By the end of 2032, the size of the global phosphatic fertilizers market share, size is anticipated to reach USD 100.49 billion. Global product adoption will increase as a result of phosphate's capacity to raise the crop's total nutritional value. The phosphoric fertilizers market was valued at USD 62.24 billion and is expected to grow at a compound annual growth rate (CAGR) of 3.50% between 2019 and 2032, according to a Fortune Business Insights report 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."
When it comes to applying fertilizer to crops, phosphorus is a crucial macronutrient that needs to be present for maximum crop yield. Rock superphosphate, fertilizer, and bone meal are the three main sources of phosphorus. Rock phosphate serves as the main raw material input for the majority of commercial phosphate fertilizers available on the market. Phosphorus helps plants endure the effects of environmental factors like drought and is necessary for the proper growth of roots. As was previously mentioned, the nutrient in issue is essential for the growth and development of plants, as well as the maturation of seeds and fruits.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
A Growing Number of Product Releases Will Promote Development
The report includes a number of variables that have recently fueled the market's growth. The recent surge in the market has been mostly attributed to the growing number of product launches. ICL announced the introduction of a new technology in a statement from September 2016. This technology will be utilized in the manufacturing of fertilizers with controlled release. The company unveiled "E-Max Release Technology," a mechanism that releases nitrogen and phosphate in a regulated fashion. In the upcoming years, this product will assist the company in generating three substantial revenue streams from the phosphatic fertilizers market, which will have a major effect on the market's growth.
With the largest market share, North America's growth will be aided by rising consumer demand for sustainable crop produce.
This research investigates the phosphatic fertilizer markets in North America, Latin America, Asia Pacific, the Middle East, and Africa. Due to the strong demand for crop and agricultural products in several of these countries, North America now has the largest market share among these areas. With an estimated worth of USD 7.54 billion as of 2018, the North American market is anticipated to grow much more in the years to come. Due to the enormous quantity of land being farmed, the Asia Pacific market will expand quickly in the next years in addition to North America.
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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