LONDON--(BUSINESS WIRE)--The global single superphosphate (SSP) market is expected to post a CAGR of almost 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
SSP fertilizer is used in agriculture due to its low cost and the ease of availability. During the forecast period, the global demand for phosphate fertilizers is expected to grow significantly owing to the developments in the agricultural industry. This will increase the use of SSP as a fertilizer, thereby driving the growth of the global single superphosphate market.
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As per Technavio, the rise in the demand for micronutrient-based fertilizers 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 Single Superphosphate (SSP) Market: Rise in Demand for Micronutrient-Based Fertilizers
The deficiency of micronutrients such as zinc, iron, manganese, phosphorus, and magnesium results in low-yield, reduced growth, and other plant abnormalities. Hence, end-users are increasing the use of micronutrient-based fertilizers to overcome such instances. For example, iron is very essential in processes such as photosynthesis and enzyme production. Similarly, manganese activates enzymes, improves chloroplast production, and enhances nitrogen fixation. Micronutrient-based fertilizers also improve the nutritional content of horticultural crops, fruits, and vegetables. This trend is expected to boost the growth of the global single superphosphate market during the forecast period.
“Reduction in arable land and upcoming new manufacturing plants for the production of gypsum will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Single Superphosphate (SSP) Market: Segmentation Analysis
This market report segments the global single superphosphate (SSP) market by application (agriculture and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by South America, Europe, North America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the increasing cultivation of fruits and vegetables and the growth of horticultural activities in India and China will drive the SSP market growth in the region.
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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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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