PUBLISHER: The Business Research Company | PRODUCT CODE: 1429604
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429604
Phosphate fertilizers, chemical compounds employed for fostering the growth and development of plants through nutrient provision, are manufactured using phosphatic materials combined with other phosphatic elements.
The primary categories of phosphate fertilizers include monoammonium phosphate (MAP), diammonium phosphate (DAP), superphosphate, and other variants. Monoammonium phosphate (MAP) is a chemical compound represented by the formula NH4H2PO4. It presents as a white, crystalline powder with high solubility in water. These fertilizers are distributed through both online and offline channels and find application in various sectors such as cereals and grains, oilseeds, fruits and vegetables, along with other diverse uses.
The phosphate fertilizers market research report is one of a series of new reports from The Business Research Company that provide phosphate fertilizer market statistics, such as phosphate fertilizer industry global market size, regional shares, competitors with a phosphate fertilizer market share, detailed phosphate fertilizer market segments, market trends and opportunities, and any other information you may require to thrive in the phosphate fertilizer industry. This phosphate fertilizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The phosphate fertilizer market size has grown strongly in recent years. It will grow from $47.11 billion in 2023 to $51.47 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be ascribed to robust economic growth in emerging markets, a surge in the demand for agricultural products, an increased preference for organic food, and a rising interest in adopting a vegan diet.
The phosphate fertilizer market size is expected to see strong growth in the next few years. It will grow to $73.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth projected for the forecast period is attributed to factors such as the increasing global population, a rapid rise in phosphate exports, a growing emphasis on innovative farming techniques, and government initiatives. Key trends expected in the forecast period include product innovations, strategic partnerships and collaborations, escalating investments, a focus on introducing new fertilizer products, and the prominence of crystal green granular phosphate fertilizers.
As the world population continues to grow, reaching an estimated 10 billion by 2050, there is a substantial impact on the insecticide market. The population surge creates heightened demand for food, necessitating increased crop production, farming activities, and trade volumes. Farmers and commercial farming enterprises are likely to acquire more arable land to enhance crop production, leading to a heightened demand for herbicides. Meeting the escalating food demand, projected to rise from 59% to 98%, requires farmers to enhance agricultural productivity through the use of fertilizers and advanced farming technologies. Consequently, the increased demand for food to accommodate the growing population is expected to drive the growth of the insecticide market.
The anticipated growth of the phosphate fertilizer market is driven by the increasing demand for crop production. This demand reflects the growing necessity to cultivate and harvest crops to meet the rising global food requirements. Phosphate fertilizer plays a crucial role in crop production by supplying essential nutrients, particularly phosphorus, to plants. It enhances crop quality and boosts resistance to pests and diseases. As evidenced by agricultural production statistics from the Food and Agriculture Organization (FAO) in December 2022, the global production of primary crop commodities reached 9.5 billion metric tons in 2021, marking a 2% increase from 2020. Consequently, the heightened demand for crop production is a significant factor propelling the phosphate fertilizer market.
China has experienced a rapid surge in the production and export of phosphates. In the past, limited production capacity and monopolistic pricing in many countries led to a constrained supply of phosphate rock. However, in recent years, China has witnessed a substantial increase in phosphate production. For instance, in 2021, China emerged as the world's leading exporter of phosphate, shipping 3.2 million tons of diammonium phosphate fertilizer in the first half of the year. This surge in phosphate production is expected to drive the phosphate fertilizer market during the specified period.
Key companies in the phosphate fertilizer market are actively developing innovative technologies, such as RhizoSorb, to enhance the efficiency of phosphorus fertilizers. RhizoSorb represents a breakthrough sustainable fertilizer technology designed to help growers optimize phosphorus utilization, preserve yields, and reduce fertilizer costs. In February 2022, Phospholutions Inc., a US-based phosphorus fertilizer technology company, introduced RhizoSorb, a patented fertilizer additive. This technology enhances the efficiency of phosphorus fertilizers by storing and releasing phosphate more effectively in the soil, increasing plant availability and uptake throughout the growing season.
In June 2022, Koch Ag & Energy Solutions (KAES), a global fertilizer company, acquired a 50% stake in Jorf Fertilizers Company III (JFC III) from OCP Group, a Moroccan chemical manufacturing company. This strategic move led to the formation of a 50/50 joint venture between KAES and its affiliate and JFC III. The joint entity is well-positioned to offer high-quality and reliable Moroccan phosphate fertilizers to farmers. Jorf Fertilizers Company III operates a phosphate fertilizer production facility in Casablanca, Morocco.
Major companies operating in the phosphate fertilizer market report are OCP SA, The Mosaic Co, Phosagro, Eurochem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Nutrien Ltd., Maaden - Saudi Arabian Mining Co., Jordan Phosphate Mines Co. PLC, Hubei Xingfa Chemicals Group Co. Ltd., Rama Phosphates Ltd., Shiva Global Agro Industries Ltd., Rastriya Chemicals & Fertilizers Limited, Sinofert, NGI Fertilizer Ltd., Koch Fertilizer Australia Pty Ltd., Sikko Industries Ltd., Fertoz, Nippon Jordan Fertilizer Company, Taki Chemical Co Ltd., China BlueChemical Ltd., CF Industries, Borealis, Fertilore, Sulzer, ICL Fertilizers, HELM IBERICA S. A, Casale SA, Uralchem, Acron, UralKali, Yara Canada Inc., Verdesian, Wilbur-Ellis Company LLC, K+S Potash Canada, Agrium Inc., ArrMaz, Bunge Argentina, Itafos, SGS Argentina, CMOC Brazil, GUBRETAS, Toros Agri, ICL Group Ltd., Saudi United Fertilizer Co, Koch Ag & Energy Solutions (Koch), Misr Phosphate Company, El Wady for Phosphate Industries and Fertilizers (WAPHCO), Foskor
Asia-Pacific was the largest region in the phosphate fertilizer market in 2023. North America was the second-largest region in the global phosphate fertilizer market. The regions covered in the phosphate fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the phosphate fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The phosphate fertilizers market consists of the sales of ammonium phosphate, defluorinated phosphate, nitrogen, phosphorus, and potassium (NPK), and single super phosphate fertilizers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Phosphate Fertilizer Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on phosphate fertilizer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for phosphate fertilizer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The phosphate fertilizer market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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