The global phosphatic fertilizers market size is projected to reach USD 83.28 billion by the end of 2026. The ability of phosphate to enhance the overall nutrient value of the crop will lead to a wider product adoption across the world. According to a report published by Fortune Business Insights, titled “Phosphatic Fertilizers Market Size, Share & Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate, and Others), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 62.24 billion and will exhibit a CAGR of 3.8% during the forecast period, 2019-2026.
List of top companies that operate in the global phosphatic fertilizers market include:
- Yara International ASA
- Israel Chemical Ltd.
- The Mosaic Company
- CF Industries Holdings, Inc.
- Coromandel International Limited
- The OCP Group
- PhosAgro PJSC
- Sociedad Química y Minera de Chile S.A.
- Nutrien Ltd.
- Koch Industries, Inc.
Phosphatic fertilizers are substances that are inclusive of phosphate, a material that is essential for the health of the root of the plant. The use of phosphatic fertilizers will lead to an increase in the overall efficiency of the root as well as the plant. The increasing demand for crops and crop production across the world will create several growth opportunities for companies operating in the market. The massive investments made in the research and development of newer phosphatic fertilizes will bode well for the market in the coming years. The presence of several large scale companies will constitute an increase in the overall market size in the foreseeable future.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of product launches has made a huge impact on the growth of the market in recent years. In September 2016, ICL announced the launch of a new technology that will be used for the production of controlled release fertilizers. The company introduced ‘E-Max Release Technology’, a system that will release nutrients such as phosphate and nitrogen in a controlled manner. This product will help the company generate3 substantial phosphatic fertilizers market revenue in the coming years and will subsequently have a massive impact on the growth of the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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North America Holds the Highest Market Share; Increasing Demand for Sustainable Crop Produce Will Aid Growth
The report analyses the ongoing phosphatic fertilizers market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America currently holds the highest market share, driven by the massive demand for crop and agricultural produce in several countries across this region. As of 2018, the market in North America was worth USD 7.54 billion and this value is projected to increase further in the coming years. Besides North America, the market Asia Pacific will witness considerable growth in the coming years, owing to the huge volume of area under cultivation.
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