By the end of 2032, the size of the global phosphatic fertilizers market 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.”
Among the materials that make up phosphatic fertilizers is phosphate, which is necessary for the plant’s roots to remain healthy. Both the plant and the root’s overall efficiency will rise with the application of phosphatic fertilizers. The growing global demand for crops and crop products will present a number of expansion prospects for industry participants. The market is expected to do well in the upcoming years due to the significant investments made in the research and development of innovative phosphatic fertilizers. In the near future, the number of significant enterprises operating in the market will contribute to a growth in its overall size.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
Increasing Number of Product Launches Will Aid Growth
The study covers a number of variables that have fueled the market’s expansion recently. The market’s recent expansion has been significantly impacted by the rising number of product launches. ICL made an announcement in September 2016 about the introduction of a new technology that will be utilized in the manufacturing of fertilizers with controlled release. The business unveiled “E-Max Release Technology,” a mechanism that will release nutrients like nitrogen and phosphate in a regulated fashion. In the upcoming years, this product will assist the company in generating three significant revenue streams from the phosphatic fertilizers market, which will have a significant effect on the market’s growth.
North America Holds the Highest Market Share; Increasing Demand for Sustainable Crop Produce Will Aid Growth
This study examines the current market trends for phosphatic fertilizers in North America, Latin America, Asia Pacific, the Middle East, and Africa. Because of the enormous demand for crop and agricultural products in several of these region’s countries, North America now has the largest market share among these areas. The North American market was estimated to be worth USD 7.54 billion as of 2018, and it is anticipated to grow much more in the years to come. Because so much land is being farmed, the Asia Pacific market will increase significantly in the years to come, 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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