Phosphate Fertilizer Market

Phosphate Fertilizer Market Analysis and Forecast by Product Type, Application, Region, and Country, 2023 to 2033

Category: Chemicals & Materials Published Date : Sep-23 ID: CVC0134 Format: PDF Pages: 300

Phosphate Fertilizer Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global phosphate fertilizer market will grow at a 4.3% CAGR during the period 2023–2033 to reach a valuation of US $47,456 million by 2033.

Key Findings on the Phosphate Fertilizer Market

1. Which is the largest market for phosphate fertilizer?

The biggest market for phosphate fertilizer is South Asia Pacific. As per our analysis, South Asia Pacific holds nearly 29.7% share of the phosphate fertilizer market.

2. What is the largest application segment within the phosphate fertilizer market?

As per ChemView Consulting, the largest segment by application is cereals & grains. As per our analysis, this segment accounts for nearly 56% of total revenues.

3. At what rate is the phosphate fertilizer market expected to grow?

The phosphate fertilizer market is expected to grow at a CAGR of 4.3% during the period 2023–2033.

4. What are the major trends influencing the phosphate fertilizer market?

  • Sustainable Agriculture: The growing emphasis on sustainable farming practises is increasing demand for environmentally friendly fertilizers, such as phosphorous fertilizers, that reduce soil and water pollution.
  • Innovation in Production: Technological advancements are enabling the development of more efficient and cost-effective techniques for extracting and processing phosphate, maintaining a consistent supply of fertilizers.

5. Who are the leading players in the phosphate fertilizer market?

The key companies in the phosphate fertilizer market are Agrium Inc., Gayatri Fertiplants International Pvt. Ltd., Indorama Corporation, Yara International ASA, Phospholutions Inc., EuroChem Group AG, Union Chemicals Co. LLC., Rama Phosphates, Nutrien Ltd., and PhosAgro Group.

Key Drivers for Phosphate Fertilizer Demand

  • Farmers are becoming more aware of the significance of balanced nutrient management for optimal crop growth. As phosphorus is an essential mineral for plant growth, phosphate fertilizers are becoming more common in modern farming methods. This rising awareness is expected to increase the use of phosphate fertilizers.
  • In addition, many governments around the world recognise the importance of sustainable agriculture in ensuring food security. As a result, they are providing subsidies and incentives to encourage the use of fertilizers that enhance efficient nutrient management. This support is projected to increase farmer demand for phosphate fertilizers.
  • Furthermore, phosphate fertilizers allow farmers to grow more on a smaller plot by ensuring optimal nutrient supply to crops, addressing the issue of reducing arable land.

Key Challenges Inhibiting Demand for Phosphate Fertilizer

  • Growing environmental concerns and restrictions surrounding the mining and processing of phosphate rock may hinder market growth. Stricter regulations on waste disposal, water use, and pollution might boost industrial costs and impede market expansion.
  • Moreover, the demand for phosphate fertilizer is intimately linked to the economic situation of agricultural markets. Economic downturns can diminish farmers’ purchasing power, affecting demand for fertilizers such as phosphates.

Key Challenges & Opportunities for Phosphate Fertilizer Manufacturers

  • The phosphate fertilizer market faces challenges related to a secure and reliable source of raw materials. Geopolitical tensions and supply interruptions can cause supply chain volatility, affecting the availability and pricing of phosphate fertilizers.
  • However, investing in R&D to create more efficient, customised, and crop-specific phosphate fertilizer formulations can provide firms with a competitive advantage in the market.

Country/Region-wise Insights

US Phosphate Fertilizer Market Forecast

  • Government programmes and subsidies to encourage domestic agriculture in the US market are projected to observe significant growth?in the estimated period.
  • In addition, with an increased emphasis on improving agricultural productivity and sustainability as well as rising demand for high-quality crop yields, the US market is likely to be a key driver of this growth trend.

Europe Phosphate Fertilizer Market Outlook

  • The ongoing emphasis on increasing crop yields in order to cater for the growing population in the Europe market is anticipated to drive sales in the market over the assessment period.
  • Moreover, a growing awareness of the role that phosphorous plays in promoting healthy plant growth and soil health is pushing the phosphate fertiliser market ahead.

