Phosphate Fertilizer Market Research, 2031
The global phosphate fertilizer market was valued at $24.0 billion in 2021, and is projected to reach $35.6 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
Report key highlighters:
- The report outlines the current phosphate fertilizer market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
- The global phosphate fertilizer market has been analyzed in terms of value ($Million) and volume (Kilotons). The analysis in the report is provided on the basis of material type, battery type, casing type, 4 major regions, and more than 15 countries.
- The phosphate fertilizer market is fragmented in nature with few players such as Nutrien Ltd., Green Agri Solution, Gayatri Fertiplants International Pvt. Ltd, Rama Phosphates Ltd. APEX AGRO INDUSTRIES, OCP, Indorama Corporation, Silverline, ICL, and PhosAgro Group, which hold significant share of the market.
- The report provides strategy planning and industry dynamics to enhance decision making for existing market players and new entrants entering the phosphate fertilizer industry.
- Countries such as China, India, U.S., Germany, and Brazil hold a significant share in the global phosphate fertilizer market.
Phosphate fertilizers are obtained by adding acid to ground or pulverized phosphate rock. The most commonly and widely used phosphate fertilizers are diammonium phosphate (DAP), mono ammonium phosphate (MAP), NPKs, and SSP. Phosphate is the natural constituent of phosphorus, an element that provides all the nutrients to plants for their development due to which it finds a wide range of applications in the agriculture industry.
Growing demand for ornamental crops and cash crops has spurred the market growth
The rise in population and increase in disposable income have enhanced the purchasing power of people for high-end products that include ornamental crops and cash crops. In addition, the expansion of the agricultural industry and horticulture industries has led to the adoption of phosphate fertilizer chemicals across the globe owing to their ability to enhance plant productivity and efficiency. These factors are expected to enhance the growth of the phosphate fertilizer market during the forecast period.
Availability of substitute and fluctuation in the prices of raw material is expected to hamper the market
However, the availability of specific substitutes for phosphate fertilizer such as guano, guano blends, and MAP fertilizer restrains the market growth. In addition, data published by Science Daily states that soil treated with high amounts of phosphate can result in poorer plant performance and microorganisms from this conditioned soil can negatively impact plant yield. This factor is projected to hamper the market growth during the forecast period.
Robust demand from agriculture industry has driven the phosphate fertilizer market
On the contrary, rapid increase in population in both developed & developing economies, rise in import & export of various agricultural products, and surge in focus on the agriculture sector by both developed and developing economies have increased the demand for phosphate fertilizers, where it is used as an excellent source of plant nutrient and increases plant productivity. This factor is expected to create remunerative opportunities in the coming years.
The phosphate fertilizer market is segmented by type, application, and region. By type, it is classified into single superphosphate (SSP), triple superphosphate (TSP), monoammonium phosphate (MAP), di-ammonium phosphate (DSP), and others. By application, it is divided cereals & grains, fruits & vegetables, oil seeds, and pulses. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include Nutrien Ltd., Green Agri Solution, Gayatri Fertiplants International Pvt. Ltd, Rama Phosphates Ltd. APEX AGRO INDUSTRIES, OCP, Indorama Corporation, Silverline, ICL, and PhosAgro Group.
The Asia-Pacific market accounted for a major market share in 2021, and is projected to grow at the highest CAGR during the forecast period and. The utilization of phosphate fertilizer chemicals in sectors such as agriculture, horticulture, gardening, and others is the major key market trend in Asia-Pacific.
Proliferating demand from the agriculture sector has surged the demand for phosphate fertilizer during the forecast period. Phosphate fertilizer is used to increase the photosynthesis capacity of plants, to increase the crop productivity, and enhances plant maturation. This is anticipated to increase demand for the phosphate fertilizer market in the Asia-Pacific region.
In 2021, the Di-Ammonium Phosphate (DSP) phosphate segment was the largest revenue generator and is anticipated to grow at a CAGR of 4.2% during the forecast period. This is attributed to the fact that growing population across the globe and rise in awareness about consumption of organic and healthy food have enhanced the demand for pulses.
For instance, according to an article published by FAO in 2023, India is the largest producer (25% of global production), consumer (27% of world consumption) and importer (14%) of pulses in the world. DAP is widely used as fertilizer for pulses where less nitrogen and higher phosphorus is required as starter dose. Since phosphorus is immobile in soil, its source (DAP) should be placed at a distance where plant roots can easily reach. This factor is projected to foster the market during the forecast period
By application, the market is divided into cereals & grains, fruits & vegetables, and oil seeds & pulses. The cereals and grains segment is dominating the global market, in terms of revenue in 2021 with 40% share in the global market. Cereals include all the dietary properties that exhibit carbohydrate, proteins, minerals, and others. Cereals are widely consumed across the globe where phosphate fertilizer is employed on the cereals production, helps in plant intake of essential nutrients, and enhances plant vigor.
The factors such as rise in population, growth in demand for food, and import & export trade have surged the demand for cereals. Phosphate fertilizer helps in root development, plant maturation, and seed development due to which it has enhanced the potential sales of phosphate fertilizer during the forecast period.
Key Strategic Development :
In February 2022, PhosAgro announced the launch of a new regional company, PhosAgro-Sibir. The company is part of PhosAgro and provides direct supplies of a wide range of mineral fertilizers to agricultural producers in the Siberian and Far Eastern Federal Districts.
In December 2020, PhosAgro-Region and Exact Farming have signed a cooperation agreement on the development of digital services for Russian customers of PhosAgro’s mineral fertilizers. The companies plan to jointly develop applications for remote monitoring, for evaluating and improving the performance of mineral nutrition systems based on PhosAgro products, and for developing and distributing agronomic expertise.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the phosphate fertilizer market analysis from 2021 to 2031 to identify the prevailing phosphate fertilizer market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the phosphate fertilizer market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global phosphate fertilizer market trends, key players, market segments, application areas, and market growth strategies.
Phosphate Fertilizer Market Report Highlights
Market Size By 2031
USD 35.6 billion
CAGR of 4.1%
2021 - 2031
Key Market Players
Nutrien Ltd., icl, Gayatri Fertiplants International Pvt. Ltd, Silverline, Rama Phosphates Ltd., APEX AGRO INDUSTRIES, ocp, PhosAgro Group, Green Agri Solution, Indorama Corporation
According to CXOs of leading companies, the global phosphate fertilizer market is expected to exhibit high growth potential. Phosphate fertilizer is a good source of plant nutrients due to which it is widely used in agriculture industry for enhancing crop productivity and yield. Furthermore, distinct types of phosphate fertilizers such as SSP, DAP, MAP, STP, and others are widely utilized on various crops such as cereals & pulses, fruits & vegetables, oilseeds, and others for efficient growth of plants.
In addition, SSP and DAP based phosphate fertilizer is water soluble and has a physical property due to which it is used on tomato plants for enhancing photosynthesis activity and effective growth. This is anticipated to boost the demand for SSP and DAP based phosphate fertilizer during the forecast period. Furthermore, phosphate is used as a chemical intermediator in the production of various chemicals due to which it finds application in the chemical and industrial sector.
The CXOs further added that sustained economic growth and development of agriculture sector have surged the popularity of phosphate fertilizer.