Phosphate Fertilizers Market Size, Industry Analysis Report, Competitive Market Share & Forecast by 2023: Global Market Insights, Inc.
Global 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.
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These fertilizers help plants to regulate protein synthesis essential for plant growth. It is an essential micronutrient for the optimal production, being an element of nucleic acid structure which helps in development of crop. Scarcity of phosphorous in rock phosphate, increasing transportation costs and less yield has discouraged its usage in agriculture.
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.
Its application includes in agriculture sector such as plant maturation and crop development. Presence of vast application has made the phosphate fertilizer market demand relatively stable. Large arable land coupled with growing population, particularly in countries such as India and China, is likely to positively influence demand. Indonesia, Bangladesh and Pakistan were some countries where significant rise in demand was observed, and is expected to continue over the forecast period.
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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.