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The global phosphatic fertilizers market size is projected to reach USD 83.28 billion by the end of 2026. The increasing demand for sustainable agriculture will create several growth opportunities for the companies operating in the market. According to a report published by Fortune Business Insights, titled “Phosphatic Fertilizers Market Size, Share & Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate, and Others), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 62.24 billion and will exhibit a CAGR of 3.8% during the forecast period, 2019-2026.
Phosphatic fertilizers are substances that are inclusive of phosphate, a material that is essential for the health of the root of the plant. The use of phosphatic fertilizers will lead to an increase in the overall efficiency of the root as well as the plant. The increasing demand for crops and crop produce across the world will create several growth opportunities for the companies operating in the market. The massive investments made in the research and development of newer phosphatic fertilizes will bode well for the market in them coming years. The presence of several large scale companies will constitute an increase in the overall market size in the foreseeable future.
ICL Introduces Add-ons to its Range of Sierrablen Plus
The report includes a few of the major industry developments of recent times and discusses their impact on the growth of the market. Due to the demand for sustainable as well as organic products, several companies are looking to introduce sustainable products with a bid to establishing a stronghold in the market. In February 2019, ICL announced that it will be introducing two new add-ons to its range of Sierrablen Plus. This technology uses a unique, recycled, and slow release of phosphorous, with the aim of increasing the crop quality. This step will not just help the company growth, but will also have a direct impact on the growth of the market in the coming years.
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Increasing Global Demand for Agricultural Produce Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors that have influenced the growth of the market, the increasing demand for crop and agricultural produce has made the highest impact. The constantly rising global population will create several opportunities for growth of the companies operating in the market. The increasing demand for sustainable crop production will emerge in favour of market growth. As a result, companies are looking to adopt advanced technologies that will cater to sustainable agricultural.
Fragmented Market Structure Opens the Doors for More M&As
The phosphatic fertilizers market is highly fragmented in nature. The increasing crop demand across the world has impelled several large scale companies to acquire medium and smaller enterprises. Accounting to the healthy market competition, companies are looking to adopt standout strategies that will attract more customers and subsequently help them establish a formidable stand in the market.
A few of the leading companies that are currently operating in the global market include:
Further Report Findings:
The global phosphatic fertilizers market is segmented on the basis of:
Value (USD Billion)
By Crop Type