Phosphate Fertilizers Market to Reach Valuation of USD 90.25 Billion by 2028 - Rising Population and Diversified demand in Food is Driving the Market

In terms of revenue, the Global Phosphate Fertilizers Market is expected to reach by 2028, growing at a CAGR of from 2022 to 2028. The demand for food is increasing day by day due to the increasing population. In the coming years, the need for phosphate fertilizers will be essential to growing more quantity of vegetables, fruits, and cereals and hence expected to boost the phosphate fertilizers market.

Key Findings

• Under the type segment, the Di-ammonium phosphate sub-segment is anticipated to dominate the segment for the phosphate fertilizers market and grow at a substantial CAGR. Di-ammonium phosphate is the major fertilizer used among farmers because it is commonly used among the majority of vegetables and fruits.

• The fruits and vegetable sub-segment held a significant market share in 2021. This is the fastest segment growing in the phosphate fertilizers market, as fruits and vegetables contribute to be major components in the food cycle that are cultivated.

• The fastest regional segment is . This region is growing at a rapid phase due to the growing population and high demand for food.

Some of the key players dominating the phosphate fertilizers market include - .

Phosphorus is the eleventh most abundant element on earth. If soils are deficient in phosphorus, food production becomes restricted, unless the nutrient is added in the form of fertilizers. Hence, to increase food production, an adequate amount of phosphorus is required. Phosphorus is an essential nutrient required for plant growth. It helps in root development, plant maturation, and seed development. Along with nitrogen and potassium, phosphorus is one of the most important elements for plant life. Soil gets depleted of phosphorus due to several reasons including being washed away by rain. Therefore, modern farming is reliant on the use of phosphorus-based fertilizers. Commercial phosphate fertilizers are manufactured using phosphate rock. Approximately two-third of the world’s phosphate resources are derived from sedimentary and marine phosphate rock deposits. Ground rock phosphate has been used as a source of phosphorous for soils in the past. However, due to the low concentration of phosphorous in this native material, high transportation costs, and small crop responses, the usage of rock phosphate has reduced considerably in agriculture. On the other hand, the usage of phosphorous-based fertilizers has grown significantly. The most commonly used phosphatic fertilizers are Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), NPCs, and SSP.

is expected to grow as the largest and fastest in terms of revenue and CAGR respectively. This is attributed due to the growing population in countries such as India and China. The high demand for fruits and vegetables is the key reason to introduce phosphate fertilizers in their farms. The majority of farmers are using phosphate fertilizers in their farms to grow maximum yield which will benefit the population and help them to generate revenue. Especially in rural areas, government bodies are introducing phosphate fertilizers to educate the farmers on the benefits of using these fertilizers. This indirectly will help generate revenue for the phosphate fertilizer market.