By 2032, the global phosphatic fertilizers market is anticipated to reach USD 100.49 billion, driven by the growing use 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 expand at a compound annual growth rate (CAGR) of 3.50% during the forecast period.
The market's growth is primarily driven by rising demand for fertilizers rich in essential nutrients like phosphorus, potassium, and nitrogen. Phosphatic fertilizers play a critical role in agriculture, particularly for crops such as cereals, pulses, oilseeds, fruits, and vegetables. Phosphorus, an indispensable nutrient, enhances crop quality, strengthens stalks, and promotes healthy root development, particularly in grains. Globally, phosphate rocks remain the primary source of phosphorus.
The increasing global population and surging food prices are further fueling demand for phosphate-based fertilizers. This trend is reinforced by higher raw material costs and increased investments in mining operations to boost production capacity.
As an essential macronutrient, phosphorus significantly improves crop yields. It is supplied through fertilizers, bone meal, and rock superphosphate, with most commercial products derived from rock phosphate. This nutrient supports robust root development, aids plants in managing environmental stress such as drought, and is essential 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 the launch of innovative products standing out as a key catalyst. For instance, in September 2016, ICL introduced the "E-Max Release Technology," a cutting-edge system designed for controlled-release fertilizers. This advanced technology enables the precise and timed release of phosphate and nitrogen, generating three significant revenue streams for the company within the phosphatic fertilizers sector. Innovations like this are anticipated to play a pivotal 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 fertilizers market across North America, Latin America, Asia Pacific, the Middle East, and Africa. North America dominates the market, holding the largest share due to strong demand for agricultural and crop products across the region. 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 expansion, fueled by its vast agricultural land and 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 addition of two new products to its phosphatic fertilizers range: Renovator and Turf Starter. Both products feature the innovative Pearl Technology.
Blog Related Insights:
Comments
0 comment