Japan Phosphate Fertilizer Market Forecast

  • Increased agricultural activity, growing awareness of the necessity of soil nutrient enrichment, and government attempts to boost domestic food production in Japan market are anticipated to drive the market over the forecasted period.
  • In addition, adoption of modern agricultural practises and a trend towards sustainable agriculture are likely to promote the use of phosphate fertilizers, which aid in crop yield optimisation.

China & India Phosphate Fertilizer Market Forecast

  • Rapidly expanding populations and ongoing R&D efforts in the China & India markets are anticipated to fuel the market over the forecast period. China & India phosphate fertilizer markets are likely to account for a leading share of the global phosphate fertilizer market.?
  • Moreover, the government’s emphasis on modernising agriculture and increasing productivity, along with a growing middle class, has resulted in increased crop consumption, further propelling the demand for phosphate fertilizers.

Phosphate Fertilizer Market Outlook & Forecast by Segmentation

By Product Type

Based on product type, the diammonium phosphate (DAP) segment is expected to remain at the forefront of phosphate fertilizer market share over the assessment period. The growth is mainly because DAP is a highly effective source of two vital nutrients for plants: nitrogen and phosphorus. Both nutrients are essential to ensuring healthy plant growth, strong root development, and crop output.

In addition, DAP can be used on a wide range of crops and in several soil conditions. Its adaptability makes it an ideal option for both large-scale agricultural operations and small-scale farming.

Furthermore, DAP is frequently used as an initial fertilizer during planting, providing young plants with the nutrients they require for proper establishment. This promotes early growth and contributes to overall crop performance.

By Application

Based on application, the cereals & grains segment is set to account for 56% of the phosphate fertilizer market share over the assessment period. The growth is mainly because the global population continues to expand, leading to a rising demand for food production. Cereals and grains, such as rice, wheat, and maize, are essential foods in many countries, and the need to produce more of these products to feed the world’s rising population increases the demand for phosphate fertilizers.

In addition, cereals and grains have significant nutritional requirements, especially phosphorus. Phosphate fertilizers are vital for these crops because they supply an essential component that promotes root development, energy transmission, and overall plant growth.

Which Company Owns the Largest Share in the Phosphate Fertilizer Market??

The key companies in the phosphate fertilizer market are Agrium Inc., Gayatri Fertiplants International Pvt. Ltd., Indorama Corporation, Yara International ASA, Phospholutions Inc., EuroChem Group AG, Union Chemicals Co. LLC., Rama Phosphates, Nutrien Ltd., and PhosAgro Group.

Recent Developments:

  • In March 2023, Phospholutions Inc., a pioneer in the field of sustainable fertilizer technology, announced the introduction of RhizoSorb, a completely new phosphate fertilizer technology that is accessible for crop production in the United States.
  • In March 2023, Union Chemicals Co. LLC., a firm that manufactures and supplies agricultural fertilizer and micronutrient products, and Minister Mansukh Mandaviya announced the government had approved the introduction of nanoliquid di-ammonium phosphate fertilizer for farmers’ benefit and to help the country become self-sufficient.
  • In February 2021, Rama Phosphates, one of the top producers of phosphate fertilizer, introduced its latest phosphogypsum (powder and granulated) fertilizer product under the brand name “Suryaphool Gold +”.

As per our analysis, the companies that hold the largest share in the market are

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Nutrien Ltd.

Founded in 2018 and with headquarters in Saskatoon, Canada, it is the world’s largest potash producer and the third largest nitrogen fertilizer producer.

PhosAgro Group

Founded in 2001 and with headquarters in Russia, it is a chemical corporation that manufactures phosphates, fertilizer, and feed phosphates.

EuroChem Group AG

Founded in 2001 and with headquarters in Zug, Switzerland, it is a fertilizer manufacturer that produces all three primary nutrients: phosphates, nitrogen, and potash.

Agrium Inc.

