The market for phosphate fertilizers is anticipated to expand at a CAGR of 5.5% and reach a value of USD 105.27 billion by 2032, up from its current revenue of USD 65.02 billion.
The ripening of seeds and fruit is aided by phosphate fertilizer, which also promotes the growth and development of the entire plant. Factors like the switch from conventional to intelligent fertilizers are blamed for the demand for phosphate fertilizer.
Growing agriculture producers that are used as fertilizers around the world coupled with their use on various grains to enhance the quality and improve the growth while promoting the root growth are fueling the sales of phosphate fertilizer in new markets.
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Other factors that trigger the sales of phosphate fertilizer are rising with the farming an irrigation technologies getting advanced with the latest farming trends. This advanced approach is there because of the decline in global crop production due to the changing climate and poor soil quality., pushing the sales of phosphate fertilizer.
Key Takeaways from Market Study
According to the phosphate fertilizer market analysis for the years 2022 to 2032, monoammonium phosphate is dominating the product segment and holds more than 31.0% of the share, attributing to the low costs of MAP and the high level of phosphorus content in it, flourishing the demand for phosphate fertilizers.
The cereal & grains segment holds 46% of the global revenue in the phosphate fertilizer market, owing to the growth of population demanding more and more crop production for cereal & grains, thriving the sales of phosphate fertilizer.
Asia Pacific region holds the biggest share in phosphate fertilizer market, holding the more than 61% share of the global market, attributing to the agarin countries lie India and China coupled with government investments into agricultural research and development, expanding the phosphate fertilizer market size globally.
“Phosphate fertilizer market report suggests that the global market is taking a turn as new organic movements are pushing the farmers and agricultural industry to opt for organic methods including organic fertilizers or methods. Agricultural strategy has been including organic content more than ever” says a Future Market Insights analyst.
Competitive Landscape
Key manufacturers of phosphate fertilizers are emphasizing research & development to offer better, effecting and more organic content holding product. Key players are working together and developing new product lines to enter unapproached market places. New market players also expand the research and development chains to make the product more effective and soil friendly, fueling the demand for phosphate fertilizers.
Agrium and PotashCorp came together to combine their talen and best practices to build a new company Nutrien Ltd. that is stronger and better equipped to create value for all their stakeholders, fuelling the sales of phosphate fertilizers.
Proagro Group of Companies are expanding the production of its feed phosphates and fertilizers by forecast rate of 25%, accounting for 11.7 million tonnes of the product by 2025.
Recently, The OCP Group introduced the plans to develop green ammonia as sustainable raw material for use in fertilizers production, pushing the demand or phosphate fertilizers.
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Phosphate Fertilizer Market by Segmentation
By Product:
Monoammonium Phosphate (MAP)
Diammonium Phosphate (DAP)
Single Superphosphate (SSP)
Triple Superphosphate (TSP)
By Application:
Cereals & Grains
Oilseeds & Pulses
Fruits & Vegetables
By Region:
North America
LatinAmerica
Europe
East Asia
South Asia
Oceania
Middle East and Africa
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