Phosphate Fertilizer Market: Current Analysis and Forecast (2021-2027)

The global phosphate fertilizer market is likely to showcase a growth of around 5% during the forecast period. The function of phosphorus in plants is to convert nutrients into usable building blocks which help them to grow. Phosphorus is one of the main three nutrients most commonly found in fertilizers and also it is the "P" in the NPK balance that is listed on fertilizers. The use of phosphate fertilizers in various types of crops promotes root growth, improves quality, and enhances stem strength. 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 human toxic, fertilizers. For instance, in partnership with Western Alfalfa Milling, Fertoz launched Nutrient Vigour Plus 2-4-4-2, an all-in-one fertilizer designed with sustainable, organic ingredients that provide high analysis, important Nitrogen-Phosphorus-Potassium-Sulphur (N-P-K-S) nutrients essential for crop production.

Insights Presented in the Report:

"Amongst type, the monoammonium phosphate has a prominent share in the phosphate fertilizer 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.

"Amongst application, cereals & grains have accounted for a considerable share in the phosphate fertilizer market"

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 in the phosphate fertilizer market"

For a better understanding of the market adoption of phosphate fertilizer, the market is analyzed based 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. The rise in the agriculture sector of the Asia-Pacific region helped the region to obtain a dominating position in the market. Regional demand for phosphate fertilizer due to agriculture consumption is needed in order to feed the growing and already higher population. Additionally, in countries, such as India and other southeast Asian countries, the arable land per person is decreasing at an alarming rate as the population is increasing and due to pollution and climatic conditions, the health of plants and crops is reducing thereby, increasing the utilization of phosphate fertilizers in the region to increase the average crop yields per hectare.

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Deep dive country-level analysis of the industry

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