New York (US), May 11, 2023 (GLOBE NEWSWIRE) -- Phosphate Fertilizers Market Overview
The MRFR study reports imply that the “Phosphate fertilizers Market Research Report Information by Product, Region, and Application - Forecast Till 2032”, the global Phosphate fertilizers prices are predicted to bolster substantially during the review era from 2023 to 2030 substantial growth rate of around 5.90%. The reports further predict the market will acquire nearly USD 104.02 billion by the end of 2032. As per the phosphate market outlook, the Phosphate fertilizers market was valued at nearly USD 62.1 billion in 2023.
Market Scope: The global Phosphate fertilizers industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid increase in population. Furthermore, the rising global conflict on food demand and low phosphate fertilizer prices is also considered to be one of the crucial parameters enhancing the performance of the market around the world. The phosphate fertilizer examples include SSP, NPKs, Monoammonium Phosphate (MAP), and Diammonium Phosphate (DAP).
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Competitive Analysis
The listing of the prominent phosphate fertilizer manufacturers across the global market for Phosphate fertilizers includes players such as:
- The Mosaic Co.
- Eurochem Group AG
- Coromandel International Ltd.
- Agrium Inc.
- Israel Chemicals Ltd.
- Potash Corp. of Saskatchewan Inc.
- CF Industries Holdings Inc.
- Yara International ASA
- PJSC PhosAgro
- SA OCP
- Among others
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 104.02 billion |
| CAGR | 5.90% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Growing world population and increasing food demand Manufacturers of phosphoric fertilizers are becoming more interested in vertical integration |
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Market USP Covered
Market Drivers
The global Phosphate fertilizers industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid increase in population. Furthermore, the rising global conflict on food demand is also considered to be one of the crucial parameters enhancing the performance of the market around the world. Moreover, the factors such as increasing food inflation, increased food insecurity, rising demand for higher agricultural productivity, rising demand for a vegan diet & meat alternative, and growing government initiatives to support the use of nitrogen, phosphorus, and Potassium (NPK) are also anticipated to enhance the development of the market over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Phosphate fertilizers market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Segment Analysis
Among all the product types, the diammonium phosphate (DAP) segment secured the top spot across the global market for phosphate fertilizers. It has good physical characteristics and is very soluble. Given its high solubility, diammonium phosphate dissolves rapidly in soil and releases phosphate and ammonium that are instantly available to plants. Its quick DAP is highly utilized to promote root growth, flower bud expansion, and color development in barley, vegetables, wheat, and fruits.
Among all the application areas, the cereals & grains category is anticipated to ensure the top spot across the global market for phosphate fertilizers. The main parameter supporting the segment's growth is the growing global population causing demand for commodities, particularly grains. The important use of these fertilizers to increase the quality of cereal crops is also likely to enhance the segment's performance.
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Regional Analysis
The global market for Phosphate fertilizers is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Phosphate fertilizers industry over the assessment period. The main parameter supporting the development of the regional market is the expansion of agriculture in nations like South Korea, India, China, and Pakistan. Furthermore, the rapidly growing populations, coupled with the great growth potential, in emerging nations like China and India are putting massive effort into advancing the crop production and efficiency of agricultural lands in countryside areas. India is, at present, the world's second-largest consumer of fertilizer, following China. The Indian government, in 2019, bought 10.61 lakh tonnes of fertilizer, which raised to 19.15 lakh tonnes in 2021.
The European regional market for Phosphate fertilizers is anticipated to ensure the second spot across the global market over the assessment period. The region's nations are highly dependent on fertilizer imports. Nearly two-thirds of all NPK are utilized as nitrogen, mainly used in large quantities throughout many European nations. Phosphate and Potassium are also used on agricultural land, albeit their blend with a volumetric share of total use is less than 20%. The use of phosphate fertilizer, which enhanced agricultural productivity in the second half of the 20th century, has also raised the concentration of phosphate in many countries' soils, especially in Western Europe. The region has Germany and the UK as the leading growth contributors.
The North American Regional Phosphate Fertilizer Market will showcase the maximum growth rate over the coming years. The main parameter supporting the development of the regional market is the growing need for food grains. Furthermore, the increasing popularity of vegan and organic foods demands agricultural goods like cereals, vegetables, fruits, and other foods. In addition, the United States produces a lot of corn, wheat, and soybeans, all of which require a sizable number of fertilizers for higher productivity. The region has Canada and the US as the leading growth contributors.
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