The global demand for phosphate fertilizers is expected to witness a rapid growth on account of rising demand for food as well as the ever increasing world population. The phosphate fertilizers are commercially manufactured with the help of phosphate rock. Therefore, the demand for phosphate rock is also expected to witness a very high growth in seven years. Phosphate is an essential element for the growth of various crops owing to its capabilities in development of seeds and roots as well as for the complete maturity of plants. The nature of modern farming is such that it is highly dependent on the phosphate fertilizers on account of its ability to maximize grain and forage production. The phosphate fertilizer consumption includes phosphoric acid based fertilizers and non phosphoric acid based fertilizers. The non phosphoric acid based fertilizers include phosphate in nitric acid based fertilizers and super phosphate. The majority of the global demand for phosphate rock is for food production on account of rising demand for food in the past few years which is expected to rise even further in the next seven years.
Rising consumption of milk and meat has led to an increase in demand for forage production which has in turn led to the growth in the phosphate fertilizers market. Phosphate fertilizers have a wide range of applications in the agricultural sector which includes crop development and plant maturation. Emerging economies like India and China which are highly agriculture driven economies have seen a rise in demand for phosphate fertilizers and this demand will continue to grow over the forecast period. Other emerging economies including Bangladesh, Indonesia and Pakistan have also witnessed a significant growth in the demand for phosphate fertilizers and this demand is expected to continue over the next seven years. Countries including Brazil and Morocco have made additions to their phosphoric acid production capacities. Market participants have to be aware of any kind of regulations imposed by governments of various countries on account of phosphate rock being a non renewable resource and therefore there can be a few barriers on account of its availability.
Asia Pacific is the fastest growing market for phosphate fertilizers with China being the biggest producer of phosphate fertilizers, and the production is expected to further grow over the next seven years owing to the rising population in China and the rising demand for food. North America continues to be one of the largest suppliers for phosphate fertilizers. Although the market has just recovered from an economic crisis, the phosphate fertilizers market has been able to recover from the crisis and is expected to witness a continuous growth over the forecast period.
Diammonium phosphate which is one of the derivatives of the phosphate fertilizer has been one of the fastest growing derivatives of phosphate fertilizers in Asia Pacific market in the previous few years and is anticipated to grow over the next seven years. Europe will continue to be seen as the second largest supplier of phosphate fertilizers. In order to achieve self-sufficiency in food grain production, countries including the United States and China have increased their production capacities, and are expected to increase it further over the forecast period. There has been a rise in the amount of investments owing to the rapid growth in the phosphate fertilizer industry. As many countries including India are striving for sustainable agricultural development, this has in turn led to a rise in the demand for phosphate fertilizers and led to the growth of phosphate fertilizers market. Government policies have played a very important role in the growth of the phosphate fertilizer market on account of control on prices, movement and distribution of fertilizers. In developing economies, including India, which is the third largest consumer of fertilizers, there is a huge scope for better productivity in the phosphate fertilizer industry which can be achieved by providing better and cleaner technologies and optimized management inputs.
Some of the key market participants in the phosphate fertilizers market include Eurochem, Yara International ASA, CF Industries holdings Inc, Mosaic, Phosagro, ICL and Agrium. Most of the companies have their own competitive advantage in the phosphate fertilizers market.
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