LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Phosphate Market - Procurement Intelligence Report.
Buyers from the food processing industry are exhibiting an exponential demand for food-grade phosphates that are used as preservatives in the consumables. Phosphate is used as a key ingredient in the composition of detergents, personal hygiene products, pharmaceutical drugs, anti-corrosion coating, and construction materials. These factors will have cumulative impacts on the spend growth of the global phosphate market and will propel the spend momentum at a CAGR of more than 3% between 2019-2024.
In North America, the growing fondness towards pork is resulting in the recent surge in the export of pork from the US to Canada, China, and Mexico. This is offering a major boost to the pork and poultry business in this region, which, in turn, is favoring the demand growth of phosphate suppliers in this region. Meanwhile, in South America, cultivators are taking initiatives to augment their crop production with their focus on cultivating soybean in Brazil and Argentina. This is creating substantial requirements of phosphate fertilizers to enhance the crop yield.
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Things You Need to Know Before Venturing into the Phosphate Market:
- The prices of raw materials such as sulfur, phosphate rock, and ammonia are predicted to undergo frequent phases of dynamism during the forecast period. This will have a subsequent inflationary impact on the procurement expenditure of buyers in the phosphate market.
- The exponential demand of phosphates from the food and the fertilizer industries is fast depleting the supply reserves which is resulting in a demand-supply imbalance. According to the phosphate price trends, this imbalance will be reflective in the overall price that will have an inflationary impact on the buyer’s TCO in the phosphate market.
- Distributors provide a wide range of products to buyers along with the phosphate-based products that are procured from suppliers. Global distributors are diversifying their portfolios to expand their customer base. Thus, engaging with distributors will provide buyers with a one-stop solution for their procurement needs. This will help buyers in streamlining their procurement processes and contract management costs.
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Other key topics covered in this report are:
- Phosphate spend segmentation by region
- Total cost of ownership analysis in the phosphate market
- Regional spend opportunity for phosphate suppliers
- Phosphate suppliers cost structure
- Phosphate suppliers selection criteria
- Phosphate suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the phosphate market
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