Phosphate Fertilizers Market

Phosphate Fertilizers Market: By Type, Application, Crop type, and Region

Market Synopsis

Global Phosphate Fertilizers market is valued at USD 65.96 Billion in 2022 and is expected to reach USD 95.26 Billion by 2030 at a CAGR of 4.70% during the forecast period, 2023-2030.

Phosphorus (P) is an important nutrient for plant growth, and the world's reserves of phosphorus are finite. Phosphate Fertilizers provide a readily available supply of P that is non-renewable and will eventually be depleted. Phosphorus security has been recognized as a major challenge facing humanity by some international organizations such as the European Commission. At present, most Phosphate Fertilizers are obtained from mining deposits containing low concentrations of phosphate minerals such as apatite. In some countries, phosphate can also be found in rich deposits of other minerals, for example in the mining regions of the US known as the phosphate rock belt. These are however several decades away from peak global production according to experts.

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Segmentation

The global market is segmented on the basis of types and crops type. On the basis of types, the market is segmented into diammonium phosphate, monoammonium phosphate, superphosphate, and others. Based on crop type, grain & oilseed, fruit & vegetable, and other.

Diammonium phosphate To Dominate the Phosphate Fertilizer Market

Growing demand for phosphate fertilizer has spurred the starch industry to develop new carriers which increase phosphate bioavailability. Phosphorus (P) is an essential nutrient for plant growth, yet it is only available to plants in low amounts in soil. When soils are deficient of phosphorus, fertilizer P is added to improve crop yields and support healthy plant growth. The manufacturers off Phosphate Fertilizers consumes vast quantities of natural gas and petroleum products, a fact that makes this commodity a critical component in the global economy.

With the world's population growing at a rapid pace, the need for increased food production has never been greater. As land becomes scarce and arable land decreases, the need for an efficient and readily available source of P fertilizer has never been more apparent. Currently, Phosphate Fertilizers are manufactured from tricalcium phosphate (TCP). Although TCP is a naturally occurring mineral found in soil, its availability is limited by its inherent low solubility in acidic soils. In addition to being derived from a non-renewable resource, current production methods have other drawbacks which limit their effectiveness. For example, many plants require different forms of phosphorus depending on environmental conditions such as pH levels and/or water availability. As a result, farmers must rely on multiple sources or types of P fertilizer to ensure that all crops get the appropriate dose of nutrients necessary for robust growth.

Asia Pacific is the Largest Consumer of Phosphate Fertilizers

Fertilizer is a vital input for plant growth and its demand was growing rapidly in Asia Pacific due to rapid population, increase in income and resulting enhanced consumption of food. Fertilizer requirement by 2028 is expected to reach 105 million tons up from 62 million tons in 2010, which will further escalate the fertilizer prices. In this report we have studied the fertilizers market across different regions of Asia Pacific with their annual demand for Phosphate Fertilizers viz., mono-ammonium phosphate (MAP), diammonium phosphate (DAP) and complex fertilizers such as NPK. Our study reveals that demand of Phosphate fertilizer in Asia pacific is increasing day by day due to more reliance on agriculture sector for the production of food.

NPK complex fertilizer demand was highest in India, which constituted for 22% share of Asia Pacific NPK market. The next major consumer being China with 12% demand share that was closely followed by Japan having 11%. Several factors are contributing to its high growth rate such as strong economic growth in developing economies especially China, increasing awareness among farmers for yield improvement through use of fertilizers.

Key Vendors

Some of the key vendors in the global Phosphate Fertilizers market are 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.

The Phosphate Fertilizers is Segmented as Follows: