The global phosphoricacid market is set to gain traction from the decreasing per capita farmland.The population is surging rapidly worldwide. The FAO declared that in South
Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa,
only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a newreport, titled, “Phosphoric Acid MarketSize, Share & Industry Analysis, By Application (Fertilizers {Diammonium
Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP),
Others}, Animal Feed, Food Additives, and Others), and Regional Forecast,
2024-2032.” The globalphosphoric acid market size was valued at USD 35.2 billion in 2023 and is
projected to grow from USD 37.0 billion in 2024 to USD 54.0 billion by 2032,
exhibiting a CAGR of 4.9% during the forecast period.
Effect of COVID-19 Pandemic on Fertilizers Market to ObstructGrowth
The outbreakof the COVID-19 pandemic has resulted in a wide range of economic consequences,
such as shutdown of workplaces, halt of manufacturing processes, and collapse
of trading practices. Governments of several countries are taking multiple
initiatives to help agriculturists and food production chains. It is hampering
the fertilizers market. We are providing detailed research reports to help you
better understand the current scenario of the phosphoric acid industry.
How Did We Conduct Our Research?
The reportinvolved four notable activities in projecting the current market size.
Exhaustive secondary research was conducted to gather data about the parent and
peer markets. Our next step included primary research to authenticate these
sizing, assumptions, and findings with numerous industry experts. We have also
used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Increasing Usage of DAP in Farming of Fruits & Vegetablesto Aid Growth
Phosphoricacid is mainly used for the manufacturing of various types of phosphate
fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly
used phosphatic fertilizers as they possess excellent physical properties and relatively
high nutrient content. It is also an important source of nitrogen and phosphorus
for plant feeding applications. At the same time, it is extensively utilized
for the farming of grains, such as vegetables, fruits, barley, and wheat.
However, the rising implementation of stringent norms on the usage of fertilizers
may hinder the phosphoric acid market growth in the near future.
Segment-
Fertilizers Segment to Dominate in the Near Future
Based onthe application, the fertilizers segment is set to retain its leading position
throughout the forthcoming years by procuring the largest phosphoric acid
market share. The International Fertilizer Association (IFA), for instance, mentioned
that by 2024, the demand for fertilizers is expected to surge by an average
rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.
Regional Insights-
Rising Agricultural Activities to Help Asia Pacific Lead inUpcoming Years
This growthis attributable to the rising consumer spending, agriculturalactivities, expansion of the chemical industry, and government initiatives. In emerging
nations, such as China, the demand for phosphoric acid would increase because
of the presence of numerous end-use industries.
