Phosphate Fertilizer Market By Type (Single Superphosphate SSP, Triple Superphosphate TSP, Monoammonium Phosphate MAP, Di Ammonium Phosphate DSP, Others), By Application (Cereals and grains, Fruits and vegetables, Oilseeds and pulses): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global phosphate fertilizer market was valued at $24.0 billion in 2021, and is projected to reach $35.6 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
Phosphate is an essential plant nutrient that helps in seed development, plant maturation, and plant development thus enhancing plant productivity. Phosphate-based fertilizers are diammonium phosphate (DAP), mono ammonium phosphate (MAP), NPKs, and SSP. These phosphate-based fertilizer possess various physical and water solubility properties due to which it is extensively used on crops. Phosphate fertilizers are obtained by adding acid to pulverized phosphate rock.
Factors such as rise in global population, increase in demand for food, import & export trade, advancement of technology, and growth in the agriculture sector drive the expansion of the phosphate fertilizer market. For instance, according to an article published by India Brand Equity Foundation in August 2022, the Indian agricultural sector is expected to increase to $24 billion by 2025. These factors have increased the growth of phosphate as a fertilizer in the agriculture sector where it is employed widely on crops for root development, seed development, and plant maturation.
In addition, several key manufacturers put more emphasis on the production and supply of phosphate-based fertilizer owing to growing demand from the farmer has surged the popularity of phosphate as a fertilizer. For instance, OCP company offers phosphate resources to deliver customized fertilizers for the specific needs of local soil, climate, and crops. This leads to higher crop yields and helps feed the planet more sustainably. This is anticipated to drive the growth of phosphate fertilizer in the market.
Increasing demand for single superphosphate (SSP) is mostly driven by factors such as increased population across the globe and substantial investments in oilseeds production have enhanced the performance of phosphate fertilizer for single superphosphate (SSP). This factor is expected to boost the market. Furthermore, data published by USDA in July 2022, the major U.S. oilseed crops are soybeans, cottonseed, sunflower seed, canola, rapeseed, and peanuts. Soybeans are the dominant oilseed in the United States, accounting for about 90 percent of U.S. oilseed production. Single superphosphate has an excellent source of phosphate and is widely used as a crop nutrient due to which the sales of phosphate fertilizer for SSP have increased in recent years.
However, there are numerous side effects linked with usage of phosphate fertilizer. Data revealed by environmental protection agency (EPA) states that, too much utilization of phosphate fertilizer on crops causes growth of algae and large aquatic plants, which can result in decreased levels of dissolved oxygen in the soil and leads to production of algal toxins which are harmful for plant growth. This factor restrains market growth during the forecast period. Moreover, rising prices of raw materials of phosphate fertilizer is expected to hamper the market growth.
The rise in population and increase in disposable income have enhanced the purchasing power of people for high end products that include ornamental crops, cash crops, and others. In addition, expansion of agricultural industry and horticulture industry has led the adoption of phosphate fertilizer across the globe owing to its ability of enhancing plant productivity and photosynthesis activity. Derivatives of phosphate fertilizer such as single superphosphate (SSP), triple superphosphate (TSP), monoammonium phosphate (MAP), Di-ammonium phosphate (DSP), and others are widely used for enhancing soil porosity and productivity. These factors are projected to enhance the growth of phosphate fertilizer market during the forecast period.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the phosphate fertilizer market analysis from 2021 to 2031 to identify the prevailing phosphate fertilizer market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the phosphate fertilizer market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global phosphate fertilizer market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ApplicationCereals and grains
Fruits and vegetables
Oilseeds and pulses
By TypeSingle Superphosphate SSP
Triple Superphosphate TSP
Monoammonium Phosphate MAP
Di Ammonium Phosphate DSP
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Nutrien Ltd.
Green Agri Solution
APEX AGRO INDUSTRIES
ocp
Silverline
icl
Rama Phosphates Ltd.
Gayatri Fertiplants International Pvt. Ltd
Indorama Corporation
PhosAgro Group
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