According to a recent report by FMI, the global Potassium Chloride Market is expected to reach a valuation of US$16.5 billion by 2030.

Potassium chloride is used in various applications such as agricultural fertilizers, de-icing, water softening and industrial applications. It is an important source of potassium for plants and animals. Increasing food demand along with growing population is expected to drive the potassium chloride market. The need for better yield per unit area of ​​cultivated land due to the shrinking size of cultivated land is expected to further drive the growth of the market globally.

Potassium chloride manufacturers are heavily dependent on agriculture; About 9 out of 10 stakeholders invest in agribusiness. The impact of the coronavirus (COVID-19) on the agricultural sector is complex and varies across different segments of the supply chain. This impact will be reflected in larger economies and will continue in the coming months. Nationwide shutdowns have disrupted the international flow of work in the agricultural sector. All these factors are adversely affecting Potassium Chloride market growth.

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“Food demand growth has been stronger compared to population growth due to people’s changing eating habits. This in turn has accelerated demand for fertilizers and pesticides. These fertilizers and pesticides are used to improve crop yield and soil fertility and increase production. Therefore, the demand for potassium chloride is expected to grow in tandem with the growth of the agricultural industry.”

Key Findings of the Potassium Chloride market study

• Potassium Chloride market growth is attributed to growth in agribusiness as it is a major consumer of Potassium Chloride. In addition, the development of new compositions of potassium fertilizers is …