(PharmaNewsWire.Com, March 11, 2017 ) The Global Phosphatic Fertilizers Market was worth $57.6 billion in 2016 and estimated to be growing at a CAGR of 3.5%, to reach $68.41 billion by 2021. The phosphate fertilizers are commercially mass-produced with the help of phosphate rock. Hence, the demand for phosphate rock is also predicted to witness a very high growth in coming years.
Phosphate is a crucial element for the progression of various crops owed to its capabilities in growth of seeds and roots as well as for the whole development of plants. The nature of modern farming is such that it is extremely reliant on the phosphate fertilizers on account of its aptitude to maximize grain and forage manufacture.
The global demand for phosphate fertilizers is anticipated to observe a speedy growth on account of increasing demand for food as well as the forever growing world population. Increasing consumption of meat and milk has directed towards an upsurge in demand for forage production which has contributed to the growth in the phosphate fertilizers market. Regulations executed by governments on account of phosphate rock being a non-renewable resource and so there can be a few barriers on account of its accessibility acting as a restrain for this market.
Global market for phosphatic fertilizers is segmented by type into Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Superphosphate and Others. Based on application the phosphatic fertilizers market is segregated into Grains & Oilseeds, Fruits & Vegetables and Others. Superphosphate type is in great demand due to its advantages over other phosphate types. Phosphates are mainly used in fruits and vegetables to mark the need of phosphates in the body.
Geographically the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. Asia Pacific is the fastest growing market for phosphate fertilizers with China being the largest producer of phosphate fertilizers, and the manufacture is likely to further grow over the next few years due to the increasing population in the region and the growing demand for food. North America remains to be one of the largest providers for phosphate fertilizers.
The key players covered in this report are CF Industries Holdings Inc. (U.S.), OCP (Morocco), Agrium Inc., (Canada), Potash Corp. of Saskatchewan (Canada), Mosaic (U.S.), Eurochem (Russia), ICL (Israel), Yara International ASA (Norway), Coromandel International Ltd. (India), and Phosagro (Russia).
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