Portland, OR, Oct. 22, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Phosphate Fertilizer Market by Type (Single Superphosphate SSP, Triple Superphosphate TSP, Monoammonium Phosphate MAP, Di Ammonium Phosphate DSP, Others), by Application (Cereals and Grains, Fruits and Vegetables, Oilseeds and Pulses): Global Opportunity Analysis and Industry Forecast, 2021-2031" The report indicates that the global phosphate fertilizer market garnered $24.0 billion in 2021 and is projected to garner $35.6 billion by 2031, with an impressive CAGR of 4.1% during the forecast period of 2022 to 2031. The report provides an extensive examination of evolving market trends, prominent segments, significant investment opportunities, the value chain, regional overview, and the competitive landscape.
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Prime determinants of growth:
The global phosphate fertilizer market is expanding rapidly due to the rise in demand for fertilizer & crop protection products, rising population, rising concern about low-calorie and organic supplements, and a substantial increase in the requirement for various agriculture food products. On the other hand, the high composition of phosphate-based fertilizers in soil affecting the growth of plants and a surge in cost of raw materials of phosphate-based fertilizers hamper the market growth. Nevertheless, the substantial surge in population in developed and developing countries, increase in import & export of various agricultural products, and a growth in focus on the agriculture sector by both developed and developing economies are expected to offer remunerative growth opportunities in the upcoming years.
The cereals and grains segment to maintain dominance status throughout the forecast timeframe
Under the application category, the cereals and grains segment held the largest market share in 2021 accounting for nearly two-fifths of the overall market revenue and is projected to rule the roost from 2022 to 2031. Phosphate fertilizer is extensively used in the cultivation of cereals, as it aids plants in absorbing vital nutrients and promotes their overall health and vigor. The demand for cereals has been driven by factors such as population growth, increased food demand, and the expansion of import and export trade. The fruits and vegetables segment, on the other hand, is estimated to showcase the impressive CAGR of 4.3% during the forecast period. Phosphate fertilizers are extensively utilized for the improved growth in fruits and vegetables.
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The Di ammonium phosphate segment to achieve lion’s share
On the basis of type, the di ammonium phosphate (DAP) segment held the highest share in 2021 accounting for more than half of the total market revenue and is estimated to lead the trail throughout the forecast timeframe. Also, the same segment would cite the fastest CAGR of 4.2% during the forecast period. The expanding global population and the increasing awareness of the advantages associated with consuming organic and nutritious foods have boosted the demand for pulses. DAP (Diammonium phosphate) is commonly employed as a fertilizer for pulses, particularly when there is a need for a lower nitrogen content and a higher phosphorus content as an initial or starter nutrient.
Asia-Pacific to maintain its dominance during the forecast period
On the basis of region, the market across Asia-Pacific region generated the largest share in terms of revenue contributing to more than half of the global market revenue and is projected to retain its dominance throughout the forecast timeframe. The same region would cite the fastest CAGR of 4.5% from 2022 to 2031. The use of phosphate fertilizer in agriculture, gardening, horticulture, and other sectors is an emerging trend across the Asia-Pacific region.
Top players profiled in the report:
- Indorama Corporation
- Gayatri Fertiplants International Pvt. Ltd.
- Rama Phosphates Ltd.
- ICL
- PhosAgro Group
- OCP
- APEX AGRO INDUSTRIES
- Green Agri Solution
- Nutrien Ltd.
- Silverline
The report examines the major players in the global phosphate fertilizer market, who have implemented diverse strategies, including expansion, the introduction of new products, forming partnerships, and more, with the aim of expanding their market reach and solidifying their position within the industry. The report is a valuable tool for assessing business performance, understanding operating segments, evaluating product portfolios, and tracking the developments made by each market player.
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