Potassium Sulphate (SOP) Market

The global potassium sulphate (SOP) market is expected to continue an upward consumption trend, with a forecasted CAGR of +0.8% in volume and +3.6% in value from 2022 to 2030. Consumption, production, imports, exports, and price trends are analyzed, with significant growth recorded in Finland, Chile, and the United States. The market volume is set to reach 3.8M tons and value to reach $3B by 2030. Taiwan, Sweden, and Egypt are the major exporters, while Belgium, Peru, and the United States are the largest importers of potassium sulphate (SOP).

Market Forecast

Driven by increasing demand for potassium sulphate (SOP) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 3.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Potassium Sulphate (SOP)

For the fourth year in a row, the global market recorded growth in consumption of potassium sulphate (SOP), which increased by 9.4% to 3.6M tons in 2022. The total consumption volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in the immediate term.

The global potassium sulphate (SOP) market value rose slightly to $2.2B in 2022, picking up by 3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +60.8% against 2017 indices. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Finland (646K tons), Chile (458K tons) and the United States (447K tons), together comprising 43% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Finland (with a CAGR of +23.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) markets worldwide were Chile ($288M), Finland ($273M) and the United States ($241M), with a combined 36% share of the global market.

Among the main consuming countries, Finland, with a CAGR of +20.3%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of potassium sulphate (SOP) per capita consumption was registered in Finland (116 kg per person), followed by Chile (24 kg per person), Belgium (15 kg per person) and Norway (13 kg per person), while the world average per capita consumption of potassium sulphate (SOP) was estimated at 0.5 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the potassium sulphate (SOP) per capita consumption in Finland amounted to +23.6%. In the other countries, the average annual rates were as follows: Chile (+2.6% per year) and Belgium (+9.4% per year).

Production

World Production of Potassium Sulphate (SOP)

In 2022, production of potassium sulphate (SOP) increased by 12% to 2.5M tons, rising for the sixth year in a row after two years of decline. In general, the total production indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +70.9% against 2016 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 26% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, potassium sulphate (SOP) production stood at $1.3B in 2022 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +68.0% against 2017 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 18%. Over the period under review, global production reached the maximum level in 2022 and is expected to retain growth in the near future.

Production By Country

The countries with the highest volumes of production in 2022 were Finland (643K tons), Chile (439K tons) and the United States (386K tons), with a combined 58% share of global production.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +24.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Potassium Sulphate (SOP)

In 2022, overseas purchases of potassium sulphate (SOP) decreased by -8.1% to 1.9M tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 14%. As a result, imports attained the peak of 2.2M tons. From 2018 to 2022, the growth of global imports remained at a lower figure.

In value terms, potassium sulphate (SOP) imports skyrocketed to $1.5B in 2022. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.9% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The purchases of the twelve major importers of potassium sulphate (SOP), namely Belgium, Australia, the United States, Peru, Mexico, France, Japan, Norway, South Africa, India, Brazil and Pakistan, represented more than half of total import. The Netherlands (55K tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +15.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) importing markets worldwide were Belgium ($112M), Peru ($93M) and the United States ($88M), with a combined 19% share of global imports. Australia, Mexico, Japan, France, Brazil, India, South Africa, Pakistan, the Netherlands and Norway lagged somewhat behind, together accounting for a further 37%.

Pakistan, with a CAGR of +19.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average potassium sulphate (SOP) import price amounted to $816 per ton, picking up by 49% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) import price increased by +69.1% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($923 per ton), while Norway ($453 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Potassium Sulphate (SOP)

In 2022, overseas shipments of potassium sulphate (SOP) decreased by -20% to 846K tons, falling for the second consecutive year after two years of growth. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.8% against 2020 indices. The pace of growth was the most pronounced in 2014 when exports increased by 45%. The global exports peaked at 1.2M tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, potassium sulphate (SOP) exports surged to $778M in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +114.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 46%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, Taiwan (Chinese) (175K tons), Sweden (143K tons) and Egypt (122K tons) represented the major exporter of potassium sulphate (SOP) in the world, comprising 52% of total export. China (79K tons) took the next position in the ranking, followed by the United States (62K tons). All these countries together took approx. 17% share of total exports. Canada (36K tons), Russia (31K tons), Saudi Arabia (19K tons), the Netherlands (19K tons), South Korea (15K tons), South Africa (15K tons), Austria (15K tons) and the United Arab Emirates (13K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +67.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest potassium sulphate (SOP) supplying countries worldwide were Taiwan (Chinese) ($159M), Egypt ($134M) and Sweden ($82M), together accounting for 48% of global exports.

Egypt, with a CAGR of +77.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average potassium sulphate (SOP) export price amounted to $919 per ton, increasing by 64% against the previous year. In general, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) export price increased by +104.2% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Russia ($1,190 per ton), while Sweden ($578 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform