By 2033, it is anticipated that the market for phosphate fertilizers will be worth US$ 92,110.8 million. According to research by Future Market Insights (FMI), sales are predicted to grow at a 5.1% CAGR from 2023 to 2033.
To sustainably nourish the expanding global population, farmers are placing high demand for efficient agricultural technologies and equipment. This need arises from relentless population growth coupled with a significant decrease in accessible arable and agricultural land globally.
The market demand for high-quality fertilizers, particularly phosphate compound fertilizers such as DAP/MAP or NPK, is on the rise. Over the forecast period, advancements in agricultural technology and irrigation systems are anticipated to drive the growth of the phosphate fertilizer industry.
Along with widespread adoption of sprinkler or drip irrigation techniques, these innovations aim to optimize water usage and enhance the efficiency of nutrient delivery. This drives demand for phosphate fertilizers worldwide.
The addition of phosphate fertilizers in proper amounts is also required since the loss of phosphorus from the soil after each harvest exceeds its natural replacement ability.
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Maintaining the ideal nutrient balance in the soil is essential to ensuring a strong crop yield and encouraging healthy growth. This includes reintroducing to the soil vital components like phosphorus, nitrogen, potassium, and magnesium,
Commercial phosphate fertilizers are made expressly to increase solubility, making it easier for plants to absorb and use the fertilizer. For the cultivation of healthy plants, obtaining bountiful yields, and ensuring the general success of agricultural activities, effective management of phosphorus fertilizers is essential.
The phosphate fertilizer industry is experiencing a surge in demand due to the thriving agriculture industry. As the agriculture sector expands to meet the rising global food demand driven by population growth and changing consumer preferences, there is an increasing need for effective fertilizers to boost crop productivity and maximize yields.
Key Takeaways from the Phosphate Fertilizer Market Study
- The global market of phosphate fertilizer is estimated to witness a growth forecast of 1% magnitude on a value basis.
- It is anticipated that North America and Western Europe would account for around 6% of the global market share.
- The Diammonium Phosphate (DAP) segment is expected to generate an incremental dollar opportunity of approximately US$ 18,333.5 million by 2033.
- The USA is a prominent importer of phosphate fertilizer chemicals with an estimated import volume of 5,694,444 tons.
“The need for phosphate fertilizer is being driven by a steadily swelling demand from the agriculture sector. Higher quality, better efficiency and replenishment of the soil after harvest cycles are key driers of growth. Companies would profit from their focus on regional nuances and demands.” – says a lead analyst at FMI
Competitive Landscape
According to the research, the market for phosphate fertilizer is consolidated, with key companies projected to hold a sizable portion of it.
The top manufacturers include, among others, Eurochem Group AG, Israel Chemicals Ltd., Coromandel International Ltd., Nutrien Ltd., PJSC PhosAgro., Yara International ASA, The OCP Group, JESA, MIRA Organics and Chemicals PVT LTD, Ma’aden, California Organic Fertilizers Inc, Hubei Xingfa Chemicals Group Co., Ltd., Qatar fertilizer, Kazphosphate LLC, Jordan Phosphate Mines Co., Haifa Group, J.R. Simplot Company, Gujarat State Fertilizers & Chemicals Ltd., Itafos, The Mosaic Company.
With continuous development and increasing investments in the agricultural sector for better products, the demand for the highest quality phosphate fertilizers is rising. The need for quality fertilizers is propelling the growth of the market and in turn, putting pressure on companies to boost the phosphate fertilizer supply that meets the ever-growing demand.
Owing to this, several companies are expanding their production facilities keeping in consideration the immense prospects of the phosphate fertilizer industry. Prominent players are focusing on introducing innovative solutions and collaborating with small and medium size players in the market space for Instance
- In 2023-Moroccan phosphates and fertilizers producer OCP supplied India with 1.7 million tonnes of phosphate-based fertilizers. Morocco’s OCP will supply India with 700,000 tonnes of a nitrogen-free fertilizer known as triple super phosphate (TSP), in addition to 1 million tonnes of Diammonium phosphate (DAP).
- In February 2022, PhosAgro announced the establishment of PhosAgro-Sibir as a new regional business. The business, which is a subsidiary of PhosAgro, supplies agricultural farmers in the Siberian and Far Eastern Federal Districts with direct deliveries of a variety of mineral fertilizers.
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Key Segments Covered
By Product Type:
- Monoammonium Phosphate (MAP)
- Diammonium Phosphate (DAP)
- Single Superphosphate (SSP)
- Triple Superphosphate (TSP)
- Others
By Application:
- Cereals and Grains
- Oilseeds
- Pulses and legumes
- Fruits and Vegetables
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic
- South Asia Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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