The global phosphatic fertilizers market size is projected to reach USD 83.28 billion by the end of 2026. The ability of phosphate to enhance the overall nutrient value of the crop will lead to a wider product adoption across the world. According to a report published 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, 2023-2028,” the market was worth USD 62.24 billion and will exhibit a CAGR of 3.8% during the forecast period, 2019-2026.
Phosphatic fertilizers are a type of fertilizer that are rich in phosphorus, one of the primary macronutrients required for plant growth. Phosphorus is essential for many plant processes, including photosynthesis, energy transfer, and root development, and is often a limiting factor in plant growth.
Phosphatic fertilizers can be made from a variety of sources, including rock phosphate, bone meal, and guano. These materials are typically treated with acid to solubilize the phosphorus and make it available for plant uptake. The resulting fertilizer may be in the form of a powder, granules, or a liquid.
Phosphatic fertilizers are commonly used in agriculture to improve crop yields and quality. They are particularly important for crops that have high phosphorus requirements, such as corn, soybeans, and wheat. However, overuse of phosphatic fertilizers can lead to environmental problems, such as eutrophication of waterways, and can also be costly for farmers. To avoid these issues, it is important to use phosphatic fertilizers judiciously and in accordance with best management practices.
Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of product launches has made a huge impact on the growth of the market in recent years. In September 2016, ICL announced the launch of a new technology that will be used for the production of controlled release fertilizers. The company introduced ‘E-Max Release Technology’, a system that will release nutrients such as phosphate and nitrogen in a controlled manner. This product will help the company generate3 substantial phosphatic fertilizers market revenue in the coming years and will subsequently have a massive impact on the growth of the market.
North America Holds the Highest Market Share; Increasing Demand for Sustainable Crop Produce Will Aid Growth
The report analyses the ongoing phosphatic fertilizers market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America currently holds the highest market share, driven by the massive demand for crop and agricultural produce in several countries across this region. As of 2018, the market in North America was worth USD 7.54 billion and this value is projected to increase further in the coming years. Besides North America, the market Asia Pacific will witness considerable growth in the coming years, owing to the huge volume of area under cultivation.
Browse Summary of This Research Report:
https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583