Phosphatic Fertilizers Market Growth Riding the Escalating Demand for Food Crops
Added: (Fri Jan 12 2018)
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According to Goldstein Research, “Rising populations and growing demand for food has put pressure on the limited agriculture lands for the increased productivity of crops which is significantly increased the usage of fertilizers and modern farming techniques to increase crop yield and productivity.” Moreover, highest growth in world demand of phosphatic fertilizers is expected among Asian countries such as 27% in India, 10% in China, 5% in Indonesia and 2% in Bangladesh.
Global phosphatic fertilizers market is segmented on the basis of types of phosphatic fertilizers and by applications. Application segment is further categorized into:
• Fruits and Vegetables
Cereal crops and grains accounted for the lion share of 35% in phosphatic fertilizers market in 2016. Moreover, growing consumption and production of oil seed crops majorly palm and soybean are also propelling the growth of phosphatic fertilizers demand.
Global phosphatic fertilizers market is forecast to reach USD 57.8 billion by 2024 on the back of aggregate demand for food owing to growing global population. Further, declining arable land is also pushing the demand for phosphatic fertilizers as they benefit in increasing the crop yield.
Geographically, Asia Pacific region dominated phospahtic fertilizers market with more than 45% share in global market. China is the major producer and consumer of the phosphatic fertilizers in the region and is expected to enhance its production capacities over the forecast period owing top rising demand food crops. Asia Pacific also holds a significant market share of nearly more than 60%, by volume in the grain & oil seeds segment.
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Growing Food Demand: Major Boost
Global phosphatic fertilizers market is growing rapidly on the back of rising population which is anticipated to reach 9.2 billion by 2050 and the agricultural land per capita is expected to decline from its present 0.20 hectare per capita level to 0.12 hectare per capita. To meet the mounting demand, cereal crop production will have to grow at substantial faster pace to serve projected consumption levels, which are currently between 400 and 1500 grams daily per person across the globe. Phosphatic fertilizers, provides crucial method to meet the escalating demand for future nutritional needs in an effective way. Hence, additional 2 million tonnes of fertilizers will need to be produced each year.
“Global Phosphatic Fertilizers Market 2024” contains detailed overview of the global phosphatic fertilizers market in terms of market segmentation by types of fertilizers and by applications.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Phosphatic Fertilizers Market also provides competitive outlook of some of the major players of global phosphatic fertilizers market which includes profiling of companies such as Yara International ASA, Agrium Inc., Israel Chemical Ltd., CF Industries, Office Cherifien Des Phosphates, Mosaic Co., Phosagro, Coromandel International, Kailin Group, Luxi Chemical Group Co. Ltd and Eurochem. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global phosphatic fertlizer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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