Global Potassium Dihydrogen Phosphate Market to Grow at a Healthy Pace During 2024-2032, Aided by the Growing Demand for Agrochemicals

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.

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Market Breakup by Application, End Use, and Region:

• On the basis of application, the industry has been categorised into fungicide, buffering agent, food additive, photo-optic, and nutrition, among others.
• Based on end use, the industry is divided into agriculture, food and beverages, chemicals, pharmaceuticals, and opto-electronics, among others. 
• Region-wise, the global market for potassium dihydrogen phosphate can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The industry is being driven by the growing demand for potassium dihydrogen phosphate from the agricultural sector and favourable government initiatives. 
• The industry is receiving a further impetus with the growing demand for processed food and the thriving food and beverage industry. 
• The growing global population, rising living standards, and escalating disposable incomes are also accelerating the growth of the industry.
• The advancements in opto-electronics technology are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for potassium dihydrogen phosphate for the periods (2018-2023) and (2024-2032). 
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the applications, end uses, and regional markets of potassium dihydrogen phosphate.
• The report also gives the regional historical (2018-2023) and forecast (2024-2032) price trends of the product.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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