Phosphate Fertilizers Market Cumulative Impact for COVID-19 Recovery Research Report 2022

Phosphate Fertilizers Market Cumulative Impact for COVID-19 Recovery Research Report 2022

Burgeoning population and limited availability of ploughland will drive the global phosphate fertilizers market volume in coming years. A surge in the consumption of fertilizers over the past several years with growing penetration of the raw materials market will pan well for the business forecast.

Fertilizer-producing facilities have gained traction with several startups pursuing phosphorous recycling to underpin sustainable agriculture practices. It is worth noting that the environmental footprint of fertilizers could come under increased scrutiny amidst the implementation of new regulations. Meanwhile, phosphorous has become massively popular in plant maturation, root development, and seed development.

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Over the years, the commercialization of phosphate fertilizers using phosphate rock has become notable with the growing penetration of sedimentary and marine phosphate rock deposits. Phosphate fertilizers such as SSP, Diammonium Phosphate (DAP), and Monoammonium Phosphate (MAP) are some of the most prevalent phosphatic fertilizers used in agriculture.

Global Market Insights, Inc., estimates that the phosphate fertilizers market size would witness substantial gains by 2027.

Revenue generated by DAP will be notable following a notable trend supported by its high nutrient content and tremendous physical properties. It is worth noting that DAP is a viable source of phosphorous and nitrogen for plant nutrition. DAP is expected to be sought-after for crop growth and development and as a starter dose of low sulfur and nitrogen. Some of the upsides such as high-quality plant products, high crop yields, and optimal fertilizer for winter cereals will augur well for the industry expansion.

The application of phosphate fertilizers in cereals and grains will be pronounced given their role in plant reproduction and higher grain production. Over the years, phosphate levels in some soils have surged owing to repeated annual application of commercial phosphate-based fertilizers. A surge in prices of major cereals and grains and seasonal demand across a majority of countries will expedite the adoption of phosphate fertilizers in the coming years.

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Phosphate fertilizer suppliers envisage North America as a major investment hub given the rise in agricultural production in the U.S. and Mexico. In fact, in 2019, agriculture, food and related industries accounted for a record $1.109 trillion to the U.S. GDP, with agriculture contributing over 0.6% to GDP.

However, the enforcement of countervailing duty on imports of phosphate fertilizers from Russia and Morocco could impact the North America phosphate fertilizers industry outlook. Meanwhile, the location of producer plants in Idaho, Florida, North Carolina, Minnesota and Wyoming will encourage leading companies to expand their foothold across the region.

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