Phosphate Sales to Surpass 51,331 KT by 2021 as Phosphate Fertilizers Gain Traction in Agrochemical Industry: Future Market Insights Study

 Agricultural sector grew many folds over the past few years owing to high demand for cash crops and food along with rapid population growth in developing and developed economies. To cater to the rising food requirements, demand for fertilizers to boost the yield of arable land skyrocketed, thus boosting phosphate consumption.  Agricultural sector grew many folds over the past few years owing to high demand for cash crops and food along with rapid population growth in developing and developed economies...

 Agricultural sector grew many folds over the past few years owing to high demand for cash crops and food along with rapid population growth in developing and developed economies. To cater to the rising food requirements, demand for fertilizers to boost the yield of arable land skyrocketed, thus boosting phosphate consumption.

Increasing demand for diammonium phosphate (DAP), monoammonium phosphate (MAP), single superphosphate (SSP) and triple superphosphate (TSP) fertilizers to counter the deteriorating nutritional value of the cultivating soil is predicted to boost the sales of phosphates in upcoming years.

Proactive steps from government to boost agricultural yield and promote the use and production of harmless fertilizers will positively influence the phosphate market growth in coming years.

The Indian government is investing increasingly to revive the agricultural sector and provide funding for crop protection and subsidized fertilizers to farmers. As overall gross domestic product (GDP) of India is highly dependent on agricultural sector, the demand for phosphates is expected to increase in the near future.

COVID-19 pandemic hindered the logistics and transport activities leading to sluggish trade and disrupted supply-chain network. With easing of strict lockdown restriction, the market is expected to recover in the next couple of years.

The market however enjoyed significant growth during the pandemic owing to increase in demand for food and beverages and rise in agricultural activities. The demand for animal feed and fertilizers also contributed towards the growth registered amid the pandemic.

"Rising industrialization and contracting agricultural land will considerable increase the sales of phosphate fertilizers during the forecast period. The rising demand for animal feed and population growth will create attractive opportunities for growth in the forthcoming years," says the FMI analyst.

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Key Takeaways

Competitive Landscape

Phosphate market is highly competitive with top five companies accounting for more than 50% of global market in 2021. To cater to rising demands, market players are investing towards expanding their production capacities and set-up new production plants in emerging countries of Asia Pacific region.

For instance, Ma'aden commissioned its US$ 900 million fertilizer plant in Ras Al-Khair in June 2021. This new project is a part of US$ 6.4 billion 'Phosphates 3' expansion plan of Ma'aden's phosphates fertilizer portfolio covering everything in mine-to-market development process of phosphates fertilizers.

Strategic merger and acquisition is on the cards, to expand their market foothold and increase their annual turnover.  Backwards integration to optimize productivity is emerging as a key area of focus among market players.

For instance,

Some of the leading companies operating in the phosphates market are:

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More Insights on the Global Phosphates Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Phosphates market, presenting historical demand data and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the phosphates market with a detailed segmentation on the basis of

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