Phosphate Fertilizer Market Size – USD 61.50 Billion in 2021, Growth – CAGR of 4.0%, Trends – Global Population Increase.
NEW YORK, NY, USA, May 5, 2022 /EINPresswire.com/ — The Global Phosphate Fertilizer Market is expected to reach $86.62 billion by 2030, according to a new report from Reports and Data. Rising demand from emerging markets will help the phosphate fertilizer market maintain a steady growth rate over the forecast period. Adoption of modern agricultural techniques will strengthen the phosphate fertilizer market and also contribute to its growth over the forecast period.
Due to the pandemic, there are high chances of supply chain disruption and influence on the supply of ingredients and raw materials. The financial crisis may allow people to reduce their expenses, which may lead to a decrease in demand from the food industry, negatively affecting the phosphate fertilizer market. Although food demand is inelastic, there may be a change in consumer eating habits. Although the above reasons may have a negative impact, the inelasticity of food demand will drive the market growth significantly. Due to COVID-19, fertilizer manufacturers are adopting safety rules and strategies, which may drive the growth of the industry over the forecast period.
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The main participants are Potash Corp. of Saskatchewan Inc., Yara International ASA, CF Industries Holdings, Inc., Agrium Inc., The Mosaic Co., EuroChem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Phosagro and Office Cherifien Des Phosphates (OCP), among others.
The global materials and chemicals industry is expected to witness a massive revenue growth rate over the forecast period, owing to factors such as rapid industrialization across the world, increasing use of raw materials and chemicals in buildings and construction, food and beverages, agriculture, pharmaceuticals, and textiles, and the growing demand for essential consumer goods, including packaged food and beverages, beauty and personal care and household hygiene products. Increasing industrial applications of specialty chemicals, as well as high-performance organic agrochemicals, increasing government investment in the materials and chemicals sector, increasing environmental awareness among the population and the Growing demand for environmentally friendly and sustainable raw materials and chemicals are other key drivers. factors that are expected to drive the industry’s revenue growth.
Other key findings from the report suggest
Growing global population and growing diversification in demand for food production is driving the growth of the market. As phosphate fertilizers help plants regulate protein synthesis, it leads to root and leaf development. Fertilizer use also helps improve soil fertility and crop yields, leading to increased agricultural productivity and reduced hunger worldwide.
Diammonium phosphate (DAP) fertilizer generated revenue of approximately USD 32.09 billion in 2019. It is expected to witness growth during the forecast period as it is an important crop fertilizer containing essential rich resources such as phosphorus and nitrogen.
Asia-Pacific has the highest market adoption rate during the forecast period, mainly due to the growing population in countries like China and India and the increasing scarcity of arable land in the regions. With population growth, the demand for food production also increases. Farmers are adopting modern agriculture to increase crop yield to meet the growing demand for food.
Some wiser strategies are being adopted by the Phosphate Fertilizer market in order to say competitive among the growing demand of Phosphate Fertilizers. Collaborations have been observed between leading brands in order to increase their product portfolio and enter new markets. In order to maintain the position of products in the competitive market, companies adopt effective marketing and branding strategies.
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For the purposes of this report, the reports and data have segmented the global phosphate fertilizer market on the basis of product type, application, distribution channel and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Monoammonium phosphate (MAP)
Diammonium phosphate (DAP)
Application Outlook (Revenue, USD Billion; 2019-2030)
Fruits and vegetables
Cereals & Grains
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
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Regional Outlook (Revenue, USD Billion; 2019-2030)
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