Phosphorus, along with nitrogen and potassium, is one of three key nutrients that plants need and the main ingredient in phosphate fertilizer. Also, maintaining proper levels of phosphorus helps a plant to acquire and store energy, as well as transfer it throughout the plant. Along with this, it promotes the development of roots, flowers, and fruit, especially essential for commercial plants or vegetables that are grown for consumption. Additionally, for farmers who care about the early harvesting of crops, phosphate fertilizers are utilized by them as it helps to promote the early maturity of crops. Besides, people are becoming health conscious, thereby there is an expansion in demand for natural food, fresh fruits, vegetables, and flowers which requires an extremely controlled environment. These aforementioned factors have compelled the farmers to use different types of agrochemical products such as phosphate fertilizers for enhancing crop production, providing strength, and improving quality. Due to high concern for agricultural sustainability, and environmental safety, agrochemical products are rapidly used by the farmers along with organic manure to improve the health of crops and plants.
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According to UnivDatos Market Insights (UMI)’ research report “Global Phosphate Fertilizer Market”, the market is expected to showcase a growth of around 5% during the forecast period. The rising demand for phosphate fertilizer in the agricultural sector for increasing production is the key attributable factor to the growth of the market.
Based on type, the market is categorized into diammonium phosphate, monoammonium phosphate, superphosphate, and others. Among these, monoammonium phosphate has a prominent share in the market. This is mainly attributed due to the low costs of the monoammonium and the high level of the phosphorous present in it. Monoammonium is an essential phosphate fertilizer as it is a vital source of nitrogen and phosphorus. In agricultural activities, it has been used as an important granular fertilizer. It can be utilized either directly or as a raw material for manufacturing various fertilizers such as nitrogen phosphate and nitrogen-phosphate-potassium (NPK) due to its properties such as water solubility and mild corrosive.
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Based on application, the market is categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Among these, cereals and grains held a considerable market share. This is mainly ascribed as cereals and grains are the largest consumed class of crops. Moreover, cereals and grains cover a vast area of cultivation in the world. It has become prominent to use fertilizer for cereals and grains production. Further, the increasing consumption of cereals and grains, such as rice, wheat, rye, corn, oats, sorghum, and barley, across the globe is driving the demand for phosphate fertilizer in this segment.
Asia-Pacific accounted for a considerable share of the phosphate fertilizer market during the historical period.
The growing base of the agriculture sector of the Asia-Pacific helped the region to obtain a dominating position in the market. Regional demand for fertilizers due to agriculture consumption is needed in order to feed the growing and already higher population. Further, improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for phosphate fertilizer from the agriculture sector. As phosphate fertilizers are an essential agricultural support product that enhances agricultural production. This would support the growth of the phosphate fertilizer market and provides farmers with an exciting new solution to help them harvest more marketable crops.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global phosphate fertilizer market include Wesfarmers Limited, EuroChem Group AG, PhosAgro Group of Companies, Indorama Corporation, Nutrien Ltd., URALCHEM JSC, OCP S.A., Wengfu (Group) Co. Ltd., Bayer AG, and Lianyungang KANDS Chemical Co. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Phosphate Fertilizer Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Type (Diammonium Phosphate, Monoammonium Phosphate, Superphosphate, and Others)
2. By Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others)
3. By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
4. By Company (Wesfarmers Limited, EuroChem Group AG, PhosAgro Group of Companies, Indorama Corporation, Nutrien Ltd., URALCHEM JSC, OCP S.A., Wengfu (Group) Co. Ltd., Bayer AG, and Lianyungang KANDS Chemical Co.)
Key questions answered in the study:
1. What are the current and future trends of the global phosphate industry?
2. How the industry has been evolving in terms of type and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global phosphate fertilizer industry?
5. What are the customer orientation, purchase behavior, and expectations from the global phosphate fertilizer suppliers across various regions and countries?