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Phosphate Fertilizers Market will witness a substantial growth by 2024

Author : Ronak Bora | Published Date : 2019-03-11 

Growth in poultry industry as well as pork business owing increasing meat consumption and awareness of nutritional food to cattle is likely to drive phosphate fertilizers market size over the forecast period Adoption of modern farming which is majorly dependent on these products is also one of the reason anticipated to drive demand.

This fertilizer is a key element for the production of various crops due to its capabilities in production of seeds and roots as well as for the plants maturity. These are used in applications such as starches, sugar and oilseed. It also helps in the elimination of any kind of soil deficiency.

These fertilizers help plants to regulate protein synthesis essential for plant growth. It is an essential micronutrient for the optimal production, being an element of nucleic acid structure which helps in development of crop. Scarcity of phosphorous in rock phosphate, increasing transportation costs and less yield has discouraged its usage in agriculture.

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The major challenge is the scarcity and non renewability of this resource coupled with government imposed regulations, which may affect market. Phosphate fertilizers market price trend is expected to fluctuate owing to scarcity of raw materials.

Its application include in agriculture sector such as plant maturation and crop development. Presence of vast application has made the phosphate fertilizer market demand relatively stable. Large arable land coupled with growing population, particularly in countries such as India and China, is likely to positively influence demand. Indonesia, Bangladesh and Pakistan were some countries where significant rise in demand was observed, and is expected to continue over the forecast period.

In terms of production, Morocco owns the vast reserves in the world and it is expected to cover more than 75% of the total demand. Brazil has increased their phosphoric production capacity. Africa was the major exporter in 2014. West Asia has witnessed small surplus on account of exports.

Global phosphate fertilizers market size was estimated at over 42 million tons in 2015 and is likely to exceed 51 million tons by 2023, growing at a CAGR of more than 2.1%. The market was valued at over USD 55 billion in 2014 and is anticipated to register more than USD 70 billion by 2023, with estimated gains of more than 3%.

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Asia Pacific phosphate fertilizer market size was dominant and accounted for more than 55% total demand in 2015. China was major producer and is anticipated to add production capacities over the forecast period owing to rise in crop demand. North America accounted for over 25% in 2015. Latin America is likely to grow at significant rate over the forecast period.

Approximately, 65% of the world’s resources are outsourced from marine and sedimentary rock deposits, and around 90% is used for food production. The key fertilizers include DAP, MAP and superphosphates. Increasing food consumption coupled with rising population, particularly in Asia Pacific has encouraged farmers to use these fertilizers.

The global phosphate fertilizers market share is fragmented and companies compete on the basis services provided to the clients. Key participants in market include Agrium, Coromandel International, Eurochem, Mosaic, OCP, ICL, Yara International, and CF Industries Holdings, Potash Corp. of Saskatchewan, and Phosagro.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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