LONDON--(BUSINESS WIRE)--The global monoammonium phosphate market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Monoammonium phosphate is widely being used in leavening agents, electronics, flame retardants, and various other applications. The continuous research and product developments are increasing the functionalities of monoammonium phosphate as a preservative, flavoring agent, and coloring agent in F&B. In addition, it is used as a nutritional supplement and buffering agent for yeast formation, winemaking, and mead brewing. Furthermore, monoammonium phosphate is used to formulate ABC dry chemical for fire extinguishers as it reduces the intensity and spread of fire in flame retardants applications. These diverse applications of monoammonium phosphate will propel its demand during the forecast period.
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As per Technavio, the adoption of precision farming will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Monoammonium Phosphate Market: Adoption of Precision Farming
Precision agriculture is gaining immense popularity in the global agriculture industry. The technique involves the use of information technology systems such as smart sensors and high-precision positioning systems to increase crop productivity. The growing use of precision farming is optimizing the use of monoammonium phosphate fertilizers whereby farmers are enabled to use monoammonium phosphate in precise amounts for fertilizer application. This reduces the overall fertilizer cost and improves the profitability of farmers. Thus, the growing adoption of precision farming in developed and developing countries will be a positive trend in the global monoammonium phosphate market during the forecast period.
“The growing investments to increase production capacity, and the increasing preference for backward integration among vendors are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Monoammonium Phosphate Market: Segmentation Analysis
This market report segments the global monoammonium phosphate market by application (fertilizers, flame retardants, food and beverages, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to a reduction in arable land, the increasing population, rise in per capita income, and the rising demand for food grains in the region. In addition, favorable government initiatives and investments in key agriculture-driven economies including India and China are further likely to increase the consumption of monoammonium phosphate for improving crop yield.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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