By 2032, the global phosphatic fertilizers market is projected to reach a size of USD 100.49 billion. The increasing global adoption of these products can be attributed to phosphate's ability to enhance the overall nutritional value of crops. 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 expected to grow at a compound annual growth rate (CAGR) of 3.50% from 2019 to 2032.
The increasing demand for fertilizers that provide essential nutrients like potassium and nitrogen among farmers is closely linked to the expanding phosphatic fertilizers market. Major application areas include agricultural products such as fruits, vegetables, grains, and pulses. The addition of phosphorus fertilizers to grains enhances stalk strength, improves crop quality, and promotes root growth. Phosphate rocks are among the most important sources of phosphorus globally.
As food prices continue to rise due to the growing global population, the consumption of phosphate is also increasing. This trend is expected to persist in the coming years, driven by rising raw material costs as a result of increased investments in expanding new mining capacities.
Phosphorus is a critical macronutrient for crop fertilization, essential for achieving maximum crop yield. The three primary sources of phosphorus are fertilizers, bone meal, and rock superphosphate. Most commercial phosphate fertilizers on the market are derived from rock phosphate. Phosphorus plays a vital role in promoting healthy root development and helps plants resist the adverse effects of environmental conditions such as drought. As previously mentioned, this nutrient is crucial for plant growth, development, and the 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 highlights several factors that have recently driven the market's growth. A key contributor to this expansion is the increasing number of product launches. For instance, in September 2016, ICL announced the launch of a new technology aimed at the production of controlled-release fertilizers. The company introduced the "E-Max Release Technology," a system designed for the controlled release of phosphate and nitrogen. This innovation is expected to generate three major revenue streams for the company from the phosphatic fertilizers market in the coming years, significantly influencing the market's growth.
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. Among these regions, North America currently holds the largest market share, driven by strong demand for agricultural and crop products in several countries. As of 2018, the North American market was valued at USD 7.54 billion and is expected to experience significant growth in the coming years.
In addition to North America, the Asia Pacific market is also poised for rapid expansion, primarily due to the large tracts of land under cultivation in the region.
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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