Phosphate fertilizers market size is anticipated to register more than USD 70 billion by 2023
Phosphate fertilizers market size was estimated at over 42 million tons in 2015 and is likely to exceed 51 million tons by 2023, growing at a CAGR of more than 2.1%. The market was valued at over USD 55 billion in 2014 and is anticipated to register more than USD 70 billion by 2023, with estimated gains of more than 3%.
Asia Pacific phosphate fertilizer market size was dominant and accounted for more than 55% total demand in 2015. China was major producer and is anticipated to add production capacities over the forecast period owing to rise in crop demand. North America accounted for over 25% in 2015. Latin America is likely to grow at significant rate over the forecast period.
Approximately, 65% of the world’s resources are outsourced from marine and sedimentary rock deposits, and around 90% is used for food production. The key fertilizers include DAP, MAP and superphosphates. Increasing food consumption coupled with rising population, particularly in Asia Pacific has encouraged farmers to use these fertilizers.
Growth in poultry industry as well as pork business owing increasing meat consumption and awareness of nutritional food to cattle is likely to drive phosphate fertilizers market size over the forecast period Adoption of modern farming which is majorly dependent on these products is also one of the reason anticipated to drive demand.
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The major challenge is the scarcity and non renewability of this resource coupled with government imposed regulations, which may affect market. Phosphate fertilizers market price trend is expected to fluctuate owing to scarcity of raw materials.
The global phosphate fertilizers market share is fragmented and companies compete on the basis services provided to the clients. Key participants in market include Agrium, Coromandel International, Eurochem, Mosaic, OCP, ICL, Yara International, and CF Industries Holdings, Potash Corp. of Saskatchewan, and Phosagro.
In 2012, oil seeds and grains held a greater phosphatic fertilizers market share, approximately 55% by volume, in terms of application. Asia Pacific holds a major market share of nearly more than 60%, by volume in the grain & oil seeds segment.
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