The global phosphatic fertilizers market size was USD 62.24 billion in 2018 and is projected to reach USD 83.28 billion by 2026, exhibiting a CAGR of 3.80% during the forecast period. North America dominated the phosphatic fertilizers market with a market share of 12.11% in 2018.
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, 2019-2026,” the market was worth USD 62.24 billion and will exhibit a CAGR of 3.8% during the forecast period, 2019-2026.
A few of the leading companies that are currently operating in the global market include:
PHOSPHATIC FERTILIZERS MARKET TRENDS
The global phosphatic fertilizers market is expected to witness significant growth due to a shift from traditional to smart fertilizers. The rising use of phosphate-based fortified fertilizers—enhanced with secondary nutrients and micronutrients—is contributing positively to market expansion. Additionally, controlled-release technology is increasing fertilizer efficiency, making it a key component in precision farming. The growing adoption of these advanced phosphatic fertilizers by farmers, aiming for higher yields with reduced usage, is further driving market growth.
Growing Demand and Innovation in Phosphatic Fertilizers to Boost Market Expansion
Phosphatic fertilizers are substances that are inclusive of phosphate, a material that is essential for the health of the root of the plant. The use of phosphatic fertilizers will lead to an increase in the overall efficiency of the root as well as the plant. The increasing demand for crops and crop produce across the world will create several growth opportunities for the companies operating in the market. The massive investments made in the research and development of newer phosphatic fertilizes will bode well for the market in them coming years. The presence of several large scale companies will constitute an increase in the overall market size in the foreseeable future.
Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
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.