Founded in 1931 and with headquarters in Calgary, Canada, it is a significant retailer of agricultural products and services.

Yara International ASA

Established in 1905 and with headquarters in Oslo, Norway, it is a chemical company.

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1.1. Research Scope And Premise

1.2. Research Methodology

1.3. Market Estimation

2.1. Summary Snapshot, 2023 - 2033

4.1. Phosphate Fertilizer Market Segmentation Analysis

4.2. Industrial Outlook

4.2.1. Market Indicators Analysis

4.2.2. Market Drivers Analysis

4.2.3. Market Restraints Analysis

4.3. Technological Insights

4.4. Regulatory Framework

4.5. Etop Analysis

4.6. Porter’s Five Forces Analysis

4.7. Price Trend Analysis

4.8. Customer Mapping

4.9. Global Recession Influence

5.1. Introduction / Key Findings

5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Product Type, 2023-2033

5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis By Product Type, 2023-2033

5.3.1. Monoammonium Phosphate (MAP)

5.3.2. Diammonium Phosphate (DAP)

5.3.3. Single Superphosphate (SSP)

5.3.4. Triple Superphosphate (TSP)

5.3.5. Others

5.4. Y-o-Y Growth Trends Analysis By Product Type, 2023- 2033

5.5. Absolute $ Opportunity By Product Type, 2023- 2033

6.1. Introduction / Key Findings

6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2023-2033

6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2023-2033

6.3.1. Cereals and Grains

6.3.2. Fruits and Vegetables

6.3.3. Oilseeds

6.3.4. Pulses and Legumes

6.3.5. Others

6.4. Y-o-Y Growth Trends Analysis By Application, 2023- 2033

6.5. Absolute $ Opportunity By Application, 2023- 2033

7.1. Introduction

7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2023-2033

7.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2023-2033

7.3.1. North America

7.3.2. Latin America

7.3.3. Western Europe

7.3.4. Eastern Europe

7.3.5. South Asia and Pacific

7.3.6. East Asia

7.3.7. Middle East and Africa

7.4. Market Attractiveness Analysis By Region

8.1. Market Revenue Share By Manufacturers

8.2. Manufacturing Cost Breakdown Analysis

8.3. Mergers & Acquisitions

8.4. Market Positioning

8.5. Strategy Benchmarking

8.6. Vendor Landscape

9.1. Agrium Inc.

9.1.1 Company Overview

9.1.2 Financial Performance

9.1.3 Technology Insights

9.1.4 Strategic Initiatives

9.2. Gayatri Fertiplants International Pvt. Ltd,

9.2.1 Company Overview

9.2.2 Financial Performance

9.2.3 Technology Insights

9.2.4 Strategic Initiatives

9.3. Indorama Corporation

9.3.1 Company Overview

9.3.2 Financial Performance

9.3.3 Technology Insights

9.3.4 Strategic Initiatives

9.4. Yara International ASA

9.4.1 Company Overview

9.4.2 Financial Performance

9.4.3 Technology Insights

9.4.4 Strategic Initiatives

9.5. Phospholutions Inc.

9.5.1 Company Overview

9.5.2 Financial Performance

9.5.3 Technology Insights

9.5.4 Strategic Initiatives

9.6. EuroChem Group AG

9.6.1 Company Overview

9.6.2 Financial Performance

9.6.3 Technology Insights

9.6.4 Strategic Initiatives

9.7. Union Chemicals Co. LLC.

9.7.1 Company Overview

9.7.2 Financial Performance

9.7.3 Technology Insights

9.7.4 Strategic Initiatives

9.8. Rama Phosphates

9.8.1 Company Overview

9.8.2 Financial Performance

9.8.3 Technology Insights

9.8.4 Strategic Initiatives

9.9. Nutrien Ltd.

9.9.1 Company Overview

9.9.2 Financial Performance

9.9.3 Technology Insights

9.9.4 Strategic Initiatives

9.10. PhosAgro Group

9.10.1 Company Overview

9.10.2 Financial Performance

9.10.3 Technology Insights

9.10.4 Strategic Initiatives