Potash Emerges as an Important Component for Global Food Production
NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Potash is used in a wide variety of areas and most commonly refers to a group of potassium-rich minerals and chemicals. It is the vital ingredient to produce fertilizer and is widely used in the agricultural industry to boost crop yields and support plant growth. The most common type of potash is Muriate of Potash (MOP) derived from potassium chloride (KCI). It accounts for approximately 95% of the global agricultural potash. Potash also helps to improve the quality of crops by enhancing their flavor, color, and texture. As a result, the market value projections for potash are positive, with the global demand for potash expected to increase due to the growing population and the need for increased food production. Overall, according to data published by the Business Research Company, the global potash market size will grow from USD 22.04 Billion in 2022 to USD 23.03 Billion in 2023, while at a compound annual growth rate (CAGR) of 4.5%. Sage Potash Corp. (TSX-V: SAGE), The Mosaic Company (NYSE: MOS), Intrepid Potash, Inc. (NYSE: IPI), Nutrien Ltd. (NYSE: NTR), ICL Group Ltd. (NYSE: ICL)
- The most common type of potash is Muriate of Potash (MOP) derived from potassium chloride (KCI).
- As a result, the market value projections for potash are positive, with the global demand for potash expected to increase due to the growing population and the need for increased food production.
- "The disruption at the Port of Vancouver has resulted in the curtailment of production at our Cory potash mine and if prolonged could also impact production at our other potash mines in Saskatchewan.
- ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets.