WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) — The global phosphate fertilizer market size is expected to reach USD 90.25 billion by 2028, growing at a CAGR of 5% during the forecast period 2022-2028. The growth of the phosphate fertilizer market is attributed to factors such as increasing adoption of precision agriculture, increasing number of investments, and increasing attention and initiatives taken by the government. Also, the increasing pressure on the global food supply due to increasing population, increasing demand for phosphate fertilizers, among others. Thus, these factors are likely to witness the growth of the market and are expected to fuel the growth of the market over the forecast period, Vantage Market Research states in a report titled “Phosphate Fertilizer Market By Type (Diammonium Phosphate, Monoammonium Phosphate, Superphosphate, Others), By Crop Types (Grains & Oilseeds, Fruits & Vegetables, Others), By Regions (North America, Europe, Asia-Pacific, Middle East and Africa) – Global Industry Assessment (2016 – 2021) and Forecast (2022 – 2028)”. The market size was USD 63.5 billion in 2021.
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Rise in demand for phosphate fertilizers
Several constituents and nutrients are required for plant growth to reach its full potential. Phosphate is an essential nutrient for plants to grow to their full potential. Phosphate is a building block required for normal growth and to absorb sunlight and further convert it for the production of useful plant compounds. So, to help plants receive the required amount of phosphorus, several phosphate fertilizers are used. These fertilizers help plants build strong roots and stems, disease resistance, and a productive plant.
In addition, the use of phosphorus in food supplements as well as in chemical fertilizers helps improve soil quality by improving soil nutrition.
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Escalating number of investments and demand for global food supply
Over the past few decades, the population across the world has been increasing rapidly. Thus, the increase in population stimulates the demand for food and creates a huge gap between supply and demand. Hence, increasing demand for agricultural products such as chemicals, pesticides, fertilizers, among others, and agricultural equipment. The drastic decline in the global food supply is driving up the demand for fertilizers such as phosphate fertilizers and pesticides, among others to increase production. In addition, the government is taking several initiatives to improve the agricultural sector and motivate farmers to adopt modern farming techniques.
Governments as well as several key players are investing heavily in R&D for the improvement of the agricultural sector; which is further expected to propel the growth of the market over the forecast period.
Asia-Pacific Dominates the Phosphate Fertilizer Market
The Asia-Pacific region is expected to hold the largest share of the phosphate fertilizer market and furthermore is expected to grow at the fastest compound annual growth rate (CAGR) during the forecast period that extends from 2022 to 2028. The majority of countries in the Asia-Pacific region depend mainly on agriculture. Also, the presence of emerging economies and countries like India and China; which is one of the most populous countries in the world is expected to drive the growth of the phosphate fertilizer market in the near future during the forecast period.
List of Key Players in the Phosphate Fertilizers Market:
- EuroChem Group SA
- 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 S.A.
- Mosaic Co
- PhosAgro SA
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Recent developments in the industry:
1. In July 2021, Fertoz Ltd., an Australia-based organophosphate company, announced three new offerings to complement its product offering. These products include Phosul LLC, Nutrient Vigor Plus 2-4-4-2, and Humic Growth Solutions. Fertoz product offerings are approved for use in countries such as the United States and Canada.
This market called “Phosphate Fertilizer Market“Will cover exclusive insights in terms of Regional Analysis, Forecasts and Quantitative Data – Units, Key Market Trends and various others as mentioned below:
|Market size in 2021||$63.5 billion|
|Market size forecast in 2028||$90.25 billion|
|CAGR growth rate||CAGR of 5% from 2021 to 2028|
|Historical years||2016 – 2020|
|Forecast years||2022 – 2028|
|Segments Covered||Type:- Diammonium Phosphate, Monoammonium Phosphate, Superphosphate
Types of crops:- Cereals and oilseeds, Fruits and vegetables, Others
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Report cover||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.|
Answers to key questions in the report:
- Which regional market will show the highest and fastest growth?
- Who are the top five players in the Phosphate Fertilizer Market?
- How will the phosphate fertilizer market change over the next six years?
- Which application and which product will occupy the lion’s share of the phosphate fertilizer market?
- What are the drivers and restraints of the Phosphate Fertilizer Market?
- What will be the CAGR and size of the Phosphate Fertilizer market throughout the forecast period?
Browse market data tables and figures spread over 180 pages and a detailed table of contents at “Phosphate Fertilizer Market by Type (Diammonium Phosphate, Monoammonium Phosphate, Superphosphate, Others), by Crop Types (Grains & Oilseeds, Fruits & Vegetables, Others), by Regions (North America, Europe, Asia-Pacific, Middle- East & Africa) – Global industry assessment (2016 – 2021) and forecast (2022 – 2028)”. See detailed research report here – https://www.vantagemarketresearch.com/press-release/phosphate-fertilizers-market-062097
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