WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The Global Phosphate Fertilizers Market size is likely to reach USD 90.25 Billion by 2028, exhibiting a CAGR of 5% during the forecast period of 2022-2028. The Phosphate Fertilizers Market growth is attributed to factors such as, increasing adoption of precision farming, increase in number of investments, and increasing attention and initiatives taken by the government. Also, increasing pressure on global food supply owing to the rising population, increasing demand for phosphate fertilizers, among other. Thus, these factors are likely to witness the market growth and are projected to fuel the market growth over the forecast period, states Vantage Market Research in a report, titled “Phosphate Fertilizers Market by Type (Diammonium phosphate, Monoammonium phosphate, Superphosphate, Others), by Crop types (Grain & oilseed, Fruit & vegetable, Other), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size stood at USD 63.5 Billion in 2021.
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Market Overview:
Upsurge in Demand for Phosphate Fertilizers
There are several constituents and nutrients needed for the growth of the plant to grow at full potential. Phosphate is a chief nutrient required for plants to grow to their full potential. The phosphate is a basic component required for normal growth and to absorb the sunlight and further convert it for production of useful plants compounds. Thus, to help plants receiving the required amount of phosphorus, the several phosphate fertilizers are used. These fertilizers helps plants to create strong roots, stems, resistance to disease, and a productive plant.
Moreover, the use of phosphorous in feed supplements as well as chemical fertilizers helps to improve the quality of soil by enhancing the soil’s nutrition.
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Escalation in Number of Investments and Demand for Global Food Supply
Since past few decades, the population across the globe is increasing swiftly. Thus, rising population is stimulating the demand for food and creating the huge supply and demand gap. Consequently, increasing the demand for agricultural products such as chemicals, pesticides, fertilizers, among others, and agricultural equipment. Considerable decline in global food supply is surging the demand for fertilizers such as phosphate fertilizers, and pesticides, among others to increase the production. Also, the government is taking several initiatives to improve the agricultural sector and motivate farmers for adoption of modern agricultural techniques.
Governments as well as several key players are investing heavily in R&D for the improvement of agricultural sector; which is further anticipated to propel the market growth over the forecast period.
Regional Analysis:
Asia Pacific Leads the Phosphate Fertilizers Market
Asia Pacific is anticipated to hold the largest share for Phosphate Fertilizers Market and further anticipated to grow at fastest Compound Annual Growth Rate (CAGR) over the forecast period which drives from 2022-2028. Majority of the countries present in Asia Pacific region majorly depend on agriculture. Also, the presence of emerging economies and countries such as India and China; which are one of the most populated countries in the world is anticipated to boost the Phosphate Fertilizers Market growth in near future over the forecast period.
List of Prominent Players in the Phosphate Fertilizers Market:
- EuroChem Group AG
- Coromandel International Ltd.
- Israel Chemicals Ltd.
- Hubei Xingfa Chemicals Group Co. Ltd.
- Jordan Phosphate Mines Co. PLC
- Nutrien Ltd.
- Maaden - Saudi Arabian Mining Co.
- OCP SA
- The Mosaic Co
- PhosAgro AG
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Recent Developments in the Industry:
1. In July 2021, Fertoz Ltd., an Australia-based organic phosphate company, announced three new offerings to complement their product offerings. These products include Phosul LLC, Nutrient Vigour Plus 2-4-4-2, and Humic Growth Solutions. The product offerings of Fertoz are approved for use in countries such U.S. and Canada.
This market titled “Phosphate Fertilizers Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 63.5 Billion |
| Projected Market Size in 2028 | USD 90.25 Billion |
| CAGR Growth Rate | CAGR of 5% from 2021–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Type:- Diammonium phosphate, Monoammonium phosphate, Superphosphate Crop types:- Grain & oilseed, Fruit & vegetable, Other |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Phosphate Fertilizers Market?
- How will the Phosphate Fertilizers Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Phosphate Fertilizers Market?
- What are the Phosphate Fertilizers market drivers and restrictions?
- What will be the CAGR and size of the Phosphate Fertilizers Market throughout the forecast period?
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on "Phosphate Fertilizers Market by Type (Diammonium phosphate, Monoammonium phosphate, Superphosphate, Others), by Crop types (Grain & oilseed, Fruit & vegetable, Other), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/phosphate-fertilizers-market-062097
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