Phosphate Fertilizer Market Overview
Phosphate Fertilizer Market Size was valued at USD 62.1 billion in 2022. The phosphate fertilizer market is projected to grow from USD 65.8 billion in 2023 to USD 104.02 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023–2032).
Phosphate fertilizers market are made by combining acid with powdered or pulverised phosphate rock. The most popular and widely used phosphate fertilizers are monoammonium phosphate (MAP), diammonium phosphate (DAP), NPKs, and SSP. Phosphate is a naturally occurring component of phosphorus, an element that provides all of the nutrients required for plant development and has a variety of uses in the agriculture industry.
One of the main factors propelling the expansion of the global phosphate fertilizer market is the rapid increase in population, which has an impact on food demand; rising global conflict, which has increased food insecurity and led to increasing food inflation; rising demand for higher agricultural productivity to address food insecurity; rising demand for a vegan diet and meat alternatives; and rising government initiatives to support the use of nitrogen, phosphorus, and potassium (NPK). Rapid population growth and urbanisation have limited the amount of arable land available, which has drastically decreased agricultural production. As a result, the market is anticipated to grow throughout the forecast period due to rising fertilizer demand.
Segment Analysis
The global phosphate fertilizer market has been segmented based on product and application.
Based on product, the market is segmented into Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP), Single Superphosphate (SSP), Triple Superphosphate (TSP) and Others. The diammonium phosphate (DAP) segment was attributed to holding the largest market share in 2022.
Based on application, the global phosphate fertilizer market outlook has been segmented into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables and Others. The cereals & grains segment was expected to hold the largest market share in 2022.
Regional Analysis
The global phosphate fertilizer market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe phosphate fertilizer market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The phosphate fertilizer market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World phosphate fertilizer market comprises of Middle East, Africa, and Latin America.
The Asia Pacific region is anticipated to be the largest region in the phosphate fertilizer market over the forecast period. Asian nations like India, China, and others have a sizable territory that can be used for agricultural production, a sizeable portion of their population lives in rural areas, and their climate is favourable for crop development. It is projected that these variables would increase the use of phosphatic fertilizers in the area. The market demand for phosphatic fertilizers in the APAC is also anticipated to increase due to various subsidy programmes offered on crop nutrition goods within this region.
Moreover, the European region is anticipated to be the second largest region. This is a result of the region’s countries producing a lot of agricultural goods; Germany ranks among the fourth-largest producers in the region, and France comes in at number six. Together, these two nations control nearly one-third of the agricultural land in the European Union.
Additionally, North America region is expected to be the fast growing region in the phosphate fertilizer market. It is projected that the need for phosphatic fertilizers in this region would increase due to the steadily decreasing amount of arable land in nations like the U.S. and Mexico. The region’s farmers are anticipated to become more aware of and use crop nutrition products to produce quality crops, which will support the expansion of the North American phosphatic fertilizers market. The market for phosphatic fertilizer in North America will expand as a result of the existence of players like Nutrien Ltd., Israel Chemicals Ltd., and Yara International ASA.
Furthermore, the rest of the world’s phosphate fertilizer market is divided into the Middle East, Africa, and Latin America. It is expected that during the course of the projected period, the demand for phosphate fertilizers will increase as a result of the region’s growing population and shifting dietary habits. Due to the huge production of oilseeds like soybean and rapeseed in countries like Brazil, South America is expected to experience the highest development in the next years.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Phosphate Fertilizer Market Report : https://www.marketresearchfuture.com/reports/phosphate-fertilizer-market-11682
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