By 2032, the global phosphatic fertilizers market is projected to reach USD 100.49 billion, driven by the growing adoption of these products to boost crop nutritional value. 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," indicates that the market was valued at USD 62.24 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.50% through 2032.
The increasing demand for fertilizers that provide essential nutrients like potassium and nitrogen is closely linked to the growth of the phosphatic fertilizers market. These fertilizers are widely applied to various agricultural products, including fruits, vegetables, grains, and pulses. Phosphorus enhances stalk strength, improves crop quality, and promotes root growth in grains. Phosphate rocks remain a crucial global source of phosphorus.
As food prices rise due to the expanding global population, phosphate consumption is also on the rise. This trend is expected to continue, fueled by increasing raw material costs and investments in new mining capacities.
Phosphorus is a vital macronutrient for maximizing crop yield. It is sourced primarily from fertilizers, bone meal, and rock superphosphate, with most commercial phosphate fertilizers deriving from rock phosphate. Phosphorus supports healthy root development, helps plants withstand environmental stressors such as drought, and is essential for plant growth, development, and seed and fruit maturation.
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 fueling the growth of the phosphatic fertilizers market. A major driver is the surge in new product launches. For example, in September 2016, ICL introduced the "E-Max Release Technology," a cutting-edge system designed for controlled-release fertilizers. This technology facilitates the regulated release of both phosphate and nitrogen, and is anticipated to create three significant revenue streams for the company in the phosphatic fertilizers sector. Such innovations are expected to play a substantial 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 explores the phosphatic fertilizer markets across North America, Latin America, Asia Pacific, the Middle East, and Africa. North America currently leads the market with the largest share, driven by robust demand for agricultural and crop products in various countries. In 2018, the North American market was valued at USD 7.54 billion and is anticipated to see substantial growth in the coming years.
Meanwhile, the Asia Pacific region is also set for rapid expansion, primarily due to the extensive agricultural land in the area, which supports 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.
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