The phosphatic fertilizers market is anticipated to achieve a substantial growth, with a projected size of USD 83.28 billion by the culmination of 2026. The widespread adoption of phosphate is attributed to its capability to augment the overall nutrient content of crops on a global scale. As detailed in the “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” report by Fortune Business Insights, the market, valued at USD 62.24 billion, is poised to manifest a Compound Annual Growth Rate (CAGR) of 3.8% throughout the forecast period spanning 2019 to 2026.
Browse Summary of This Research Report:
https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
A few of the leading companies that are currently operating in the global market include:
- Yara International ASA
- Israel Chemical Ltd.
- The Mosaic Company
- CF Industries Holdings, Inc.
- Coromandel International Limited
- The OCP Group
- PhosAgro PJSC
- Sociedad Química y Minera de Chile S.A.
- Nutrien Ltd.
- Koch Industries, Inc.
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.