BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global potassium thiosulfate fertilizer market size at USD 112.14 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global potassium thiosulfate fertilizer market size to grow at a significant CAGR of 2.25% reaching a value of USD 121.65 million by 2029. Major growth drivers for the global potassium thiosulfate fertilizer market include an increasing demand for high-quality crops and the need to improve agricultural productivity. Potassium thiosulfate fertilizer offers various benefits, including enhanced nutrient absorption, increased yield, improved crop quality, and better stress tolerance in plants. The rising adoption of sustainable agricultural practices and the growing awareness about the importance of balanced plant nutrition further propel the market growth. Also, the market is supported by advancements in fertilizer production techniques and increasing investments in research and development activities. The expanding global population and the need for food security are further driving the demand for efficient fertilizers, creating lucrative opportunities for the potassium thiosulfate fertilizer market. However, availability of substitute product is anticipated to restrain the overall market growth during the forecast period.
Global Potassium Thiosulfate Fertilizer Market – Overview
The global potassium thiosulfate fertilizer market refers to the industry that deals with the production, distribution, and sales of potassium thiosulfate-based fertilizers. Potassium thiosulfate fertilizer is a specialized type of fertilizer that contains potassium (K) and sulfur (S) in the form of thiosulfate ions. It is used in agriculture and horticulture to provide essential nutrients to plants, promote growth, improve crop quality, and increase yield. The market encompasses various manufacturers, suppliers, distributors, and end-users involved in the production and application of potassium thiosulfate fertilizers worldwide. Factors such as increasing demand for high-quality crops, growing awareness about balanced plant nutrition, and the need for sustainable agricultural practices drive the growth and development of the global potassium thiosulfate fertilizer market.
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Impact of COVID-19 on Global Potassium Thiosulfate Fertilizer Market
COVID-19 pandemic adversely affected global potassium thiosulfate fertilizer market. The disruption in global supply chains, restrictions on trade and transportation, and lockdown measures affected the overall fertilizer industry, including potassium thiosulfate fertilizers. The temporary closure of manufacturing facilities and reduced agricultural activities resulted in a decline in demand for fertilizers. However, as agriculture was deemed an essential sector, the market showed resilience. The focus on food security and the gradual recovery of the agricultural sector post-lockdown contributed to the gradual revival of the potassium thiosulfate fertilizer market. Also, the increasing emphasis on sustainable agriculture practices and the need for high-quality crops have provided opportunities for market growth in the post-pandemic period.
Global Potassium Thiosulfate Fertilizer Market – By Type
By type, the global potassium thiosulfate fertilizer market is bifurcated into Base Fertilizer and Top-Dressing segments. The base fertilizer segment hold a higher share in the global potassium thiosulfate fertilizer market by type. Base fertilizers are typically applied during the initial stages of crop cultivation to provide essential nutrients to the soil, ensuring optimal plant growth and development. Potassium thiosulfate fertilizers are commonly used as a base fertilizer due to their ability to deliver potassium and sulfur, which are vital nutrients for plant health. By incorporating potassium and sulfur into the soil through base fertilization, farmers can ensure a consistent and balanced nutrient supply throughout the growing season. The base fertilizer segment’s prominence is driven by the widespread adoption of potassium thiosulfate fertilizers as an integral component of soil nutrient management practices in various agricultural systems.
Competitive Landscape
Major players operating in the global potassium thiosulfate fertilizer market include Tessenderlo Group, TIB Chemicals, Omnia Specialities, Mears Fertilizer, Nufarm, Hydrite Chemical, Thatcher Company, Nantong Jihai Chemical, Spraygro Liquid Fertilizer, Plant Food Company, Kodia Company, and Shakti Chemicals. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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