An increase in the food consumption rate is rising the demand for food production and fueling the market for phosphate fertilizer

The global phosphate fertilizer market is likely to showcase a growth of around 5% during the forecast period (2022-2028). The growing demand for food, loss of soil nutrients, changing climate conditions, and change in the food consumption pattern are rising the demand for phosphate fertilizers.

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Phosphorus is an essential nutrient required for plant growth. It helps in root development, plant maturation, and seed development. Along with nitrogen and potassium, phosphorus is one of the most important elements for plant life. Hence, to increase food production, an adequate amount of phosphorus is required. Thereby, for increasing the strength of plants and crop production, there would be a rise in demand for the adoption of phosphate fertilizers. Further, over the years, the world witnessed a rise in population and is continuously growing to create greater demand for food and changes in food consumption patterns. And the strain on land, which is a limited resource, has also grown. However, the growth of the population outpaced the land growth, thereby reducing the agricultural land per capita. Besides, the change in climatic conditions is reducing the health of the crops and plants. This reduction in crops and plants’ health due to climatic conditions and the rising population has increased the global focus on improving crop yield, thereby increasing the interest of phosphate fertilizers producers to produce more advance, productive, and less toxic human, fertilizers.

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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.

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.

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For a better understanding of the market adoption of phosphate fertilizer, the market is analyzed on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held a considerable share in the market and demand is expected to increase during the foreseeable future. This can be attributed to increasing awareness among farmers in the regions regarding the benefits of agrochemicals coupled with the presence of local manufacturers resulting in a wide offering of phosphate fertilizers and a rising farm mechanization rate due to which production of more crops in a single season.

Global Phosphate Fertilizer Segmentation

Market Insight, by Type

• Diammonium Phosphate
• Monoammonium Phosphate• Superphosphate• Others

Market Insight, by Application

• Cereals & Grains
• Oilseeds & Pulses• Fruits & Vegetables• Others

Market Insight, by Region

• North America Phosphate Fertilizer Market
  • United States
  • Canada
  • Rest of North America
• Europe Phosphate Fertilizer Market
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific Phosphate Fertilizer Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Phosphate Fertilizer Market

Top Company Profiles

• Wesfarmers Limited
• EuroChem Group AG• PhosAgro Group of Companies• Indorama Corporation• Nutrien Ltd.• URALCHEM JSC• OCP S.A.• Wengfu (Group) Co. Ltd.• Bayer AG• Lianyungang KANDS Chemical Co.