has a humungous growth capacity as feeding the growing population is the major challenge. In the recent past, urbanization has become a basic need to survive for any economy. The total world population has
increased from a mere 750 million in 1950 to an immense 7.3 billion in 2015
. In such a globalized world, there should be enough food for feeding the increasing population. Hence, there is an upsurge in the demand for improving the yield of crops. This impetus has induced the growth of fertilizers market, which is directly related to the agricultural industry. One of the important components of these fertilizers is phosphorous.
Plants require phosphorus for metabolism like growth, utilization of starch, photosynthesis, nucleus formation and cell division to name among a few others. One of the main reasons why phosphorous is necessary for plants is due to its capacity to store energy generated from photosynthesis and the metabolism of carbohydrates, for later use in growth and reproduction. These fertilizers helps a plant convert other nutrients into usable building blocks. Phosphorus is one of the main three nutrients most commonly found in fertilizers. Today there is a range of phosphatic fertilizers available to farmers. Some contain only phosphorus, others contain two or more nutrients. Manufacturers often produce a variety of such fertilizers which contain nitrogen, phosphorus and potassium in various proportions.
Phosphate fertilizers market
can be categorized into the type of fertilizers commercially available in the market which include monoammonium phosphate (MAP), diammonium phosphate (DAP), rock phosphate and super phosphate. DAP and super phosphates are the majorly consumed fertilizers among the list of phosphate fertilizers available.
The global market for phosphate fertilizers was estimated to be $XX billion in 2015. The global market for phosphate fertilizers market is estimated to grow at a CAGR of XX% and is forecast to reach $XX billion by 2021. The phosphate fertilizers are forecast to have the highest growth of X% during the forecast period 2016-2021. Americas and Asia alone are estimated to occupy a share of more than XX% during 2016-2021.
Asia-Pacific is the leading market for phosphate fertilizers. This region is forecast to have highest growth in the next few years owing to the growing adoption of phosphate fertilizers in agricultural applications. The phosphate fertilizer market in Asia accounts to XX% of the global market and is the fastest growing market followed by Americas.
Growing Population and Increase in Food Demand Drives the Use of Phosphate Fertilizers
With the growing population, there has been a dire need to improve the yield of agricultural production to feed the ever increasing population. Phosphorus is often considered as one of the most important raw fertilizers used for enhancing the prompt growth of the crops and also helps in imbedding some properties like getting mature faster and being more drought-resistant.
Demand for fertilizers is also, strongly tied to the population’s income and standard of living. With the increasing per capita income, the standard of living also increases, so does the consumption of food by the people. According to FAO statistics, over the last 5 decades, grain consumption has increased by 2.1% a year on average while population has grown by 1.6% per year.