The global phosphatic fertilizersmarket size is projected to reach USD 83.28 billion by the end of2026. The ability of phosphate to enhance the overall nutrient value of thecrop will lead to a wider product adoption across the world. According to areport published by Fortune Business Insights, titled “PhosphaticFertilizers Market Size, Share & Industry Analysis, By Type (DiammoniumPhosphate, Monoammonium Phosphate, Single Superphosphate, TripleSuperphosphate, and Others), By Crop Type (Cereals, Pulses & Oilseeds,Fruits & Vegetables, and Others), and Regional Forecast, 2019-2026,” themarket was worth USD 62.24 billion and will exhibit a CAGR of 3.8% during theforecast period, 2019-2026.
Phosphatic fertilizers are substances that are inclusive ofphosphate, a material that is essential for the health of the root of theplant. The use of phosphatic fertilizers will lead to an increase in theoverall efficiency of the root as well as the plant. The increasing demand forcrops and crop production across the world will create several growthopportunities for companies operating in the market. The massive investmentsmade in the research and development of newer phosphatic fertilizes will bodewell for the market in the coming years. The presence of several large scalecompanies will constitute an increase in the overall market size in theforeseeable future.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributedto the growth of the market in recent years. The increasing number of productlaunches has made a huge impact on the growth of the market in recent years. InSeptember 2016, ICL announced the launch of a new technology that will be usedfor the production of controlled release fertilizers. The company introduced‘E-Max Release Technology’, a system that will release nutrients such asphosphate and nitrogen in a controlled manner. This product will help thecompany generate3 substantial phosphatic fertilizers market revenue in thecoming years and will subsequently have a massive impact on the growth of themarket.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to astandstill. We understand that this health crisis has brought an unprecedentedimpact on businesses across industries. However, this too shall pass. Risingsupport from governments and several companies can help in the fight againstthis highly contagious disease. Some industries are struggling and some arethriving. Overall, almost every sector is anticipated to be impacted by thepandemic.
We are taking continuous efforts to help your businesssustain and grow during COVID-19 pandemics. Based on our experience andexpertise, we will offer you an impact analysis of coronavirus outbreak acrossindustries to help you prepare for the future.
North America Holds the Highest Market Share; Increasing Demand for SustainableCrop Produce Will Aid Growth
The report analyses the ongoing phosphatic fertilizersmarket trends across North America, Latin America, Asia Pacific, and the MiddleEast and Africa. Among these regions, the market in North America currentlyholds the highest market share, driven by the massive demand for crop andagricultural produce in several countries across this region. As of 2018, themarket in North America was worth USD 7.54 billion and this value is projectedto increase further in the coming years. Besides North America, the market AsiaPacific will witness considerable growth in the coming years, owing to the hugevolume of area under cultivation.
