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The market for monopotassium phosphate is expected to be driven by the versatile applications of the product in various growing industries like pharmaceutical, hydroponic agriculture, and personal care and cosmetics. This is expected to aid the market growth over the forecast period. The market is further propelled by the rising demand for feed additives in the agro-industry and rise in the use of agricultural techniques such as hydroponic that requires a sizable number of additives per unit yield. Further, the rising personal care and pharmaceutical industries in emerging economies of the Asia Pacific and Latin America regions are expected to generate fresh demand for the raw materials and ingredients in the coming years, as a result, creating a lucrative opportunity for the manufacturers of monopotassium phosphate to extend their business into new geographies with a positive outcome.
Prayon S.A., a Belgian company, in 2017 announced its launch of a range of fertigation products for horticulture applications. The company believes that India has a huge potential for fertilisers. These fertilisers include monopotassium phosphate (MKP), anti calc, micronutri Fe, and monoammonium phosphate (MAP). The new product launches are expected to aid the market growth of the product. The product is also used in various cosmetics and personal care products, which can be purchased from online channels like Amazon.com, Inc. (NASDAQ: AMZN). The rising penetration of the internet across the globe is positively influencing the growth of the e-commerce site and the various industries dependent upon it.
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Master Plant-Prod Inc., Prayon S.A., Arihant Chemical Industries, and Ava Chemicals Private Limited, among others, are the key players in the global monopotassium phosphate market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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