Phosphate Fertilizer Market To Receive Overwhelming Hike In Revenue That Will Boost Overall Industry Growth

Allied Market Research recently released a report titled "Phosphate Fertilizer Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2031." The report indicates that the global phosphate fertilizer industry was valued at $24.0 billion in 2021 and is projected to reach $35.6 billion by 2031, with a compound annual growth rate (CAGR) of 4.1% from 2022 to 2031.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/phosphate-fertilizer-market/purchase-options

The report offers insights into changing market trends, top segments, key investment areas, value chain analysis, regional landscape, and competitive scenarios.

Key drivers for market growth include the rapid increase in population, heightened demand for agricultural products, surge in fertilizer and crop protection product demand, growing awareness of healthy lifestyles, and rising interest in organic and low-calorie supplements among young consumers. However, challenges such as rising raw material prices for phosphate-based fertilizers and excessive consumption of phosphate-based fertilizers in soil, which can hinder plant growth, pose restraints to market expansion.

Despite these challenges, the report identifies new growth opportunities driven by factors such as population growth in both developed and developing economies, increased import-export activities in agriculture, and heightened focus on the agriculture sector by governments worldwide.

The COVID-19 pandemic significantly impacted the phosphate fertilizer market in terms of both value and volume, with a decline observed in 2020. The Russia-Ukraine war further disrupted global economic recovery efforts, causing inflation and supply chain disruptions, affecting markets worldwide. However, the market is expected to rebound during the forecast period due to a decrease in global cultivation areas.

The report predicts that the cereals and grains segment will dominate the market, driven by factors such as population growth, increased food demand, and trade activities. Meanwhile, the fruits and vegetables segment is expected to witness the fastest growth, fueled by the widespread use of phosphate fertilizer to enhance plant growth.

In terms of type, the di ammonium phosphate (DAP) segment is projected to achieve the highest growth, maintaining its dominance and witnessing the fastest CAGR due to increased demand for pulses and organic food.

Geographically, Asia-Pacific is expected to lead the market by 2031, driven by the extensive use of phosphate fertilizer in various sectors such as agriculture, horticulture, and gardening.

Key market players mentioned in the report include Nutrien Ltd., Green Agri Solution, APEX AGRO INDUSTRIES, OCP, Silverline, ICL, Rama Phosphates Ltd., Gayatri Fertiplants International Pvt. Ltd., Indorama Corporation, and PhosAgro Group. These players have implemented strategies like expansion, new product launches, and partnerships to bolster their market position.

Obtain Report Details: https://www.alliedmarketresearch.com/phosphate-fertilizer-market-A53702

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.