The global phosphate fertilizer market is on an upward trajectory, set to achieve a valuation of USD 55,599.5 million by 2023, with a promising projection of reaching USD 92,110.8 million by 2033, driven by a steady compound annual growth rate (CAGR) of 5.1% during the forecast period.
The market growth is driven by increased demand from agricultural producers for fertilizers that provide essential nutrients like nitrogen and potassium. Major application areas include fruits, vegetables, cereals, and pulses. Phosphorus fertilizers contribute to root growth, crop quality, and stalk strength. Phosphorus rocks are the primary global sources of phosphorus, with the United States being a leading producer and consumer. The market is significantly influenced by the rising global demand for food.
The surging global demand for phosphate fertilizers is driven by the increasing world population and the subsequent rise in food demand. The costs of raw materials are increasing due to investments in new mine capacity expansions, and this trend is expected to persist in the coming years. The increasing prices of mining activities worldwide are affecting raw material costs. Emerging economies, including Brazil and India, are recognizing the significance of using phosphate fertilizers in agricultural production. Government support in these agrarian economies has encouraged farmers and local entrepreneurs to boost the consumption of fertilizer-grade phosphate, leading to greater demand.
The increasing demand for phosphorus fertilizers is driven by the reduction in arable land per person in nations like India, China, the United States, and others. As population growth requires higher agricultural yields, farmers rely on crop protection, including phosphorus fertilizers, to meet food demand. With limited prospects for agricultural land expansion due to rapid industrialization and urbanization, the demand for phosphorus fertilizers may rise further, fueled by increasing meat and food product demands. The Asia-Pacific and Latin American regions present significant opportunities for the phosphate fertilizer industry to expand in the coming years.
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The rising global population is increasing the demand for efficient agricultural products and machinery to feed more people with limited arable land. This drives the need for high-quality fertilizers, including phosphatic compound fertilizers (DAP/MAP or NPK). Anticipated advancements in agricultural and irrigation technologies, such as sprinkler or drip irrigation, are expected to boost the market growth of phosphatic fertilizers in the years to come.
To maintain soil health and increase crop yield, supplementing phosphorus fertilizers becomes vital due to its depletion with each harvest. Restoring essential nutrients like nitrogen and phosphate, along with potassium and magnesium, is crucial for optimal growth. Commercially soluble phosphorus in fertilizers enhances plant absorption. Effective phosphorus fertilizer management is essential for cultivating healthy plants, achieving high yields, and running a successful farming operation.
Key Takeaways
- The demand for phosphate fertilizer in Europe is projected to rise with a promising CAGR of 5.8% during the forecast period.
- The market in Asia Pacific is expected to thrive with a CAGR of 5.4% during the forecast period.
- By application, the demand for phosphate fertilizers in cereals & grains is anticipated to rise with a CAGR of 6% during the forecast period.
“Increasing food demand, rising population, and reduction of arable land per person are expected to drive market growth during the forecast period,” comments an FMI analyst.
Competitive Landscape
The phosphate fertilizer market is highly competitive, with key industry players making substantial investments to enhance their manufacturing capabilities.
Top Key Players
- 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
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Key Segmentation
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
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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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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