Summary:

·         The global potassium nitrate market size reached USD 1.8 Billion in 2023.

·         The market is expected to reach USD 2.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6 % during 2024-2032.

·         Asia Pacific leads the market, accounting for the largest potassium nitrate market size.

·         Potassium chloride accounts for most of the market share in the raw material segment due to its affordability and accessibility.

·         Agriculture holds the largest share in the potassium nitrate industry.

·         The growing trend of organic farming as organic fertilizers containing potassium nitrate are increasingly sought after for their ability to enhance soil health and crop quality is supporting the market growth. 

·         The expansion of the horticulture and floriculture sectors, as it is widely used to promote flowering, fruiting, and overall plant growth in ornamental and agricultural plants, is strengthening the market expansion.