China and India are anticipated to witness a notable increase in production owing to government support for technology improvement in farming sector.
Growing health consciousness among consumers owing to hectic lifestyle demands healthy food consumption. This factor is likely to drive potash fertilizer market size. It is used for the crop development and facilitating vital nutrients to plants. It also helps plants maturity and enhances its mean life. It is an essential ingredient in most commercial fertilizers as it improves water retention and ensures water efficiency in crops to keep them fresh.
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At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the potash fertilizer market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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Increasing crops demand in other application such as biofuels is expected to impact supply of grains for human consumption. This factor is likely to drive fertilizers market growth to improve crop yield.
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