Rockville , July 24, 2023 (GLOBE NEWSWIRE) -- The global Phosphate Alternatives Market accelerated at a CAGR of 7.1% from 2018 to 2022 and reached a value of US$ 231.54 billion in 2022, according to Fact.MR, a market research and competitive intelligence provider. Worldwide demand for phosphate alternatives is forecasted to reach a market value of US$ 472.53 billion by 2033.
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The effects of scarcity of phosphorus on food security around the world have been points of concentration of different scientific studies in the past decades. However, a systematic analysis of available alternatives to phosphorus, matching the levels of demand and supply in the food sector is taking place globally. Various prominent stakeholders are involved in this process.
Addressing the issue of phosphorus scarcity needs an integrated approach that explores potential demand reduction and recycling opportunities. It further implies multiple resources that can be used to recover phosphorus alternatives, including excreta, manure, and food waste. In addition, changing dietary habits among various consumers around the world are predicted to have a significant impact on the demand for phosphate alternatives over the coming decade.
Key Takeaways from Market Study
- The global phosphate alternatives market stands at US$ 247.05 billion in 2023.
- Sales of phosphate alternatives are projected to rise at a CAGR of 6.7% from 2023 to 2033.
- Worldwide demand for phosphate alternatives is estimated to reach a market value of US$ 472.53 billion by the end of 2033.
- Sales of ammonium sulfate are predicted to increase at a CAGR of 8% through 2033.
- The market in the United States is forecasted to progress at a CAGR of 8.3% over the forecast period.
- Demand for phosphate alternatives in the agriculture sector is projected to accelerate at a CAGR of 8% through 2033.
- The Chinese market is expected to reach US$ 131.84 billion by 2033.
- The industry in the United Kingdom is estimated to reach US$ 35.44 billion by 2033.
- Demand for phosphate alternatives in India is projected to increase at a CAGR of 11.1% from 2023 to 2033.
“Growing use of phosphate as a fertilizer in modern farming practices is leading to a strain on phosphorous supply and thus generating a need for alternatives, including nitrogen, etc., to offer different nutrients required to feed the rising global population,” says a Fact.MR analyst.
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Emerging Sustainability Challenge: Global Phosphorous Scarcity
The scarcity of phosphorous on the global platform has created a need for adopting its alternatives. Uncertainty about phosphorous supplies in the future is estimated to lead players to develop new sources of organic bio-fertilizers.
Considering farming operations around the world, nutrients such as phosphorous and nitrogen have an essential part to play in the optimal growth and productivity of plants. Nitrogen resources are abundant on the planet, whereas phosphorous resources are limited and phosphorus is mostly obtained by plants in the form of phosphates. Therefore, numerous farmers are opting for various alternatives to get essential fertilizers.
Owing to the increasing demand for food due to an increasing global population, the reliance of humanity on phosphate is becoming a significant concern. Thus, private as well as government businesses are taking initiatives to develop phosphate alternatives.
Key Market Players
Leading manufacturers of phosphate alternatives include
- BASF SE,
- Evonik Industries,
- Advance Inorganics,
- Gadot Biochemical Industries, Ltd.,
- Honeywell International,
- Giles Chemical,
- K+S Aktiengesellschaft,
- Lanxess Corporation,
- Mani Agro Chem Pvt. Ltd.,
- Laizhou City Laiyu Chemical Co. Ltd.,
- Nitta Gelatin Inc.,
- Raymon Patel Gelatine Pvt Ltd.,
- Novus International,
- Royal DSM,
- Timab,
- Fosfitalia SpA,
- Sigma-Aldrich Co. LLC.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the phosphate alternatives market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on alternative (ammonium sulfate, magnesium sulfate, potassium phosphate, magnesium phosphate, calcium acid, sodium sulfate) and application (agriculture, food processing, industrial, personal care products), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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