New York, NY -- (SBWIRE) -- 02/02/2021 -- The Global Phosphate Fertilizer Market is forecast to grow from USD 58.42 billion in 2019 to USD 76.23 Billion in 2027, registering a CAGR of 3.4% during 2020-2027. The demand for phosphate fertilizer is mainly due to the increasing global population, scarcity of arable land, and the growing diversification in food products' demand. Another factor contributing to the growth of the market is the adoption of modern farming techniques. Phosphate is a key nutrient required by the plants for the development of the seeds and the roots. The element is obtained from rock superphosphate or bone meal. The raw material which is used to produce the most commercial phosphate fertilizers is rock phosphate. Composts are mostly used by gardeners and farmers to boost the phosphorus level of plants.
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Leading Players Profiled in the Report Include:
Potash Corp. of Saskatchewan Inc., Yara International ASA, CF Industries Holdings, Inc., Agrium Inc., The Mosaic Co., EuroChem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Phosagro and Office Cherifien Des Phosphates (OCP), among others.
Market Drivers
In order to enhance the soil's nutrition, fertilizer manufacturers mostly use phosphate. Soil erosion and runoff lead to the loss of a large amount of the composts from the fields applied by farmers. The usage of phosphate fertilizers has always helped in reducing hunger globally, increasing agricultural productivity. The growing population and the scarcity of arable land have contributed to the increasing demand for compost. The crop yield has to be increased in order to meet the demand for food as the extent of arable land per-person is decreasing every year. Countries like India and China, where the population is increasing significantly, are seeing substantial growth in the fertilizer market, driven by the expanding consumer base.
Regional Landscape
The Asia Pacific holds the largest market share of about 53.4% in 2019 due to the growing population and the increasing demand for diversified food products over the forecast period. Increasing disposable income of the consumers in highly populated countries like India and China is boosting growth. Apart from China dominates the Phosphate fertilizer Industry as it is one of the most significant producers and exporters of fertilizers in the world. The second-largest consumer and importer of Diammonium phosphate fertilizers is India. Latin America is also expected to see significant growth during the forecast period.
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For the purpose of this report, Reports and Data have segmented the global Phosphate Fertilizer Marketon the basis of Product type, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Superphosphate
Monoammonium Phosphate (MAP)
Diammonium Phosphate (DAP)
Others
Application Outlook (Revenue, USD Billion; 2017-2027)
Fruits & Vegetables
Oilseeds
Cereals & Grains
Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Online
Offline
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Phosphate Fertilizer Market Segmentation & Impact Analysis
4.1. Phosphate Fertilizer Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing global population
4.2.2.2. Growing diversification in the demand of food products
4.2.2.3. Scarcity of the Arable land
Continued…
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