According to Inkwood Research, the Global Phosphate Fertilizer Market is predicted to record a CAGR of 4.65% in terms of revenue over the forecasting period of 2023-2032.
“Browse 45 Market Data Tables and 44 Figures spread over 218 Pages, along with an in-depth TOC on the Global Phosphate Fertilizer Market Forecast 2023-2032.”
Phosphate fertilizers, often referred to as phosphatic fertilizers, constitute a category of fertilizers designed to supply vital nutrients, particularly phosphorus, to plants. They play a pivotal role in contemporary agriculture by delivering the necessary phosphorus for optimal plant growth and development.
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Rising Global Population Facilitates Market Growth
Globally, the World Food Programme reports that 828 million people experience food insecurity, highlighting the persistent challenge of hunger. This underscores the urgent requirement to strengthen food production. As the demand for food continues to surge in response to the expanding population, the need for phosphate fertilizers in soil management is on the rise. Phosphate fertilizers are integral in augmenting crop yields and ensuring food security by supplying vital nutrients to the soil, thereby addressing the complex task of providing sustenance to a growing global populace.
Cereals & Grains to be a Prominent Application
In the production of cereals and grains, phosphate fertilizers are employed to deliver indispensable phosphorus to plants. Phosphorus is vital for numerous growth and metabolic functions. The application of phosphate fertilizers to cereal and grain crops enables farmers to stimulate plant growth, augment crop yields, and elevate the overall quality of the harvested produce.
Asia-Pacific: Leading Region by 2032
The economic growth and rising per capita income levels in the Asia-Pacific region are precipitating shifts in dietary preferences. With diets becoming more varied and protein-focused, there is a heightened requirement for the production of animal feed.
Additionally, some of the key companies operating in the global phosphate fertilizer market include EuroChem Group AG, Coromandel International Ltd, Nutrien Ltd, etc.
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