Phosphate Fertilizer Market surging demand owing to the increasing world population resulting in rising food demand

Phosphate Fertilizer Industry Overview

The global phosphate fertilizer market size is estimated to reach USD 176.06 billion by 2040, registering a CAGR of 5.7% from 2022 to 2040, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for fertilizers for usage in agricultural applications and is expected to drive the growth of the market during the forecast period.

Phosphate Fertilizer Market Segmentation

Grand View Research has segmented the global phosphate fertilizer market report based on the product, application, and region:

Based on the Product Insights, the market is segmented into Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP), Single Superphosphate (SSP), Triple Superphosphate (TSP) and Others.

The monoammonium phosphate segment accounted for the largest revenue share of around 31% in 2021. This is attributed to the low costs of MAP and the high level of phosphorous present in it. MAP is the most important phosphate fertilizer as it as it is a vital source of nitrogen and phosphorus. In agricultural applications, it has been used as an important granular fertilizer.
Triple superphosphate was the second-largest product segment in 2021 accounting for around 17% of the revenue share.
Other products include DAP, SSP, and others. DAP is also used in several industrial processes such as metal finishing. It is commonly added to milk to produce cheese cultures, as well as to wine for sustaining yeast fermentation.

Based on the Application Insights, the market is segmented into Cereals Grains, Oilseeds Pulses, Fruits Vegetables and Others.

The cereals grains application accounted for the largest revenue share of around 46% in 2021. The growth is attributed to the increasing demand for major cereals grains worldwide on account of the growing population has led to high demand for phosphorous fertilizers across all developing as well as emerging agrarian economies of the world.
The oilseeds pulses segment accounted for the second-largest market share and is anticipated to expand at a 5.6% CAGR over the forecast period in terms of revenue.
The use of the product in seed treatment is considered highly effective for the growth of fruits and vegetables, including onions, tomatoes, chilies, and other crops.

Phosphate Fertilizer Regional Outlook

North America
Europe
Asia Pacific
Central South America
Middle East Africa (MEA)

Key Companies Profile Market Share Insights

The market is highly fragmented owing to the presence of numerous manufacturers of fertilizers, especially in agriculture-dependent countries. Players in the market are focusing on expanding their manufacturing capacity, as agrochemical demand is increasing in various regions.

Some prominent players in the global phosphate fertilizer market include: