Phosphatic Fertilizers Market Size, Share, Growth, and Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Superphosphate and Others), By Application (Grain and Oilseed, Fruits and Vegetables), Regional Insights and Forecast To 2032

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PHOSPHATIC FERTILIZERS MARKET OVERVIEW

Global phosphatic fertilizers market size is predicted to reach USD 123.75 billion by 2032 from USD 79.18 billion in 2023, registering a CAGR of 5.1% during the forecast period.

Phosphorus containing fertilizers wherein the phosphorus is a chemical which is very crucial for the plants, is defined as phosphatic fertilizers. In the development of fruits and flowers as well as for the healthy growth of the plants the Phosphoric element is quiet important. Prominently, the phosphoric deficient soils can be added more fertility by adding the phosphorus fertilizers to it. With the rising income levels and a growing population, there is an increased demand for food, and is driving the market expansion. Additionally, the market is growing as more people have become aware of the advantages of using the phosphatic fertilizers.

COVID-19 IMPACT

COVID-19 Pandemic Dwindled the Agricultural Activities and the Farmers Adopting Cost Saving Measures Downsized the Market Growth 

The global pandemic has been an unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 historical disaster decreased the farmer earnings by disrupting agricultural operations, and haphazard uncertainty about future market circumstances, all of which contributing toward decline in demand for phosphatic fertilizers. Farmers had to deal with hardships including  lack of manpower, thrown off agricultural input supply lines, and tight budgets, all of which had an impact on the fertilizer they bought. Changes in farming techniques were brought about by the pandemic; some of the farmers reduced  amount of fertilizer they applied and inhibited the cost-cutting strategies in order to make their ends meet. Further, the agricultural activities were impacted hugely by machinery and personnel shortages, which had a growing impact on the timing and patterns of fertilizer application.

LATEST TRENDS

Emergence of Precision Agriculture Technologies Coupled with Research Activities to Nurture the Roots of the Market

For phosphatic fertilizers, the development of precision agricultural technology offers a promising future. These developments, like as soil sensors and remote sensing, open up new possibilities for more accurate and effective fertilizer delivery methods. With precision agriculture, farmers may apply phosphatic fertilizers just where needed, maximizing nutrient distribution and reducing waste. While phosphatic fertilizers were the prime focus of research and development, the advent of the controlled-release fertilizers (CRFs) and improved efficiency fertilizers (EEFs) may arouse from further research and development in this area of focus. All these specialty fertilizers collectively are intended to increase the crop performance, decrease nutrient losses, and also boost the nutrient absorption.

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PHOSPHATIC FERTILIZERS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Diammonium Phosphate, Monoammonium Phosphate and Superphosphate.

• Diammonium phosphate: The diammonium phosphate, is sometimes referred  as diammonium hydrogen or DAP. Two ammonia molecules and one hydrogen molecule combine to  make up the salt orthophosphate. The combination is chemically expressed as (NH4)2HPO4.

• Monoammonium phosphate: This is an inorganic anion which is occurred naturally and is called monoammonium phosphate (MAP). The main application of MAP is to act as a phosphorous source for fertilizers and in various agricultural goods. MAP may also be added to a variety of commercial fertilizer solutions as it can release its phosphate when it comes to contact with water or soil solution.

• Superphosphate: Superphosphate is meant to be a phosphatic fertilizer with higher phosphorus content. The regions where alternative forms of phosphates are either non-existent or ineffective, it is used in the agricultural fertilization purposes, to increase the soil's general fertility, superphosphate can also be utilized as a soil supplement.

By Application

Based on application the global market can be categorized into grain and oilseed, fruit and vegetable and others.

• Grain and Oilseed: With a market share of more than 80% in 2021, the grain and oilseed application category led the global demand for phosphatic fertilizers. Due to the growing need for important food crops including rice, maize, soybeans, and cotton, the segment is anticipated to rise. This material promotes the development of plant and especially helps for growing different types of pulses and oilseeds.

