High consumption levels and greater food requirements in developing and large populous countries such as India and China is driving the region phosphatic fertilizers market.
According to the report, Asia Pacific Phosphatic Fertilizers Market was worth USD 20.74 billion in 2016 and estimated to be growing at a CAGR of 4.13%, to reach USD 25.39 billion by 2021.
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Phosphate element occurs naturally and plays a crucial role in supporting human life. Majority of phosphate which is extracted from the phosphate ores is used for manufacturing fertilizers.Phosphorous is necessary for cell renewal, enhancing the quality of crop, plant growth, increasing crop production and also aids in photosynthesis.
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The demand for fertilizers in Asia Pacific has been persuaded by factors such as financial growth, population, development of agriculture area, government strategies, prices, and production. The agricultural segment in this region is very protruding, and the part of population reliant on the farming sector is very huge.
Therefore, farmers of this region place extra efforts to rise the productivity of land by using several farm inputs. This drives the demand of phosphatic fertilizers in this region.
- By Type
- 1 Diammonium Phosphate (DAP)
- 2 Monoammonium Phosphate (MAP)
- 3 Superphosphate
- 4 Other Type of phosphates
- By Application
- 1 Grains & Oilseeds
- 2 Fruits & Vegetables
- 3 Other Applications
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The key players covered in this report are CF Industries Holdings Inc. (U.S.), OCP (Morocco), Agrium Inc., (Canada), Potash Corp. of Saskatchewan (Canada), Mosaic (U.S.), Eurochem (Russia), ICL (Israel), Yara International ASA (Norway), Coromandel International Ltd. (India), and Phosagro (Russia).
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