By 2032, the global phosphatic fertilizers market is projected to reach USD 100.49 billion, fueled by the growing adoption of these fertilizers to improve crop nutrition. 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," estimates 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% during the forecast period.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
The market's growth is driven by increasing demand for fertilizers providing essential nutrients like potassium and nitrogen. Phosphatic fertilizers are crucial in agriculture, supporting crops such as cereals, pulses, oilseeds, fruits, and vegetables. Phosphorus, a vital nutrient, enhances crop quality, strengthens stalks, and fosters robust root development, particularly in grains. Globally, phosphate rocks continue to be the predominant source of phosphorus.
Rising global population and escalating food prices are further driving phosphate consumption. This demand is amplified by higher raw material costs and increased investments in mining operations to expand production capacity.
Phosphorus is an essential macronutrient that optimizes crop yields and is supplied through fertilizers, bone meal, and rock superphosphate. Most commercial phosphate fertilizers are derived from rock phosphate, which supports healthy root development, aids plants under environmental stress such as drought, and is critical for the growth, development, and maturation of seeds and fruits.
Development Will Be Promoted by an Increase in Product Releases
The analysis highlights several recent factors fueling the growth of the phosphatic fertilizers market, with the introduction of new products emerging as a key driver. For example, in September 2016, ICL launched the "E-Max Release Technology," an advanced system engineered for controlled-release fertilizers. This innovative technology facilitates the precise, timed release of phosphate and nitrogen, creating three major revenue streams for the company within the phosphatic fertilizers sector. Such innovations are expected to significantly influence the market's growth trajectory in the years ahead.
North America has the highest market share, and growing consumer demand for sustainable crop produce will support its expansion.
This study analyzes the phosphatic fertilizer markets across North America, Latin America, Asia Pacific, the Middle East, and Africa. North America leads the market, holding the largest share due to robust demand for agricultural and crop products across multiple countries. In 2018, the North American market was valued at USD 7.54 billion and is expected to witness substantial growth in the years ahead.
Meanwhile, the Asia Pacific region is positioned for rapid expansion, driven by its extensive agricultural land and the rising 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.
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