By 2032, the global phosphatic fertilizers market is projected to reach USD 100.49 billion, fueled by the growing adoption of these products to improve crop nutrition. 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," valued the market at USD 62.24 billion in 2019, with an expected compound annual growth rate (CAGR) of 3.50% through 2032.
The market's expansion is driven by increasing demand for fertilizers that provide essential nutrients like potassium and nitrogen. Phosphatic fertilizers are widely used across various agricultural sectors, including cereals, pulses, oilseeds, fruits, and vegetables. Phosphorus, a key component, enhances stalk strength, improves crop quality, and promotes robust root development, particularly in grains. Phosphate rocks remain a critical global source of phosphorus.
As global food prices rise alongside a growing population, phosphate consumption is increasing. This trend is expected to continue, supported by rising raw material costs and greater investments in new mining capacities.
Phosphorus is an essential macronutrient for maximizing crop yield, primarily obtained from fertilizers, bone meal, and rock superphosphate. Most commercial phosphate fertilizers are derived from rock phosphate. This nutrient aids in healthy root development, supports plants under environmental stresses such as drought, and is crucial for overall 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 identifies several recent factors driving the growth of the phosphatic fertilizers market, with one of the key drivers being the surge in new product launches. For example, in September 2016, ICL introduced the "E-Max Release Technology," an advanced system engineered for controlled-release fertilizers. This technology allows for the precise, timed release of both phosphate and nitrogen, and is expected to create three major revenue streams for the company within the phosphatic fertilizers sector. Innovations like this are set to play a pivotal 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, holding the largest share due to robust demand for agricultural and crop products across multiple countries. In 2018, the North American market was valued at USD 7.54 billion and is expected to see substantial growth in the coming years.
Meanwhile, the Asia Pacific region is positioned for rapid expansion, primarily driven by its extensive agricultural land, which supports the growing 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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