The sulfate of potash (SOP) market is witnessing growth due to increasing awareness among farmers about the advantages of nutrient-specific fertilizers. Farmers acknowledge the positive impact of SOP on crop productivity, nutrient balance, and soil fertility. They are incorporating SOP into their fertilizer practices to achieve better yields and enhance soil health. This rising awareness and adoption of SOP by farmers contribute to the market's expansion, driving demand for SOP-based fertilizers.
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Data Bridge Market Research analyses that the Global Sulfate of Potash Market value was USD 4673.72 million in 2021 and is estimated to reach a value of USD 5,606.2 million by 2029 and to grow at a CAGR of 2.3% in the forecast period of 2022 to 2029. The growing demand for specialty fertilizers, specifically sulfate of potash (SOP), is a key driver of the sulfate of potash market. SOP's high potassium content and low chloride levels make it ideal for crops that are sensitive to chloride ion toxicity, leading to increased adoption and market growth.
Key Findings of the Study
The shift towards organic farming practices is expected to drive the market's growth rate
The shift towards organic farming practices plays a significant role in driving the demand for sulfate of potash (SOP). Organic farmers prioritize natural and sustainable methods, and SOP aligns with their principles. SOP's natural composition and absence of synthetic additives make it a preferred choice for organic agriculture. It provides potassium, an essential nutrient for plant growth, in a form that meets organic farming requirements. The increasing adoption of organic farming practices fuels the demand for SOP in the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Standard SOP, Granular SOP, Soluble SOP), Crop Type (Fruits and Vegetables, Cereals and Grains, Oilseeds and Pulses, Others), Application (Agricultural, Industrial, Others),
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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SESODA CORPORATION - (Japan) Sinofert Holdings Limited - (China) Ameropa Australia Pty Ltd. - (Australia) MIGAO GROUP - (China) CHING SHIANG CHEMICAL INDUSTRIAL CO., LTD. - (Taiwan) Compass Minerals - (U.S.) Jiangsu Kolod Food Ingredients Co., Ltd. - (China)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
Global sulfate of potash market is segmented on the basis of product, crop type and application.
- On the basis of product, the sulfate of potash market is segmented into standard SOP, granular SOP, and soluble SOP.
- On the basis of crop type, the sulfate of potash market is segmented into fruits and vegetables, cereals and grains, oilseeds and pulses, and others.
- On the basis of application, the sulfate of potash market is segmented into agricultural, industrial, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major Global sulfate of potash market players in Global sulfate of potash market are SESODA CORPORATION - (Japan) Sinofert Holdings Limited - (China) Ameropa Australia Pty Ltd. - (Australia) MIGAO GROUP - (China) CHING SHIANG CHEMICAL INDUSTRIAL CO., LTD. - (Taiwan) Compass Minerals - (U.S.) Jiangsu Kolod Food Ingredients Co., Ltd. - (China)
Market Development
- In May 2020, Uralkali, a leading potash producer, announced that its subsidiary, Uralkali Trading, had signed a contract with Indian Potash Limited (IPL), a major importer of fertilizers in India, for the delivery of potash. This agreement strengthens Uralkali's presence in the Indian market and supports the country's agricultural sector.
- In January 2019, Sesoda Corporation reopened its facility in Su'ao, which has a production capacity of 130,000 tons per year. The facility manufactures a wide range of sulfate of potash (SOP) products, including standard and granular grades. This reopening enhances Sesoda Corporation's ability to meet the growing demand for SOP and reinforces its position in the market.
- In December 2020, Interpid Potash has provided pricing updates for Potash and Trio for 2021. The company is the largest producer of potassium chloride, also known as muriate of potash, in the U.S.
- In September 2020, Tessenderlo Kerley and Van Iperen International signed a long-term distribution agreement to sell Kemira's high-quality potassium sulfate. Tessenderlo Group is a diversified industrial group that focuses on agriculture, valorizing bio-residuals, and providing industrial solutions. The company markets its products to farm supply outlets and general supply stores throughout the Netherlands.
- In July 2022, Tessenderlo Group, a chemical company based in Belgium, merged with Picanol Group. The merger increases transparency and simplifies both companies' group structures by combining them into one industrial group. Picanol Group is a diversified industrial group based in Belgium that operates in mechanical engineering, agriculture, food, water management, and other industrial markets. rephase each para in 40 40 words and keep date and year in the sarting of the paragraph
Regional Analysis
Geographically, the countries covered in the Global sulfate of potash market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
The Asia-Pacific region is expected to dominate the Global sulfate of potash market in the forecast period of 2022 to 2029
The Asia-Pacific region is expected to dominate the Global sulfate of potash market within the forecasted period. This can be attributed to several factors, including the presence of vast agricultural land and the increasing demand from the food and beverages industry in the region. With a significant population and growing urbanization, there is a higher demand for food products, driving the need for efficient agricultural practices. This, in turn, fuels the demand for fertilizers, including sulfate of potash (SOP), to enhance crop yield and quality. Additionally, the expanding industrial sector further boosts the demand for SOP as it finds applications in various industrial processes.
North America is projected to exhibit the highest CAGR in the Global sulfate of potash market during the forecast period of 2022 to 2029
On the other hand, North America is projected to exhibit the highest compound annual growth rate (CAGR) within the forecasted period of 2022 to 2029. This is primarily due to the region's robust production of SOP for both the agricultural and industrial sectors. North America has well-established agricultural practices, and farmers recognize the benefits of SOP in improving soil fertility and crop productivity. Moreover, the region has a significant presence of industries that rely on SOP for various applications, such as food processing, pharmaceuticals, and chemical manufacturing. The increasing adoption of SOP in these sectors drives the market growth in North America.
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