Increasing demand from agriculture industry coupled with rising food demand is expected to drive global phosphoric fertilizer market growth over the next seven years. Limited natural resources such as arable land are anticipated to fuel demand significantly. Rising consumer awareness regarding fertilizer benefits is expected to fuel market penetration in region such as Asia Pacific and Latin America.
Phosphorus fertilizers are widely used as they improve vegetable & fruits quality and enhance maturity. Increasing agricultural exports along with rising frozen & canned food demand is projected to drive market growth over the forecast period. Low phosphorus amount in rock and elevated transportation cost is expected to limit phosphate rock usage and compliment increasing market size.
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Population expansion coupled with increasing food demand in emerging economies of Asia Pacific, Africa and Latin America is anticipated to remain a key driving factor market growth over the next seven years. Increasing chemical fertilizers usage in modern farming is expected to fuel demand and compel countries to increase their production capacities.
Phosphorus dosage has minimal impact on roots as utilized phosphorus gets washed in rain before plants intake. Excess phosphorus contaminating ground water is expected to hinder market growth and challenge industry participants over the next seven years. Increasing water purification cost owing to phosphorus contamination is anticipated to limit fertilizer usage and induce manufacturers to work on cost cutting.
Key raw materials required for phosphoric fertilizer production are sulfuric acid and phosphoric rock. It is produced through using wet or dry process. Dry process involves using electric furnace which produces white acid, while wet process utilizes phosphoric acid and gypsum. Fertilizers produced using white acid is comparatively costly owing to expensive treatment process.
Asia Pacific is expected to emerge as the leading regional market owing to huge agriculture sector in China, India, Bangladesh, Vietnam and Indonesia. China accounted for one-third consumption of the total consumption followed by India. Rising population along with food security initiatives is expected to drive regional market growth over the next seven years.
North America is anticipated to witness significant growth rate due to high technological and economic growth in the region. Latin America is expected to emerge as the fastest growing region owing to increasing agriculture industry in Brazil and Argentina.
Office Cherifien des Phosphates (OCP), Yara International ASA and Eurochem accounted for more than one-third of the world phosphates production. Aforementioned companies are expanding their business to emerging markets of Asia Pacific and Latin America in order to increase market penetration.
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