Preference of Organic Fertilizers is Set to Bloom Global Phosphate Fertilizer Market
The Phosphate Fertilizers Market was priced at USD USD 63.5 Billion in 2021 and is expected to grow with a compound annual growth rate (CAGR) of 5%% between 2022 and 2028. Phosphate is one of the three essential nutrients needed for plants to grow to full potential. It is essential for normal plant growth, the absorption of solar energy, and is converted into useful plant compounds. Many Phosphate Fertilizers are used to meet the phosphorus requirements of plants. It helps to create strong roots and stems, provides resistance to disease, and increases productivity.
Population growth and demand for various food products have been key drivers of market growth. The use of phosphates as a meat preservative due to its ability to retain water and manta in natural flavor enhances partial growth. Flexible energy prices are a major cause of price volatility in Phosphate Fertilizers. Transport costs, policy decisions, currency exchange rates, and other uncontrollable factors are some of the key factors affecting the international trade in Phosphate Fertilizers. The inevitable increase in the cost of Phosphate Fertilizers will lead to the development of less expensive and more eco-sustainable plant nutrients that hinder market growth. Although, increased use of phosphates as a boiling and thickening agent is expected to create more opportunities in the future. In addition, the limited availability of cultivated land and the increase in global meat consumption increase the need for Phosphate Fertilizers in the forecast period.
The global market for Phosphate Fertilizers is segmented on the basis of type into organic and inorganic. On the basis of applications, the market is divided into foods, fertilizers, meat, carbonated soft drinks and on the basis of the end user market is divided into food and beverages, agriculture, medicine, cosmetics and others. MAP (mono-ammonium phosphate), DAP (di-ammonium phosphate), and super-phosphates are among the major types of Phosphate Fertilizers. In the meantime, demand for DAP fertilizer is expected to increase significantly by 2027. DAP is the most popular fertilizer in the world as it is rich in both phosphorus and nitrogen. The need for improved agricultural production will increase the demand for DAP fertilizer in the coming years.
Asia Pacific is likely to emerge as a major market for Phosphate Fertilizers by the end of 2028. The region accounts for more than half of the world's population and is one of the world's leading agricultural producers. The adoption of new smart farming methods could increase the use of regional Phosphate Fertilizers in the coming years.
Some of the major players operating in the global Phosphate Fertilizers Market include - EuroChem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Hubei Xingfa Chemicals Group Co. Ltd., Jordan Phosphate Mines Co. PLC, Nutrien Ltd., Maaden - Saudi Arabian Mining Co., OCP SA, The Mosaic Co, and PhosAgro AG. and others.
Browse the full Report - Phosphate Fertilizers Market by Type (Diammonium phosphate, Monoammonium phosphate, Superphosphate, Others), by Crop types (Grain & oilseed, Fruit & vegetable, Other), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)