Global Phosphate Fertilizers Market is forecast to reach USD 76.23 Billion by 2027, according to a new report by Reports and Data. The growing demand from emerging markets will help the Phosphate Fertilizers Market to maintain a stable growth rate over the forecast period. The adoption of modern farming techniques will provide strength to the Phosphate Fertilizers Market and will also help in its growth over the forecasted period.
Due to the pandemic, there are high chances of disruption in the supply chain and influence ingredients and raw material supplies. The financial crisis can let people shrink down their expenses, which can lead to a decrease in the demand of the food industry, adversely affecting the Phosphate Fertilizers market. Though food demand is inelastic, but there can be a change in the dietary patterns of the consumers. While the above reasons can lead to a negative impact but the inelasticity of demand of food will significantly result in the growth of the market. Due to the COVID-19, the manufacturers of the fertilizers are adopting safety regulations and strategies, which may result in the industry's growth over the forecast period.
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Key players operating in the market:
Potash Corp. of Saskatchewan Inc., Yara International ASA, CF Industries Holdings, Inc., Agrium Inc., The Mosaic Co., EuroChem Group AG, Coromandel International Ltd., Israel Chemicals Ltd., Phosagro and Office Cherifien Des Phosphates (OCP), among others.
Further key findings from the report suggest
The growing global population and the increasing diversification of food production demand are driving the growth of the market. As the Phosphate Fertilizerss help the plants regulate protein synthesis, it leads to the development of the roots and leaves. The usage of the fertilizer also helps to improve the soil fertility and crop yield leading to a rise in agricultural productivity and reduction in hunger all around the world.
Diammonium Phosphate (DAP) fertilizer generated a revenue of about USD 32.09 billion in 2019. It is expected to witness the growth over the forecast period as it is a significant cropping fertilizer containing essential rich resources such as phosphorus and nitrogen.
The Asia Pacific has the highest adoption rate in the market over the forecast period, mainly due to the growing population in the countries such as China and India and the increasing scarcity of the arable land in the regions. With the growing population, the demand of food production is also increasing. Farmers are adopting modern farming to increase the crop yield for meeting the growing demand of food.
Some wiser strategies are being adopted by the Phosphate Fertilizers market in order to say competitive in between the growing demand of the Phosphate Fertilizerss. Collaborations have been observed between prominent brands in order to increase their product portfolio and enter new markets. In order to hold the position of the products in the competitive market, companies are adopting effective marketing and branding strategies.
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The report also provides an insight about the manufacturing cost including upstream raw materials, overall production process, and industry chain analysis. The global Phosphate Fertilizers market research report provides a brief overview inclusive of competitive landscape and key developments, policies, manufacturing costs, and processes. It also covers analysis of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, corporate deals and partnerships, among others.
The chemicals and materials industry has witnessed significant revenue growth over the recent past owing to increasing demand for chemicals, raw materials, consumer products such as perfumes, soaps, and detergents, and plastics from various end-use industries. Chemicals and materials are widely used in various consumer goods and different sectors such as agriculture, construction, and petroleum refining, among others. Polymers occupy the largest revenue share of the global chemicals industry owing to increasing demand from packaging industry, construction markers, and home furnishing, among others. Increasing availability of raw materials at affordable costs, lower labor and energy costs, and rapid economic growth in developing regions is a key factors boosting revenue growth of the chemicals and materials industry and the trend is expected to continue going ahead.
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Product Type Outlook
Superphosphate
Monoammonium Phosphate (MAP)
Diammonium Phosphate (DAP)
Others
Application Outlook
Fruits Vegetables
Oilseeds
Cereals Grains
Others
Major Regions Studied in the Report Include:
North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
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