LONDON--(BUSINESS WIRE)--The potassium nitrate market is expected to grow by 643.95 thousand tons during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growth of the global population has increased the need to improve agricultural productivity. Thus, there is an increased focus on enhancing agricultural productivity in the limited land area. This is propelling the use of fertilizers in crop production. Potassium nitrate-based fertilizers and agricultural chemicals are gaining importance as they enhance plant growth and the quality of crops. These fertilizers are a good source of potassium and nitrogen, which are important for the healthy growth of plants. Potassium nitrate-based fertilizers enhance resistance to fungal diseases, improve drought tolerance, enhance photosynthesis, maintain a balance between proteins and carbohydrates, increase food formation in plants, and increase root growth. Therefore, the demand for potassium nitrate-based fertilizers is expected to increase to drive the growth of the global potassium nitrate during the forecast period.
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As per Technavio, the growing use of fungicides will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Potassium Nitrate Market : Growing Use Of Fungicides
Fungal infection is one of the major concerns for farmers, which adversely affects the quality and productivity of the produce. Fungal infections are one of the leading causes of crop loss worldwide. Such fungal diseases of vegetable plants are especially unfavorable for the vegetable gardeners and farmers. Hence, vegetable gardeners and farmers use fungicide treatments, which are essential and more efficient in preventing the spread of fungal infections. Potassium nitrate is a frequently used fungicide and is extensively used on cereal crops, vegetables, and fruits. The application of potassium nitrate at appropriate concentrations can be effective in controlling common diseases in mass-produced fruits and vegetables, which can reduce the wastage while improving the overall farm productivity. Thus, the increasing use of potassium nitrate as fungicides for horticultural applications is likely to boost market growth during the forecast period.
“Global initiatives to improve agricultural productivity, growing awareness about organic farming will have a positive impact on the growth of the potassium nitrate market value during the forecast period,” says a senior analyst at Technavio.
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Potassium Nitrate Market : Segmentation Analysis
This market research report segments the potassium nitrate market by end-users (agriculture, general industries, pharmaceutical and food and beverage), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the potassium nitrate market in 2019, followed by North America, Europe, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising demand for specialty chemicals from the electrical and electronics industry.
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Some of the key topics covered in the report include:
- General industries
- Food and beverage
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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