By the end of 2032, the size of the global phosphatic fertilizers market is anticipated to reach USD 100.49 billion. Global product adoption will increase as a result of phosphate's capacity to raise the crop's total nutritional value. The phosphoric fertilizers market was valued at USD 62.24 billion and is expected to grow at a compound annual growth rate (CAGR) of 3.50% between 2019 and 2032, according to a Fortune Business Insights report 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."
Phosphate is one of the ingredients of phosphatic fertilizers; it is essential to the health of the plant's roots. Phosphoric fertilizers will increase the overall efficiency of the root system as well as the plant. There will be several opportunities for industry participants to expand due to the rising demand for crops and crop products worldwide. The market is anticipated to do well in the years to come because of the large sums of money invested in the creation of novel phosphatic fertilizers. The quantity of noteworthy businesses that are present in the industry will soon lead to an increase in its total size.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
Increasing Number of Product Launches Will Aid Growth
Numerous factors that have recently driven the market's rise are included in the study. The increasing number of product launches has had a major impact on the market's recent rise. In September 2016, ICL released a statement announcing the launch of a new technology that will be used in the production of controlled-release fertilizers. The company introduced "E-Max Release Technology," a system that releases nutrients in a controlled manner, such as phosphate and nitrogen. This product will help the business create three sizable revenue streams from the phosphatic fertilizers market in the next years, which will significantly impact the market's expansion.
North America Holds the Highest Market Share; Increasing Demand for Sustainable Crop Produce Will Aid Growth
The phosphatic fertilizer markets in North America, Latin America, Asia Pacific, the Middle East, and Africa are examined in this paper. North America currently holds the greatest market share among these regions due to the high demand for crop and agricultural products in a number of these countries. The North American market is expected to expand significantly further in the years to come, with an estimated value of USD 7.54 billion as of 2018. In addition to North America, the Asia Pacific market will grow rapidly in the next years due to the vast amount of land being farmed.
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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