• Fruits and Vegetables: The vitamins that are contained in fruits and vegetables are very crucial for maintaining bones health and promoting the weight gain. With the shortage of phosphorus in fruits and vegetables can result in abated development, mortality, and failure of crops.

DRIVING FACTORS

Limited Accessibility on the Cultivable Land to Stimulate the Market Growth

The average amount of arable land per person declining in various countries, such as China, India, the US, and others, is one of the primary causes increasing the need for phosphorus fertilizers. Fertilizers containing phosphorus aid in raising production. In order to meet the need for food production, agricultural yields must increase as there is a greater population and less arable land per person. Crop protection is a crucial strategy used by farmers to fulfill global food demand. Utilizing phosphorus fertilizers on crops is another tried-and-true method to meet the growing demand for food products. Rapid urbanization and industrialization are unlikely to contribute to future agricultural land growth. Population expansion and increased demand for meat and other food products may result in a greater requirement for phosphorus fertilizers.

Rising Population and Rising Demand for Food  to Buttress the Market Shares

The need for effective agricultural equipment and supplies is rising in conjunction with the world's population growth, since more people must be fed despite the planet's expanding population. Arable land and the area used for agriculture are both declining dramatically worldwide, which increases the need for premium fertilizers like phosphatic compound fertilizers (NPK or DAP/MAP). Growing innovation in the agricultural and irrigation technologies, together combined with increased usage of drip or sprinkler irrigation, is expected in supportive growth of the phosphate fertilizer market in coming years.

RESTRAINING FACTOR

Stringent Regulations and Environmental Constraints to Curtail the Market Growth

The structure and dynamics of the global market for phosphorus fertilizers have been constantly shifting since there are no free trade agreements or market mechanisms controlling the supply and demand of phosphate rock. They are managed and controlled by government laws and strategies employed by state-owned enterprises. The market and the supply of phosphate rock are therefore harmed by increased government involvement in response to significant shifts in the worldwide market for phosphorus fertilizers. Increasing awareness of inefficient phosphate consumption and loss, especially in light of urbanization, cadmium contamination due to its detrimental effects on human health and the environment, and the P2O5 grade of phosphorus are some of the concerns influencing the market for phosphate fertilizers. However, above constraints to restrict the worldwide phosphatic fertilizers market growth.

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PHOSPHATIC FERTILIZERS MARKET REGIONAL INSIGHTS

Asia Pacific with Intensive Agriculture Practices and Robust Demand to Pose as a Ruling Region in the Global Market

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Asia Pacific region had the most significant phosphatic fertilizers market share, signifying for more than half of the global revenue. With the rising production of food and the growing demand from import-dependent countries in the Asia Pacific region for food items like rice and vegetables might be linked to the market growth. With an employment rate of more than half of the workforce and making up to the 18% of the nation's GDP, the agricultural  industry plays as the backbone of Indian economy. As the agricultural production in India is majorly composed of wheat, rice, pulses, spices, and the spice derivative. India seems to be among the nations with the strongest demand for goods originating from farming. The market is expected to experience an increase in demand throughout the projected period as a result.

KEY INDUSTRY PLAYERS

Notable Market Players Shaping the Market and Contributing in the Market Expansion

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased. 

List of Top Phosphatic Fertilizers Companies

• Potashcorp (Canada)
• Sabic (Saudi Arabia)
• Bohra Industries Ltd (India)
• Uralchem (Russia)
• Foskor (South Africa)
• Profert (South Africa)
• OCP Group (Morocco)
• Sinochem (China)
• Xiangfeng Group (China)
• Khaitan Chemicals and Fertilizers Limited (India)
• Wengfu Group (China)

INDUSTRIAL DEVELOPMENT

January 2021: A joint venture was build among the OCP Group and Emirati Al Dahra Agricultural Co. which was established successfully in Romania and South East Europe Fertilizer Company, or SEEFCO S.A., was the brand new name given to the business.

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.