The phosphate fertilizers market proficiently consists of sales of phosphate fertilizers. The Phosphate fertilizer manufacturers introduce the phosphatic fertilizer materials and several other phosphatic materials and blend them into fertilizers. However, the Ammonium phosphate, defluorinated phosphate, and di-ammonium phosphate are examples of the phosphate fertilizer segment.
According to the report analysis, ‘Phosphate Fertilizers Global Market Report 2020’ states that in the phosphate fertilizers global market there are several companies which recently operating more significantly for leading the greatest value of market share and dominating the high market growth during the coming duration while implementing the profitable strategies, decreasing the linked prices, analyzing and studying the strategies and policies of the competitors and government, delivering the better consumer satisfaction, spreading the awareness related to the phosphate fertilizers, employing the young workforce and improving the specifications of the production technologies includes Agrium Inc, Israel Chemicals Limited, CF Industries Holdings Inc., Coromandel International Ltd., Nutrien Ltd., PhosAgro, , Yara International ASA, EuroChem Group A, The Mosaic Company., OCP S.A and several others.
The internatioal phosphate fertilzers market was worth USD 65.69 billion in 2019. It is predicted to increase at a compound annual growth rate (CAGR) of 7% and reach USD 84.04 billion by 2023. Whereas, the phosphate fertilzers market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. For instance, the Asia Pacific accounts for nearly 42% of the market.
The World population is increasing and is predicted to reach 10 billion by 2050 and is expected to expressively boost the insecticides market. Increase in inhabitants creates more ultimatum for food. Crop production, farming activities and trade volumes will have to rise in order to meet augmented population. Additionally, the farmers and commercial farming corporations will increase acquisitions in the arable land to augment crop production, which is projected to increase the requirement for herbicides. In order to meet the food requirement that may increase from 59% to 98%, farmers have to augment agricultural productivity through the fertilizers and advanced technologies in farming. Thus, the increase in requirement for food for the increasing population will endorse the growth of insecticides market.
There has been a speedy increase in introduction and exports of phosphates from China. During the past, there was restricted supply of phosphate rock owing to limited production capability and monopolistic pricing in most regions but, over the past few years there has been a rapid augment in phosphate production in China. For example, during 2014 the world trade in diammonium phosphate and monoammonium phosphate was projected to be around 24 million metric tonnes, of which China delivered 8 million tonnes. This is proficient given that ten years ago Chinese exports were close to zero.
During August 2019, Ma’aden, a Saudi Arabia-based mining and metallurgical company that concentrates in gold mining, refining, phosphate mining and aluminum mining assimilated Meridian Group for USD 140 million. The acquisition is projected to help Ma’aden in solidification its position as the world’s largest introducer and exporter of phosphate fertilizers and improve its contribution in the worldwide food security.
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Ankur Gupta, Head Marketing & Communications