The global phosphate fertilizers market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing population across the globe and rising food safety concerns among individuals are expected to drive growth of the global phosphate fertilizers market over the forecast period.
Increasing farmers’ preference towards bio-based and micronutrient fertilizers in agriculture
On the basis of product, the market is segmented into monoammonium phosphate (MAP), diammonium phosphate (DAP), superphosphate, and others. The diammonium phosphate (DAP) product segment is expected to account for major share in the target market owing to diammonium phosphate (DAP) is consider as a major cropping fertilizer because it is a key source of nitrogen and phosphorus.
On the basis of application, the global phosphate fertilizers market is segmented into cereals and grains, oilseeds, fruits and vegetables, and others. The cereals and grains product segment is expected to account for highest CAGR in terms of revenue and expected to continue its dominance over the forecast period.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to increasing population and rising demand for phosphate fertilizers in various countries such as India and China in the region. The market in North America is estimated to register significant growth in terms of revenue over the forecast period, owing to increasing preference towards phosphate fertilizers due to its health benefits in various countries in this region.
Key players operating in the global phosphate fertilizers market include EuroChem Group AG, Nutrien Ltd., Yara International ASA, Industries Holdings, Inc., Israel Chemicals Ltd., Coromandel International Limited, The Mosaic Company, OCP S.A., PJSC PhosAgro, and CF Industries Holdings.