Global Phosphate Fertilizer Market Size, Share And Growth Analysis For 2024-2033
The Business Research Company's Phosphate Fertilizer Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 29, 2024 /EINPresswire.com/ -- The phosphate fertilizer market has experienced robust growth in recent years, expanding from $47.11 billion in 2023 to $51.47 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in demand for agricultural products, increased demand for organic food and rising demand for a vegan diet.
Strong Future Growth Anticipated3
The phosphate fertilizer market is projected to continue its strong growth, reaching $73.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing population, rapid increase in the exports of phosphates, growing focus on innovative farming techniques and government initiatives.
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Growth Driver Of The Phosphate Fertilizer Market
The increasing demand for crop production is expected to propel the growth of the phosphate fertilizer market going forward. The increasing demand for crop production refers to the growing need to cultivate and harvest crops to meet rising global food requirements. Phosphate fertilizer is commonly used in crop production to provide essential nutrients, primarily phosphorus, to plants. It improves crop quality and Increase resistance to pests and diseases.
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Major Players And Market Trends
Key players in the phosphate fertilizer market include OCP SA, The Mosaic Co, Phosagro, Eurochem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Nutrien Ltd., Maaden - Saudi Arabian Mining Co., Jordan Phosphate Mines Co. PLC, Hubei Xingfa Chemicals Group Co. Ltd., Rama Phosphates Ltd., Shiva Global Agro Industries Ltd.
Major companies operating in the phosphate fertilizer market are developing innovative technologies, such as RhizoSorb, a phosphate fertilizer technology, to increase the efficiency of phosphorus fertilizers. RhizoSorb is a breakthrough sustainable fertilizer technology that helps growers optimize phosphorus use, preserve yield, and reduce the costs of fertilizers.
Segments:
1) By Type: Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP), Superphosphate, Other Types
2) By Distribution Channel: Online, Offline
3) By Application: Cereals And Grains, Oilseeds, Fruits & Vegetables, Other Applications
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the phosphate fertilizer market in 2023. North America was the second-largest region in the global phosphate fertilizer market. The regions covered in the phosphate fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Phosphate Fertilizer Market Definition
Phosphate fertilizers are chemical fertilizers used for the growth and development of plants by providing nutrients. Phosphate fertilizer are produced using phosphatic materials and mixing other phosphatic materials.
Phosphate Fertilizer Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Phosphate Fertilizer Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on phosphate fertilizer market size2, phosphate fertilizer market drivers and trends, phosphate fertilizer market major players, phosphate fertilizer competitors' revenues, phosphate fertilizer market positioning, and phosphate fertilizer market growth across geographies. The phosphate fertilizer market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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