30-October-2018: Based on a report published by Grand View Research, Inc.; the global phosphate fertilizers market is anticipated to attain around USD 78.06 billion by 2025. Growing requirement for diverse food products attributed to rising population is anticipated to drive the global market over the forecast period (2018 to 2025). Phosphate offered by these fertilizers can help the plants absorb sufficient amount of energy from the sun and convert it into useful components.
High demand for agricultural fertilizers to boost crop yield and soil fertility is likely to stimulate growth of the market for phosphate fertilizers. Limited availability of arable land and growing awareness regarding the advantages of phosphate fertilizers can further augment market expansion. Favorable government initiatives to promote fertilizers offering naturally occurring nutrients such as nitrogen and phosphorus can positively influence market development during the forecast period.
The worldwide phosphate fertilizers market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into Diammonium Phosphate (DAP), superphosphate, Monoammonium Phosphate (MAP), and others. In 2016, the DAP fertilizers accounted for market share equivalent to USD 15.5 billion. These fertilizers are expected to witness significant growth in demand during the forecast period as they are the key source of phosphorus and nitrogen. These fertilizers can be used in wide range of crops such as sowing pastures, cereals, fodder crops, sugarcane, dairy pastures, and horticultural crops and are likely to be a cost-effective source of nitrogen for crops.
In 2016, the MAP fertilizers segment accounted for market share equivalent to USD 10.3 billion. The segment is predicted to grow at phenomenal CAGR of around 4.7% from 2017 to 2025. These fertilizers are water-soluble in nature and can be used as a good source of phosphorus and nitrogen for crops and plants. In addition, the high purity level of MAP fertilizers can make it ideal for foliar and fertigation applications. All these factors are anticipated to contribute to the overall market growth in the forthcoming years.
Based on application, the market for phosphate fertilizers can be classified into oilseeds, cereals and grains, fruits and vegetables, and others. In 2016, the cereals and grains segment dominated the market and accounted for largest market share. It is likely to grow at CAGR of nearly 4.6% from 2017 to 2025. High demand for cereals and grains is attributed to rising population and demand for food in countries like China and India. Farmers and gardeners are expected to add phosphate fertilizers to soil to increase the ability of crops and plants to absorb natural phosphorus present in the soil. The ability of fertilizers to maintain the richness of soil nutrients for healthy plant development can impel the demand in near future.
Regional segmentation includes North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. In 2016, Asia Pacific dominated the market and accounted for around 59.1% of market share. It is estimated to grow at a CAGR of nearly 5.5% through to 2025. High demand for diversified food attributed to rising population in countries such as India and China are expected to boost demand for phosphate fertilizers during the forecast period. India is predicted to be the second largest consumer and importer of diammonium phosphate (DAP) fertilizers.
In Central and South America, countries such as Brazil followed by Argentina, Chile, and Columbia dominated the phosphate fertilizers market in 2016. Changing dietary patterns coupled with increasing population are likely to fuel demand for various food products in the region. This, in turn, is expected to influence overall market growth during the forecast period.
Some of the leading companies operating in the market for phosphate fertilizers are Diammonium Phosphate, Israel Chemicals Limited, Coromandel International Limited, The Mosaic Company, and EuroChem Group AG. Most companies are expected to adopt advanced production technologies to offer quality food products to match the improving standard of living. In addition, most companies are expected to manufacture products using phosphate additives for wide range of food applications.
In-Depth Research Report On Phosphate Fertilizers Market:
https://www.grandviewresearch.com/industry-analysis/phosphate-fertilizers-market
No comments:
Post a Comment