By 2032, the global phosphatic fertilizers market is anticipated to reach USD 100.49 billion, driven by the increasing adoption of these products to enhance crop nutritional value. 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% through 2032.
The rising demand for fertilizers that supply essential nutrients such as potassium and nitrogen is a key factor contributing to the growth of the phosphatic fertilizers market. These fertilizers are extensively used across various agricultural sectors, including fruits, vegetables, grains, and pulses. Phosphorus plays a critical role in enhancing stalk strength, improving crop quality, and promoting root development in grains. Phosphate rocks continue to be a significant global source of phosphorus.
As global food prices increase due to the expanding population, phosphate consumption is also on the rise. This trend is expected to persist, driven by the rising costs of raw materials and increased investments in new mining capacities.
Phosphorus is a crucial macronutrient for optimizing crop yield. It is primarily sourced from fertilizers, bone meal, and rock superphosphate, with most commercial phosphate fertilizers derived from rock phosphate. Phosphorus supports healthy root development, helps plants endure environmental stressors like drought, and is vital 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 recent factors contributing to the growth of the phosphatic fertilizers market, with one of the major drivers being the increase 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 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 these are poised 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 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 expected to experience significant growth in the coming years.
At the same time, the Asia Pacific region is poised for rapid expansion, largely driven by the region's vast agricultural land, which facilitates the increased use 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.
Blog Related Insights: