" Phosphate Fertilizer Market: In-depth Research on the 2023-2032 Forecast by MRFR"
Global Phosphate fertilizers Market Outlook
Global Phosphate fertilizers Market prices are predicted to bolster substantially during the review era from 2023 to 2030 substantial growth rate of around 5.90%. The reports further predict the market will acquire nearly USD 104.02 billion by the end of 2032. As per the phosphate market outlook, the Phosphate fertilizers market was valued at nearly USD 62.1 billion in 2023.
Market Scope:
The global Phosphate fertilizers market industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid increase in population. Furthermore, the rising global conflict on food demand and low phosphate fertilizer prices is also considered to be one of the crucial parameters enhancing the performance of the market around the world.
The phosphate fertilizer examples include: SSP, NPKs, Monoammonium Phosphate (MAP), and Diammonium Phosphate (DAP). he Mosaic Co.,Eurochem Group AG,Coromandel International Ltd.,Agrium Inc.,Israel Chemicals Ltd.,Potash Corp. of Saskatchewan Inc.,CF Industries Holdings Inc.,Yara International ASA,PJSC PhosAgro,SA OCP,Among others
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Market Drivers
The global Phosphate fertilizers industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid increase in population. Furthermore, the rising global conflict on food demand is also considered to be one of the crucial parameters enhancing the performance of the market around the world. Moreover, the factors such as increasing food inflation, increased food insecurity, rising demand for higher agricultural productivity, rising demand for a vegan diet & meat alternative, and growing government initiatives to support the use of nitrogen, phosphorus, and Potassium (NPK) are also anticipated to enhance the development of the market over the coming years.
Segment Analysis
Among all the product types, the diammonium phosphate (DAP) segment secured the top spot across the global market for phosphate fertilizers. It has good physical characteristics and is very soluble. Given its high solubility, diammonium phosphate dissolves rapidly in soil and releases phosphate and ammonium that are instantly available to plants. Its quick DAP is highly utilized to promote root growth, flower bud expansion, and color development in barley, vegetables, wheat, and fruits.
Among all the application areas, the cereals & grains category is anticipated to ensure the top spot across the global market for phosphate fertilizers. The main parameter supporting the segment’s growth is the growing global population causing demand for commodities, particularly grains. The important use of these fertilizers to increase the quality of cereal crops is also likely to enhance the segment’s performance.
Regional Analysis
The global market for Phosphate fertilizers is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Phosphate fertilizers industry over the assessment period. The main parameter supporting the development of the regional market is the expansion of agriculture in nations like South Korea, India, China, and Pakistan. Furthermore, the rapidly growing populations, coupled with the great growth potential, in emerging nations like China and India are putting massive effort into advancing the crop production and efficiency of agricultural lands in countryside areas. India is, at present, the world’s second-largest consumer of fertilizer, following China. The Indian government, in 2019, bought 10.61 lakh tonnes of fertilizer, which raised to 19.15 lakh tonnes in 2021.
The European regional market for Phosphate fertilizers is anticipated to ensure the second spot across the global market over the assessment period. The region’s nations are highly dependent on fertilizer imports. Nearly two-thirds of all NPK are utilized as nitrogen, mainly used in large quantities throughout many European nations. Phosphate and Potassium are also used on agricultural land, albeit their blend with a volumetric share of total use is less than 20%. The use of phosphate fertilizer, which enhanced agricultural productivity in the second half of the 20th century, has also raised the concentration of phosphate in many countries’ soils, especially in Western Europe. The region has Germany and the UK as the leading growth contributors.
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The North American Regional Phosphate Fertilizer Market will showcase the maximum growth rate over the coming years. The main parameter supporting the development of the regional market is the growing need for food grains. Furthermore, the increasing popularity of vegan and organic foods demands agricultural goods like cereals, vegetables, fruits, and other foods. In addition, the United States produces a lot of corn, wheat, and soybeans, all of which require a sizable number of fertilizers for higher productivity. The region has Canada and the US as the leading growth contributors.
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