By 2032, the global phosphatic fertilizers market is projected to reach USD 100.49 billion, driven by increasing demand for these fertilizers to enhance crop nutrition. A report by Fortune Business Insights titled "Phosphatic Fertilizers Market Size, Share & Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate, and Others), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2019–2032" reveals that the market, valued at USD 62.24 billion in 2019, is expected to grow at a compound annual growth rate (CAGR) of 3.50% during the forecast period.
The market's expansion is largely driven by the rising need for fertilizers enriched with essential nutrients such as phosphorus, potassium, and nitrogen. Phosphatic fertilizers are crucial for agriculture, particularly for crops like cereals, pulses, oilseeds, fruits, and vegetables. Phosphorus, a vital nutrient, enhances crop quality, strengthens stalks, and promotes healthy root development, especially in grains. Globally, phosphate rock remains the primary source of phosphorus.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
The growing global population and escalating food prices are further boosting the demand for phosphate-based fertilizers. This trend is supported by rising raw material costs and increased investments in mining operations to enhance production capacity.
As a key macronutrient, phosphorus plays a significant role in improving crop yields. It is supplied through fertilizers, bone meal, and rock superphosphate, with most commercial products derived from rock phosphate. Phosphorus promotes strong root systems, helps plants withstand environmental stresses like drought, and is essential for the growth, development, and maturation of seeds and fruits.
A few of the leading companies that are currently operating in the global market include
Increase in Product Releases to Drive Market Development
The introduction of innovative products has emerged as a significant growth driver for the phosphatic fertilizers market. For example, in September 2016, ICL launched the "E-Max Release Technology," an advanced system for controlled-release fertilizers. This technology enables precise, timed release of phosphate and nitrogen, creating three substantial revenue streams for the company within the phosphatic fertilizer sector. Such innovations are expected to play a crucial role in shaping the market's future growth trajectory.