The major growth drivers identified in the phosphate fertilizers market are rise in population and diversified food demand. Rising energy demands with increase in population challenged the farmers to increase crop output from the limited available land. Use of fertilizers in agriculture is one of the major practices that increases crop yield and soil fertility.
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Pricing volatility and government policies regarding use of phosphate-based fertilizers are some of the factors restraining the growth of the phosphate fertilizers market. Fluctuating energy prices are the key cause of price volatility in these fertilizers. Transportation costs, exchange rates, policy decisions, and other uncontrollable factors are other key factors affecting trading of fertilizer products worldwide.
On the basis of type, the phosphate fertilizers market is categorized into monoammonium phosphate (MAP), diammonium phosphate (DAP) and superphosphate. DAP fertilizers are a major type as it is a key source of nitrogen and phosphorus. It is widely used for a range of crops in cereals, sugarcane, broad-acre farming, sowing pastures, dairy pastures, fodder crops, and horticultural crops. Also, DAP is a cost-effective source of phosphorus for crops.
Regionally, Asia-Pacific is the leading region for the phosphate fertilizers market. Presence of large population in countries such as China and India are increasing demand for diversified food such as fruits and vegetables, cereals and grains, and oilseeds, which is eventually expected to boost demand for the fertilizers over the forecast period.
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The global phosphate fertilizers market competition is highly intensive and relatively integrated, with the presence of limited key players capturing a major revenue share. Some of the major players operating in the market are Agrium Inc., Israel Chemicals Limited, CF Industries Holdings Inc., Coromandel International Ltd., Nutrien Ltd.., PhosAgro, OCP S.A., Yara International ASA, EuroChem Group AG, and The Mosaic Company.
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