LONDON--(BUSINESS WIRE)--The global potassium nitrate market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Nitrogen fertilizers promote plant growth and increase land quality and crop yield. It also enhances the uptake of cations such as potassium, calcium, and magnesium and increases the stress-resistance of plants. Similarly, potassium nitrate-based fertilizers provide a good source of potassium and nitrogen, which are crucial for the healthy growth of plants. Potassium nitrate-based fertilizers also improve root growth and increase drought tolerance in plants. Owing to many such benefits, potassium and nitrogen fertilizers are gaining popularity among end-users, which is driving the growth of the global potassium nitrate market.
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As per Technavio, the increasing popularity of biofungicides will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Potassium Nitrate Market: Increasing Popularity of Biofungicides
Biofungicides contain beneficial microorganisms such as specialized fungi and bacteria, which attack and control pathogens and keep plants free from various diseases. They are considered as a viable substitute for synthetic fungicides as they are environmentally friendly. Biofungicides also exhibit minimal or no toxicity towards humans and other animals and are more stable than chemical pesticides. Many such benefits offered by biofungicides are increasing their popularity among end-users. This trend is expected to have a positive impact on the growth of the global potassium nitrate market during the forecast period.
“Rising blasting and drilling applications in mining and rapid industrialization in BRICS will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Potassium Nitrate Market: Segmentation Analysis
This market report segments the global potassium nitrate market by end-users (agriculture, general industries, pharmaceutical, and food and beverage) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growth of the food and beverage industry led by changing lifestyle and increasing disposable income of consumers in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
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