Phosphate Fertilizers Industry Overview
The global phosphate fertilizer market size was valued at USD 61.63 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2040. This is attributed to the increased demand from agricultural producers for a fertilizer that provides necessary nutrients such as nitrogen and potassium. Agricultural products, such as fruits, vegetables, cereals, and pulses, are major application areas.
The use of phosphorous fertilizers in various grains promotes root growth, improves crop quality, and enhances stalk strength. Phosphorus rocks are the most significant global sources of phosphorus. Globally, the U.S. is the leading producer and consumer of phosphate rocks, which are primarily used for the manufacturing of the product. The rising global demand for food is a significant factor driving the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Phosphate Fertilizers Market
The global demand for phosphate is surging owing to the increasing world population resulting in rising food demand. The spike in costs of raw materials resulting from increased investments in new mine capacity expansions is expected to continue in the coming years as well.
Hence, rising prices of mining activities impact the costs of raw materials worldwide. Emerging economies around the world are now realizing the importance of using the product in agricultural production. Governments of major agrarian economies such as Brazil and India support the use of phosphate fertilizers to improve crop yields. This has encouraged farmers and local entrepreneurs in these countries to increase the consumption of fertilizer-grade phosphate.
The COVID-19 pandemic has significantly impacted various global businesses related to the agricultural sector, agricultural inputs, fertilizers, etc. As a majority of countries in Asia Pacific are agrarian economies, any slowdown in their agricultural activities or momentary pauses in their cross-border trade has a significant impact on the overall operations of agricultural companies and farmers operating in Asia Pacific.
This eventually leads to disruptions in the overall agricultural sector across all major countries of the region. In 2020, amid the COVID-19 pandemic, the prices of primary raw materials such as ammonia and sulfur increased sharply owing to supply restrictions and refinery curtailments.
Browse through Grand View Research's Agrochemicals Fertilizers Industry Research Reports.
- Nitrogenous Fertilizer Market - The global nitrogenous fertilizer market size was valued at USD 57.2 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 5.7% in terms of revenue from 2022 to 2030. The growth is attributed to the increasing popularity of agriculture on a commercial level across the world.
- Phosphate Rock Market - The global phosphate rock market size was valued at USD 22.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.2% from 2022 to 2030. Increasing demand from fertilizers is anticipated to boost the demand for phosphate rock over the forecast period. The rising global population, coupled with the growing food industry, is expected to drive the need for grains and cereals over the coming years.
Phosphate Fertilizers Market Segmentation
Grand View Research has segmented the global phosphate fertilizer market report based on the product, application, and region:
Phosphate Fertilizer Market Product Outlook (Volume, Thousand Tons; Revenue, USD Million, 2010 - 2040)
- Monoammonium Phosphate (MAP)
- Diammonium Phosphate (DAP)
- Single Superphosphate (SSP)
- Triple Superphosphate (TSP)
- Others
Phosphate Fertilizer Market Application Outlook (Volume, Thousand Tons; Revenue, USD Million, 2010 - 2040)
- Cereals Grains
- Oilseeds Pulses
- Fruits Vegetables
- Others
Phosphate Fertilizer Market Regional Outlook (Volume, Thousand Tons; Revenue, USD Million, 2010 - 2040)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa
Market Share Insights
- August 2021 : EuroChem Group signed an agreement to acquire a phosphate project of Serra do Salitren based in Brazil. This acquisition is expected to strengthen the crop nutrient production and distribution capabilities of the company.
Key Companies profiled:
Some prominent players in the global phosphate fertilizers market include
- Eurochem Group AG
- Agrium Inc.
- Potash Corp. of Saskatchewan Inc.
- Yara International ASA
- CF Industries Holdings Inc.
- Israel Chemicals Ltd.
- Coromandel International Ltd.
- The Mosaic Co.
- S.A OCP
- PJSC PhosAgro.
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