The global phosphoric acid market was valued at USD 45,671.2 million in 2022, and this number is projected to reach USD 63,186.8 million by 2030, advancing at a CAGR of 4.1% during 2022–2030, according to P&S Intelligence.

This growth can be credited to the increasing demand for this chemical for manufacturing phosphate composts, which is straight associated with the population boom throughout the globe.

Agriculturalists are trying to increase farming production per unit area, mainly because of the increasing worldwide population. Consequently, the demand for phosphoric acid will surge quickly credited to the rising compost consumption. In this regard, the fertilizer grants and less availability of arable land in emerging countries will boost market growth.

the global diammonium hydrogen phosphate market is projected to witness significant development with a CAGR of approximately 5%, during the forecast period, due to snowballing requirements for manure to fuel agricultural harvests.

Because of rapid urbanization, food consumption is increasing, which indeed is increasing the requirement for fertilizers and therefore, the DAP market.

As per the FAO’s predictions, metropolises will home around 70% of the worldwide populace by 2050, because of this yearly cereal production will be required to surge drastically.

In 2022, agricultural-grade phosphoric acid had approximately 60% phosphoric acid market share. The farming output in China continues to raise, supported by financial development, which leads to an increase in the need for phosphate fertilizers.

In India, both the consumption and production of chemicals are projected to increase significantly, boosted by the surge in farming happenings within the country and the development in the export of manures.

In 2022, the APAC region led the global market, with a share of above 40%. The region is projected to experience the fastest development, in the coming few years. In the main agricultural economies, the requirement for advanced crop yields will lift the need for fertilizers made from phosphoric acid. Thus, India and China are projected to lead the manufacturing of phosphoric acid credited to their huge populaces, which continue to increase.