By the end of 2032, the size of the global phosphatic fertilizers market 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."
This can be linked to the growing need among farmers for fertilizer that supplies essential elements like potassium and nitrogen. Major application areas include agricultural items like fruits, vegetables, grains, and pulses. Adding phosphorus fertilizers to grains increases stalk strength, improves crop quality, and encourages root growth. The most important sources of phosphorus in the world are phosphorus rocks.
Phosphate consumption is rising globally as a result of rising food prices brought on by an expanding global population. In the upcoming years, it is anticipated that the surge in raw material prices brought on by increased investments in new mine capacity expansions would also persist.
Phosphorus is an essential macronutrient for crop fertilization that must be present for the highest possible crop production. The three main sources of phosphorus are fertilizer, bone meal, and rock superphosphate. The majority of commercial phosphate fertilizers on the market are primarily made using rock phosphate as their basic material. Phosphorus is essential for healthy root growth and helps plants withstand the negative impacts of environmental conditions like drought. The nutrient in question is necessary for plant growth and development, as well as the maturation of seeds and fruits, as was previously noted.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
Development Will Be Promoted by an Increase in Product Releases
Several factors that have recently spurred the market's expansion are included in the analysis. The increasing number of product launches has been primarily blamed for the market's recent increase. In a statement released in September 2016, ICL declared the launch of a new technology. This technology will be used in the production of controlled-release fertilizers. The business introduced "E-Max Release Technology," a system for controlled release of phosphate and nitrogen. This product will help the business create three significant revenue streams from the phosphatic fertilizers market in the next years, which will significantly impact the market's expansion.
North America has the highest market share, and growing consumer demand for sustainable crop produce will support its expansion.
The phosphatic fertilizer markets in North America, Latin America, Asia Pacific, the Middle East, and Africa are examined in this study. North America currently holds the biggest market share among these regions because of the robust demand for agricultural and crop products in a number of these nations. The North American market is expected to expand significantly further in the years to come, with an estimated value of USD 7.54 billion as of 2018. In addition to North America, the Asia Pacific market will grow rapidly in the next years due to the vast amount of land that is being cultivated.
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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