Phosphate Fertilizer Market to Garner $35.6 Billion, Globally, By 2031 at 4.1% CAGR, Says Allied Market Research
The growing population, a significant rise in the need for various agricultural food products, the surge in the demand for fertilizer & crop protection products, and the growing concern about organic and low-calorie supplements drive the global phosphate fertilizer market.
PORTLAND, Ore., April 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "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" According to the report, the global phosphate fertilizer industry was valued at $24.0 billion in 2021 and is estimated to generate $35.6 billion by 2031, witnessing a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The rapid growth of population, a significant rise in the need for various agricultural food products, the surge in the demand for fertilizer & crop protection products, the rise in awareness about healthy lifestyles, and the growing concern about organic and low-calorie supplements among youngsters drive the phosphate fertilizer market. However, a rise in prices of raw materials of phosphate-based fertilizers and the high consumption of phosphate-based fertilizers in soil which slows down the growth of plants hinder the global market growth. On the other hand, the rapid increase in population in both developed & developing economies, the rise in import & export of various agricultural products, and the surge in focus on the agriculture sector by both developed and developing economies will present new growth opportunities for the global phosphate fertilizer market in the coming years.
Covid-19 Scenario
- The impact of COVID-19 on the phosphate fertilizer had been significant, both in terms of value and volume. The market witnessed a decline in 2020.
- The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. There were increase in commodity prices and supply chain disruptions, causing inflation in goods and services effecting many markets across the globe.
- However, the global phosphate fertilizer market is expected to witness growth during the forecast period, owing to a decline in cultivation areas globally.
The cereals and grains segment to dominate the market during the forecast period
Based on application, the cereals and grains segment contributed to the largest share of nearly two-fifths of the global phosphate fertilizer market in 2021 and is expected to dominate the market during the forecast period. Phosphate fertilizer is widely employed for cereals production, as it helps plants to take essential nutrients and enhances plant vigor. Factors such as rise in population, the growth in demand for food, and import & export trade surged the demand for cereals. However, the fruits and vegetables segment is expected to witness the fastest CAGR of 4.3% from 2022 to 2031. This is because phosphate fertilizer is widely used in fruits and vegetable plants to enhance their growth.
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The di ammonium phosphate DAP segment to achieve the highest growth during the forecast period
Based on type, the di ammonium phosphate DAP segment grabbed the highest share of more than half of the overall phosphate fertilizer market in 2021 and is projected to maintain its dominance in 2031. Moreover, the same segment is expected to witness the fastest CAGR of 4.2% from 2022 to 2031. The growing population across the globe and rise in awareness of the benefits of consuming organic and healthy food enhanced the demand for pulses. DAP is widely used as fertilizer for pulses where less nitrogen and higher phosphorus are required as starter dose.
Asia-Pacific to dominate the market by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than half the global phosphate fertilizer market and is likely to dominate in terms of revenue in 2031. The same market in is likely to show the fastest CAGR of 4.5% during the forecast period. The utilization of phosphate fertilizer chemicals in sectors such as agriculture, horticulture, gardening, and others is the major market trend in Asia-Pacific.
Leading 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
The report analyzes these key players of the global phosphate fertilizer market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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