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The growing demand for potassium dihydrogen phosphate from various end use sectors, particularly agriculture, is propelling the growth of the industry. While the Asia Pacific is expected to witness a robust growth over the forecast period, North America currently occupies a significant share in the industry. Within North America, the increased awareness regarding modern agricultural practice has contributed to the rise in the demand for fertilizers and pesticides, which is aiding the regional industry growth. This is further supported by the favourable government initiatives and the growing penetration of the major players in the region. Further, the growing global demand for processed food products is also propelling the industry forward. The easy availability of the end use products through retail channels like Walmart Inc (NYSE: WMT) and Amazon.com, Inc. (NASDAQ: AMZN) is expected to boost their sales, which, in turn, will aid the growth of the potassium dihydrogen phosphate industry in the forecast period.
Meanwhile, the key players are expanding their capacities and shifting their production base to the emerging nations to fulfil the growing demand for innovative and modern agricultural solutions in the regions. In February 2020, Haifa Group inaugurated a new trading company, Haifa (Beijing) Trading Co., Ltd. in China. This new Chinese subsidiary will enable the group to significantly expand its service offerings to the developing agricultural sector in China. The company is also expected to establish product warehouses in the region to overcome logistic challenges and rapidly and efficiently serve key markets. Also, In January 2020, Haifa Group launched NutriNet™, a new online service for growers and agronomy experts to support and optimise customised fertilisation programmes and provide users with free of cost service, which can assist the growers at their everyday work and help them get the most from their crops. Therefore, the growing investments by the key players in knowledge services and R&D activities are expected to further aid the growth of the potassium dihydrogen phosphate industry.
Market Breakup by Application, End Use, and Region:
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The major players in the global potassium dihydrogen phosphate market are Haifa Group, Sichuan Shucan Chemical Co., Ltd., Annexe Chem Pvt. Ltd., M.M.Arochem Pvt Ltd, and Changsha Green Mountain Chemical Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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