By 2032, the global phosphatic fertilizers market is anticipated to reach USD 100.49 billion, driven by the increasing adoption of these fertilizers to enhance crop nutrition. According to a report by Fortune Business Insights titled "Phosphatic Fertilizers Market Size, Share & Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate, and Others), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2019–2032," the market was valued at USD 62.24 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 3.50% during the forecast period.
This growth is attributed to the rising demand for fertilizers that deliver essential nutrients such as potassium and nitrogen. Phosphatic fertilizers play a vital role in diverse agricultural applications, including cereals, pulses, oilseeds, fruits, and vegetables. Phosphorus, a critical component, enhances crop quality, strengthens stalks, and supports strong root development, particularly in grains. Globally, phosphate rocks remain the primary source of phosphorus.
As the global population grows and food prices climb, phosphate consumption is on the rise. This trend is further reinforced by increasing raw material costs and heightened investments in mining operations to boost production capacity.
Phosphorus is a key macronutrient essential for optimizing crop yields. It is primarily supplied through fertilizers, bone meal, and rock superphosphate. Most commercial phosphate fertilizers are derived from rock phosphate, which helps promote healthy root systems, supports plants under environmental stress (like drought), and is crucial for the growth, development, and maturation of seeds and fruits.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
Development Will Be Promoted by an Increase in Product Releases
The analysis identifies several recent factors driving the growth of the phosphatic fertilizers market, with one key driver being the rise in new product launches. For instance, in September 2016, ICL introduced the "E-Max Release Technology," an advanced system designed for controlled-release fertilizers. This technology enables the precise, timed release of both phosphate and nitrogen and is expected to generate three significant revenue streams for the company within the phosphatic fertilizers sector. Innovations like this are anticipated to play a crucial role in shaping the market's growth trajectory in the coming years.
North America has the highest market share, and growing consumer demand for sustainable crop produce will support its expansion.
This study examines the phosphatic fertilizer markets across North America, Latin America, Asia Pacific, the Middle East, and Africa. North America currently dominates the market, holding the largest share due to strong demand for agricultural and crop products across various countries. In 2018, the North American market was valued at USD 7.54 billion and is projected to experience significant growth in the coming years.
In contrast, the Asia Pacific region is poised for rapid growth, fueled by its vast agricultural land, which drives the increasing adoption of phosphatic fertilizers.
A few of the leading companies that are currently operating in the global market include:
- Yara International ASA
- Israel Chemical Ltd.
- The Mosaic Company
- CF Industries Holdings, Inc.
- Coromandel International Limited
- The OCP Group
- PhosAgro PJSC
- Sociedad Química y Minera de Chile S.A.
- Nutrien Ltd.
- Koch Industries, Inc.
Industry Developments:
February 2019: ICL announced the launch of two new add-ons to its range of phosphatic fertilizers. The company introduced Renovator and Turf Starter contain Pearl Technology.
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