LONDON--(BUSINESS WIRE)--The phosphate fertilizer market is expected to grow by 8,036 k tons during 2019-2023, according to the latest market research report by Technavio. Request latest free sample report of 2020-2024
A key driver for the global phosphate fertilizers market is the ever-increasing demand for food. The rise in global population has resulted in food security concerns and agricultural development. The growing food shortage and shrinking arable land have led to heavy dependence on phosphate fertilizers globally. Phosphate fertilizers contain essential nutrients and are used to maximize yield per crop and productivity of the land. Phosphate fertilizers can also be used to overcome soil fertility issues, as an extensive range of macronutrients and micronutrients are used as soil supplements to increase the productivity and quality of crops.
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As per Technavio, the increasing phosphate rock mining will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Phosphate Fertilizer Market: Increasing Phosphate Rock Mining
Phosphorite, rock phosphate, or phosphate rock is a sedimentary rock, which contains a high amount of phosphate minerals. The major phosphate-bearing rocks in the world are limestone and mudstone. The phosphate rock mining is done to extract phosphorous that is used for the production of fertilizers, animal feed supplements, and industrial chemicals.
“Phosphate fertilizers are primarily obtained from phosphate rocks that are mined globally from open pits and quarries. The agricultural industry is one of the major markets that depends substantially on phosphate rocks to produce phosphate fertilizers and NPK fertilizers,” says a senior research analyst at Technavio.
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Phosphate Fertilizer Market: Segmentation Analysis
This market research report segments the phosphate fertilizer market by application (cereals and grains, oilseeds, fruits and vegetables, and others) and geographic landscape (Americas, APAC, and EMEA).
APAC was the largest market for phosphate fertilizers in 2018, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of a strong agriculture industry, large population base, growing per capita income, and reduction in arable land will significantly influence phosphate fertilizer market growth in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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