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Global Phosphatic Fertilizers Market: Market Segments: By Active Ingredient (Diammonium Phosphate, Monoammonium Phosphate, Triple Superphosphate, Single Superphosphate, Superphosphate& Calcium Phosphate); By Crop Type Cereals & Grains, Oil Seeds, Fruits & Vegetables and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Phosphorus is an important macronutrient required for optimum crop production with regard to fertilizer use. From bone meal, fertilizer, and rock superphosphate, phosphorus is obtained. The raw material used to produce most commercial phosphate fertilizers on the market is rock phosphate. One of the three primary nutrients needed for plants to grow to their full potential is phosphate. It is necessary for the normal growth of plants, the absorption of energy from the sun, and its conversion to useful plant compounds. To meet the phosphorous requirements of plants, various phosphate fertilizers are used. It helps develop strong roots and stems, provides disease resistance, and improves productivity. These fertilizers assist a plant to turn other nutrients into available building blocks. One of the three primary nutrients presents most commonly in fertilizers is phosphorus. Today, farmers have a variety of phosphatic fertilizers available. Manufacturers also produce a range of such fertilizers that contain a variety of such fertilizers that contains nitrogen, phosphorus, and potassium in various proportions.
This market is expected to be driven by a growing global population, meat intake, and diversified food demand. Moreover, the limited supply of arable land would likely fuel demand over the forecast period. The demand for cereals and grains is expected to help the growth of phosphate fertilizers over the coming years due to the rapidly rising population around the globe. In addition, the limited supply of plowed land and increased consumption of meat worldwide are fueling the market for phosphate fertilizers over the forecast period.
Global Phosphatic Fertilizers Market is segmented by active Ingredientinto into mono ammonium phosphate (MAP), diammonium phosphate (DAP), and superphosphate. The greater market share in 2018 was accounted for by the Diammonium phosphate segment and is expected to see the highest growth during the forecast period. As it is a key source of nitrogen and phosphorus, DAP fertilizers are a big type. It is commonly used in cereals, sugar cane, broad-acre agriculture, sowing pastures, dairy pastures, fodder crops, and horticultural crops for a variety of crops. DAP is also a cost-effective phosphorus source for crops. In comparison, the MAP is a phosphate fertilizer that is water-soluble and commonly used as a source of nitrogen and phosphorus. During the early stages of the growth cycle, the MAP is a highly effective source of nitrogen and phosphorous for plants and crops. Its high purity and water-solubility make MAP an optimal fertilizer for fertigation and foliar applications. It also promotes the phosphorous absorption of plants naturally present in the soil.
Global Phosphatic Fertilizers Market is segmented by Crop Type into fruits and vegetables, cereals and grains, oilseeds, and others. Based on Crop Type, Cereals and grains held the largest share in 2018 in terms of revenue, and this trend is anticipated to continue over the forecast period. In order to meet the growing food demand across the region with the increasing population in countries such as India and China are expected to fuel the demand for cereals and grains. This, in turn, over the forecast period, would fuel the market for phosphate fertilizers. In vegetables such as tomatoes, peppers, melons, squash, and cucumbers, phosphorous is needed for root growth, fruiting, and stem formation. They undergo intensive processes to absorb nutrients from the ground as garden vegetables grow. The addition of fertilizers keeps the soil in great condition to feed the garden and also encourages plant development and growth.
Population growth and diversified demand for food are the key growth drivers found in the phosphate fertilizer industry. With an increase in population, increasing energy demands urged farmers to increase crop production from the limited available land. One of the main activities that improve crop yield and soil fertility is the use of fertilizers in agriculture. Phosphate fertilizers have contributed greatly to reducing global hunger and increasing agricultural production as a vital component of the 'green revolution'. Therefore, to increase the yield of their crops, farmers treat their land with phosphorus fertilizers. All of these factors drive the growth of the market.
Governments across all nations offer support in the form of incentives, subsidies, loans, and tax exemptions on agricultural goods and fertilizers thereby boosting the overall fertilizer industry. Governments provide fertilizer subsidies to increase agricultural production while insulating farmers from growing phosphate fertilizer prices. Some governments set fertilizer prices below market rates and refund companies for shortfalls, while some governments explicitly pass fertilizer subsidies to farmers or farming communities, thus benefiting the market for phosphate fertilizers.
The key problem is the scarcity and non-renewability of this resource, combined with regulations implemented by the government, which may affect the market. Naturally, nutrients such as nitrogen and phosphorous are elements of plant growth, but increased levels of these nutrients can influence freshwater resources such as lakes, rivers, and streams. Phosphorous-containing sewage discharges and fertilizer runoff lead to elevated levels of nutrient water. Excessive aquatic plant and algae growth may result from high concentrations of phosphorous or nitrogen in freshwater resources. It may cause algae blooms, reduce the quality of water, and deplete the amount of oxygen, stressing, or destroying aquatic life.
Global Phosphatic Fertilizers Market in the Asia Pacific held the largest market share of XX.X% in the year 2019owing to the growing worldwide population is increasing the demand for diversified foods, which would consequently increase the demand for phosphate fertilizers over the forecast period. India is the second-largest producer of diammonium phosphate (DAP) fertilizers and the second-largest importer of diammonium phosphate (DAP) fertilizers. The market for phosphate fertilizers in Central and South America was dominated by Brazil, followed by Argentina and other countries such as Columbia and Chile, which dominated the demand for phosphate fertilizers in Central and South America. Demand for food products in the region has been fueled by increasing populations and evolving dietary habits, which in turn would boost demand for phosphate fertilizers over the forecast period.
Global Phosphatic Fertilizers market, which is highly competitive, consists of several major players such as Agrium Inc, Israel Chemicals Limited, CF Industries Holdings Inc., hold a substantial market share in the Global Phosphatic Fertilizers market. Other players analyzed in this report are Coromandel International Ltd., Nutrien Ltd.., PhosAgro, OCP S.A., Yara International ASA, EuroChem Group AG, and The Mosaic Company among others.
Recently, various developments have been taking place in the market. For instance, in August 2019, Ma`aden, a Saudi Arabia-based mining and metallurgical company that specializes in gold mining, refining, phosphate mining, and aluminum mining acquired Meridian Group for $140 million. The acquisition is expected to help Ma`aden in strengthening its position as the world`s largest producer and exporter of phosphate fertilizers and enhance its contribution to global food security.
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