By 2028, Global Demand for Phosphate Fertilizers Market Will Surpass USD 90.25 Billion at 5% CAGR Growth: Says Vantage Market Research

WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) – The global phosphate fertilizer market size is likely to reach USD 90.25 billion by 2028, showing a CAGR of 5% during the forecast period from 2022 to 2028. Phosphate fertilizer market growth is attributed to To factors such as, the increase in the adoption of precision agriculture, the increase in the number of investments, and the increase in interest and initiatives taken by the government. Also, the increased pressure on the global food supply due to the rising population, and the increased demand for phosphate fertilizers, among others. Thus, these factors are likely to witness market growth and are expected to fuel market growth during the forecast period, says Vantage Market Research in a report titled “Phosphate Fertilizers Market by Type (Diammonium Phosphate, Monoammonium Phosphate, Super Phosphate, Others), by Crop Types (Cereals and Oilseeds, Fruits and Vegetables, Others), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) and Forecast (2022 – 2028)The market size reached 63.5 billion US dollars in 2021.

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Phosphate Fertilizer Market Report Highlights:

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Market Overview:

Rising demand for phosphate fertilizers

There are many components and nutrients needed for a plant to grow to its full potential. Phosphate is a major nutrient required for plants to grow to their fullest potential. Phosphate is an essential component for normal growth and for the absorption and conversion of sunlight as well to produce beneficial plant compounds. Thus, to help plants obtain the required amount of phosphorous, various phosphate fertilizers are used. This fertilizer helps plants develop strong roots and stems, resistance to disease and a productive plant.

Moreover, the use of phosphorous in feed supplements as well as chemical fertilizers helps improve soil quality by enhancing soil nutrition.

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Rising investment and demand for global food supplies

Since the past few decades, the population around the world has been increasing rapidly. Thus, rising population stimulates demand for food and creates huge demand and supply gap. Thus, the demand for agricultural products such as chemicals, pesticides, fertilizers, etc., and agricultural equipment increases. The dramatic decrease in the global food supply has increased the demand for fertilizers such as phosphate fertilizers and pesticides, among others, to increase production. The government is also undertaking several initiatives to improve the agricultural sector and motivate farmers to adopt modern agricultural technologies.

Governments as well as many major players are investing heavily in research and development in order to improve the agricultural sector; Which is expected to drive market growth during the forecast period.

Regional Analysis:

Asia Pacific leads the phosphate fertilizer market

The Asia Pacific region is expected to have the largest share of the phosphate fertilizer market and is also expected to grow with the fastest compound annual growth rate (CAGR) during the forecast period from 2022 to 2028. The majority of countries in the Asia Pacific region depend largely on Farming. Also, the existence of emerging economies and countries such as India and China; Which is one of the most populous countries in the world, the phosphate fertilizer market is expected to boost growth in the near future during the forecast period.

List of Prominent Players in Phosphate Fertilizer Market:

  • EuroChem Group AG

  • Coromandel International Ltd.

  • Israel Chemicals Company Ltd.

  • Hubei Xingfa Chemicals Group Co., Ltd. Ltd.

  • Jordan Phosphate Mines Company

  • Nutrien Ltd.

  • Ma’aden – Saudi Arabian Mining Company

  • OCP SA

  • Mosaic Company

  • PhosAgro AG

Benefits of Purchasing Phosphate Fertilizer Market Reports:

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Recent Developments in the Industry:

1. In July 2021, Fertoz Ltd. announced. , an Australia-based organophosphate company, announced three new offerings to complement its product offerings. These products include Phosul LLC, Nutrient Vigor Plus 2-4-4-2, and Humic Growth Solutions. Fertoz product offerings are approved for use in countries such as the United States and Canada.

This market is entitledPhosphate fertilizer market“Exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:

Report feature

details

Market size in 2021

63.5 billion US dollars

Expected market size in 2028

US$90.25 billion

CAGR growth rate

Compound annual growth rate of 5% from 2021-2028

base year

2021

Historic years

2016 – 2020

prediction years

2022 – 2028

covered slices

Type: – Diammonium Phosphate, Monoammonium Phosphate, Super Phosphate

Types of crops: – Cereals, oilseeds, fruits, vegetables, etc.

Quantitative data – units

Revenues in US$ Million/Billion and CAGR from 2022 to 2028

Covered areas

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Countries covered

United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others

Report coverage

Market growth drivers, restraints, and opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Organizational Landscape, Market Attractiveness Analysis by Segments and Region, Company Market Share Analysis, and COVID-19 Impact Analysis.

Key questions answered in the report:

  • Which regional market will show the highest rapid growth?

  • Who are the top five players in the phosphate fertilizer market?

  • How will the phosphate fertilizer market change in the next six years?

  • What application and product will take the lion’s share of the phosphate fertilizer market?

  • What are the drivers and restraints of the Phosphate Fertilizer Market?

  • What will the CAGR and Phosphate Fertilizer market size be throughout the forecast period?

Browse 180-page market spreadsheets and figures and in-depth table of contents on Phosphate Fertilizers Market by Type (Diammonium Phosphate, Monoammonium Phosphate, Super Phosphate, Other), by Crop Types (Cereals, Oilseeds, Fruits and Vegetables, Other), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) and predictions (2022 – 2028)”. View Detailed Research Report Here – https://www.vantagemarketresearch.com/press-release/phosphate-fertilizers-market-062097

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