Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global phosphate fertilizer market is expected to grow from USD 62.25 billion in 2022 to USD 112.54 billion by 2032, at a CAGR of 6.10% during the forecast period 2023-2032.
Phosphate fertilizers are fundamental in present-day farming as they offer important supplements, principally phosphorus, which is essential for developing and improving plants. They assume an essential part in expanding crop yields and guaranteeing food security. The phosphate fertilizers market has been becoming consistent because of the rising worldwide demand for food and the need to improve agricultural productivity. The market size was impacted by population growth, changing dietary habits, and expansion of cultivated areas. Phosphate fertilizers come in different structures, including diammonium phosphate (DAP), monoammonium phosphate (MAP), triple superphosphate (TSP), and single superphosphate (SSP). Every fertilizer has different phosphorus content and attributes, making them reasonable for various soil and yield types. The primary drivers for the phosphate fertilizer market incorporated the rising worldwide population, changing dietary preferences, and the need to improve agricultural productivity to meet food demand.
A lack of awareness will hinder the market's development. Some regions have introduced guidelines to limit nutrient runoff, prompting stricter rules for fertilizer application. Adjusting the interest for expanded farming efficiency with natural sustainability requires taking on precision agriculture practices and responsible fertilizer management.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 62.25 Billion |
| Market Size in 2032 | USD 112.54 Billion |
| CAGR | 6.10% |
| No. of Pages in Report | 238 |
| Segments Covered | Product, Application |
| Drivers | Changing Dietary Habits |
| Opportunities | Technology Innovation |
| Restraints | Environmental Concerns |
Market Growth & Trends
Advancements in technology were affecting the phosphate fertilizer market. Precision agriculture technologies, IoT-enabled monitoring, and data analytics were utilized to develop fertilizer application accuracy and proficiency further, decreasing waste and upgrading crop yields. Severe guidelines pointing toward checking nutrient runoff and water contamination impacted the phosphate fertilizer industry. Numerous nations attempted to restrict fertilizer application rates and promote sustainable nutrient management practices. Improving dietary habits and population growth affected the geographic interest communities for phosphate fertilizers. Emerging economies with expanding agricultural sectors were becoming critical consumers, moving the market. Interest in organic and eco-friendly farming practices was impacting the fertilizer market. Natural phosphate fertilizer and bio-based alternatives were gaining attention as farmers and consumers looked for more environmentally friendly choices.
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Key Findings
• In 2022, the monoammonium phosphate (MAP) segment dominated the market with the largest market share of 32% and market revenue of USD 19.9 billion.
The product segment is divided into monoammonium phosphate (MAP), diammonium phosphate (DAP), single superphosphate (SSP), triple superphosphate (TSP) and others. In 2022, the monoammonium phosphate (MAP) segment dominated the market with the largest market share of 32% and market revenue of USD 19.9 billion.
• In 2022, the cereals & grains segment accounted for the largest share of the market, with 47% and a market revenue of USD 29.3 billion.
The application segment is divided into cereals & grains, oilseeds & pulses, fruits & vegetables and others. In 2022, the cereals & grains segment accounted for the largest share of the market, with 47% and a market revenue of USD 29.3 billion.
Regional Segment Analysis of the Phosphate Fertilizer Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global phosphate fertilizer market, with a market share of around 40.29% and USD 25.1 billion of the market revenue in 2022. The Asia Pacific region is expected to be the largest market forecast period. Rapid population growth and urbanization in the Asia Pacific have prompted an increased demand for food items. Phosphate fertilizers are fundamental for expanding crop yields and guaranteeing food security in this specific circumstance. As pay levels rise, dietary habits in numerous Asian countries are evolving. There's a shift towards more protein-rich eating regimens, prompting more popularity for meat and dairy items. This drives the requirement for expanded creature feed creation, further supporting the interest in phosphate fertilizers. A shift towards more protein-rich diets leads to higher demand for meat and dairy products. This drives the need for increased animal feed production, further boosting the demand for phosphate fertilizers. Several countries in the region have government programs to support agricultural development and ensure food security. These initiatives can include subsidies for fertilizers and stimulating demand for phosphate fertilizers. Countries with surplus phosphate fertilizer production can tap into export opportunities, supplying neighboring countries with growing agricultural sectors.
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Key players operating in the global phosphate fertilizer market are:
• Eurochem Group AG
• CF Industries Holdings Inc.
• Coromandel International Ltd.
• Gujarat State Fertilizers & Chemicals Ltd.
• Haifa Group
• Hubei Xingfa Chemicals Group Co., Ltd.
• Israel Chemicals Ltd.
• Kazphosphate LLC
• Nutrien Ltd.
• PJSC PhosAgro.
• S.A OCP
• The Mosaic Co.
• Yara International ASA
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global phosphate fertilizer market based on the below-mentioned segments:
Global Phosphate Fertilizer Market by Product:
• Monoammonium Phosphate (MAP)
• Diammonium Phosphate (DAP)
• Single Superphosphate (SSP)
• Triple Superphosphate (TSP)
• Others
Global Phosphate Fertilizer Market by Application:
• Cereals & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Others
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About the report:
The global phosphate fertilizer market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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