Potassium Dihydrogen Phosphate Market Size

Potassium Dihydrogen Phosphate Market size is anticipated to reach USD 43 billion by the end of 2036, growing at a CAGR of 14% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of potassium dihydrogen phosphate was over USD 20 billion. The primary reason propelling the market is the robust expansion of the agriculture sector.

According to UN predictions, there will be 9.7 billion people on the planet by 2050, up from an estimated 7.3 billion in 2017. As the global population burgeons, there is an escalating demand for food production, which, in turn, augments the need for efficient fertilizers to enhance crop yields. Potassium dihydrogen phosphate, renowned as a high-phosphorus fertilizer, is instrumental in meeting this demand. This growth is attributed to the increasing adoption of precision farming techniques and the rising global population, necessitating higher agricultural productivity.

In addition, another factor that will boost the expansion of the potassium dihydrogen phosphate market share is the rising use of potassium phosphate in the treatment of dietary problems related to low phosphate levels. Moreover, low levels of phosphate can cause chronic kidney disorders (CKD) that affect 5% to 10% population across the world. Proper intake of potassium phosphate supplements can help to reduce the severity of CKD.

It is also used in the pharmaceutical and chemical sectors. As an essential constituent of phosphate fertilizers, potassium dihydrogen phosphate is poised to experience heightened demand, consolidating its pivotal role in the agriculture sector's expansion.